3 Situations Where it Makes Sense to Claim Social Security Benefits at 62

You may have read and heard many people say that it’s not worth claiming your social security benefits as early as 62. You only end up with an automatic and permanent reduction in your social security check.

However, did you know that there are some situations where an early claim actually makes sense?

Yes, here are the three scenarios where it is better to claim benefits at 62 instead of waiting for your actual retirement age of 66 or 67.

1. You are unemployed, and the money will help

There’s a very high chance that you are out of work now.

It’s not surprising because the recession in the economy has lead to many businesses terminating older people. it’s in fact something you should always be ready for, even in favorable economic conditions.

It’s okay if you have some savings to pay for your everyday expenses when you don’t have a paycheck.

However, it’s unfortunately not always the case.

There may be a situation where you have lost your job, and don’t have enough personal savings.

This is when it makes complete sense to claim for your social security benefits. Yes, you may end up shrinking your check if you adopt to do this.

However, you, in the long run, do less damage to your financial condition. It’s much better than raking up some costly debt you will have to eventually repay with interest!

2. Expensive and unexpected healthcare expenses

You never know when you may fall ill, and its treatment incurs an additional and unexpected expense.

However, it’s something that’s practically inevitable because you tend to suffer from healthcare issues as you grow older.

You may be able to survive these additional expenses if you have some health savings account, or money put aside for it. Unfortunately, not everyone is well prepared for old age health issues!

This is when it’s okay and wise on your part to bank on your social security check for your healthcare expenses. As mentioned earlier, it’s better than borrowing money to pay for treatment, or not getting treated because of monetary reasons!

3. With your savings it doesn’t matter when you file for your check

social security

The third situation where it’s okay to make an early your social security benefits claim is when you have savings.

Yes, the most significant drawback and the reason people don’t file early is the reduced check you will start receiving. However, if you have savings, and won’t worry about a lower check, then you might as well make an early claim.

You may perhaps think it’s better to use your benefits to pay for your everyday expenses and keep your savings for unexpected expenses. Or you may want to use your savings AND benefits to travel or enjoy yourself better in your early retirement years.

So if claiming social security benefits early will let you do things you had always dreamt of doing, then an early claim won’t hurt!

In short, there is no secret or ‘best’ time to file for your social security benefits.

It all boils down your personal financial situation, employment status, and health.

It’s always better to claim your check to pay for your expenses if you don’t have any savings. Similarly, it’s worth filing and enjoying your benefits early of you have savings, and want to travel or do things you had always wanted to do.

Besides, you can always turn to your Burbank social security benefits lawyer if you have questions or need a second opinion!

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