The best reason to take Social Security well before age 70

If you’re eligible for Social Security benefits in retirement, you can choose when to enroll. Once you turn 62, you can apply at any time. But if you don’t wait until full retirement age to receive benefits, you’ll have to settle for a reduced monthly salary for life.

The full retirement age depends on the year of birth. For anyone born in 1960 or later, it’s 67.

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However, you don’t have to enroll in Social Security once you reach full retirement age. You are allowed to delay your application after this point. And for every year you do, until age 70, your monthly benefit gets an 8% boost. So with a full retirement age of 67, you’re looking at a 24% increase in your monthly checks by waiting until age 70 to file for Social Security.

For this reason, some will tell you that 70 is the best age to sign up. But here’s why you may want to claim benefits much sooner.

When you get to enjoy your money to the fullest

It’s true that claiming Social Security at age 70 will give you the highest monthly payday based on your personal salary history. But it won’t necessarily give you the most satisfaction. And because of this, they may be receiving benefits long before their 70th birthday.

Imagine you’ve spent your entire life working hard and saving for retirement so that by the time you’re 60, you can quit your job and travel. Well, you deserve to be able to do those things. And if claiming Social Security well before age 70 makes them possible, then you shouldn’t hesitate to claim benefits earlier — especially if you have money to fall back on.

Additionally, you may be in good enough health to meet your personal goals in your early to mid-60s. By your 70s, that may not be the case. So if you’ve saved enough to afford not getting the maximum monthly Social Security benefit you’re eligible for, then it’s worth signing up early if access to that money improves your quality of life and leads to personal satisfaction.

Extra money shouldn’t always come first

It’s always nice to have access to extra cash, whether it’s a raise at work or increased Social Security benefits in retirement. But sometimes, it’s worth turning down the extra cash.

It’s not uncommon to say no to a promotion that comes with a raise if it means a lot more work hours and stress. Similarly, you can say no to a higher Social Security benefit if it means you have to wait until you’re ready to leave your job or if it means missing out on some of the things you’ve always wanted to do .

If you are entering retirement with little or no savings, then this do what pay to consider applying for Social Security at age 70. But if that’s not the case, then you shouldn’t feel bad or guilty about filing early and locking in a lower monthly benefit in the process.