Figuring out when to collect your Social Security benefits is a personal decision. You'll want to account for factors like your current health status, spouse and additional sources of retirement income. Retirees are susceptible to making the same critical mistake: collecting benefits too early and ...
These days,married couples need to run some numbersbefore they make decisions about when to claim their Social Security benefits. Your ages and your wages over the course of your careers should be part of the equation, especially if one spouse left the workforce for years to rai...
To understand how an early claim affects your checks, it's helpful first to know what an early claim is. Filing for Social Security benefits early means that you file for benefits before yourfull retirement age(FRA). FRA depends on your birth year. Here's what yours is, depending...
More Taking Social Security Benefits Early Because Of Economic HardshipsJAMES HAGGERTY
If you file for Social Security benefits early, you’ll receive only a portion of your full retirement benefit— as little as 70 percent of it, depending on when you file. Social Security also has deterrents in place to keep you from filing early and then returning to work. Earning too ...
But there are also many scenarios in which claiming Social Security benefits early would be a terrible move. Here are five such cases. 1. You're in debt and want the extra income stream With a growing number of seniors dealing with debt, it can be tempting to try to double dip on inco...
The idea of Social Security’s insolvency is chilling. Terms like “imminent default” strike fear into the hearts of those who’ve paid into it. The fear is now causing some to ask a once-unthinkable question — should I claim Social Security benefits early? After all, if the tidings are...
If she stops working and claims Social Security early at age 62 a. She will have to start drawing down her savings sooner and need to withdraw more to make up for her reduced Social Security benefits. b. In this estimate she winds up with $25,000 in assets in her retirement plan at ...
"Who Takes Early Social Security Benefits? The Economic and Health Characteristics of Early Beneficiaries."The Gerontologist, Vol. 36, No. 6, pp. 789-99.Burkhauser; R.V.; Couch, K.A. and Phillips, J.W. (1996). "Who Takes Early Social Security Benefits? The Economic and Health ...
Relying on Social Security to see you through retirement can put you on thin ice financially. It becomes even trickier when you’re getting less money than you budgeted to receive. Taking the time to clear upany outstanding debts, weighing the cost of taking benefits early, and looking at...