The best reason to take Social Security well before age 70

Figuring out the right age to file for Social Security is a decision many seniors struggle with. And that’s understandable, because your age at the time of your claim will impact what your monthly Social Security check looks like for life.

The youngest age you can enroll in Social Security is 62. And this is a popular choice among seniors, despite the reduced benefits that result.

You are first entitled to your full monthly Social Security benefit based on your personal earnings history at full retirement age. That age is 66, 67, or somewhere in between, depending on the year of birth.

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You can also delay claiming Social Security past full retirement age. And for every year you do, until age 70, your monthly benefit gets an 8% boost.

No one is going to force you to sign up for Social Security when you turn 70. But because delayed retirement credits stop accruing at age 70, that’s generally considered the latest age to claim benefits.

You may be tempted to forgo Social Security until age 70 for the bigger monthly payday. But filing much earlier could ultimately be a better choice for one big reason.

When you want to enjoy your retirement to the fullest

The danger of claiming social security early is twofold. Not only will it result in a smaller monthly check, but if you end up living a longer life, it will also result in a lower lifetime income from the program.

However, this is only a problem if you choose to make it so.

Many people will tell you that if you have a family history of longevity and excellent health that is likely to see you live into your late 80s or beyond, then it’s worth it to claim Social Security at age 70 for a higher salary for life. And the numbers don’t lie — delaying your filing do whatactually lead to more Social Security money all in.

But this strategy overlooks one key thing — happiness and the desire to achieve your lifelong goals.

Let’s say you can retire at age 62 and have saved enough in your 401(k) or IRA to cover your basic expenses for 30 years. At that point, what Social Security can do for you is put money in your pocket that allows you to make the most of your time, whether it’s traveling, hobbies, or even starting a small business. business you are excited about.

Now you could force yourself to wait until age 70 to start collecting money from Social Security. But why do that if you retired much earlier and want to start enjoying your life right away?

And to be clear, you deserve to do this after decades of hard work. So if claiming Social Security well before age 70 allows you to make the most of the years leading up to age 70, then it’s worth doing.

Nobody has a crystal ball

It is not a given that at the age of 70, your health will suddenly deteriorate. But let’s say you retire much earlier than 70 and are in excellent physical shape. It’s something you should definitely take advantage of. And a monthly Social Security check could be your ticket to enjoying your 60s and maximizing your health before things change.

Remember, none of us can see into the future and determine what it has in store. So if you’re healthy and excited about doing different things well before age 70, allow yourself to claim Social Security well before age 70.

It may not be the move that puts the most money in your bank account. But it could end up being the move that leads to a retirement you’re happy with.