If you’re wondering whether early retirement is for you, here are ten reasons why you SHOULD take Social Security benefits already at 62.
10. You Need the Money
Not everyone can wait until full retirement age to start receiving Social Security benefits. Some may actually need the money as soon as possible due to unforeseen circumstances, such as an unexpected job loss or a health setback that removed them from the workforce.
Unfortunately, unplanned early retirements are far too common. According to The Motley Fool, the 2019 Retirement Confidence Survey showed that more than four in ten people retired earlier than they had expected, mostly due to health problems/disabilities or changes at their place of employment. Still, the money is there for times like these, so if you find yourself in a situation such as this, it’s perfectly fine to retire at 62 instead of 70.
9. You Won’t Live Forever
If you have an illness that you know is going to get worse over time and possibly cut your life short, you may want to consider early retirement. Even if you’re not ill right now, you should still consider that your health may decline as you age.
Here’s something else you will need to consider: the age of your relatives when they passed away. If your relatives didn’t live past their 60s or 70s, there’s a good chance you might not either. Now, no one is saying that this will happen to you for certain, but it is quite common and something worth thinking about.
8. Your Spouse is Taking Benefits at 70
If you’re a married woman, the truth of the matter is that there’s a good chance you might outlive your husband. And, if that’s the case, as a widow you become eligible to receive the greater of either your benefit or your late husband’s benefit — provided that he doesn’t claim his benefits early. By not claiming them early, he actually increases the monthly amount you’d receive.
TIP: Don’t wait until you’re past full retirement age to start taking spousal benefits. According to Kiplinger.com, “spousal benefits don’t get the same increase from FRA to age 70 as a primary benefit does.”