3 Reasons Why You Must Not Wait For the Full Retirement Age To Receive Your Social Security Benefits!

Social security is a program under which the United States government pays regularly to the unemployed, survivors, disabled and people with low or no source of income. To receive the social security benefits one needs to pay the social security taxes. The majority of the seniors today totally depend upon the social security retirement benefits to pay their pills.  Well, there is nothing wrong in that. You have been paying taxes your entire life and now it is the time to reap benefits. So, if you are close to reaching the retirement age, then you must start developing a strategy to apply for the social security benefits. You can do it by applying online or through a local office. There is a social security website where you will get all the help you need.

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It is also important to know all the vital details to minimize the chances of getting your files delayed or rejected, which happens in the majority of the cases. To receive your SS benefits you must first calculate them on the basis of your earning years and that is 35 years of working. The next thing is the age when you are going to apply for the benefits. The age might go up or down or can even stay the same. There are amendments from time to time. If you are close to the age of retirement you must start doing your homework.

When to apply?


For today's worker, the full retirement age is 66-67 and certain months are also included. You will start getting your benefits after the retirement age based on the history of your earnings without any increase or deduction. In case you apply for the benefits before the full retirement age a percentage will certainly go down. The earliest you can claim your social security benefits is 62 yrs. Then there is another side and that is in case you apply after the full retirement age then you are going to get 8% boost every year which you will keep on receiving till you reach 70 yrs. If you have been looking over to social security benefits you will remember many experts speaking about availing the benefits at full retirement age, but it might not be a good idea, but still, the choice is all yours. Here are the few reasons why it is so.

1.You stop working sooner

Everyone would like to imagine themselves working and enjoying their professions until the age of 70s.  Today many of us are having this future goal. But this might not be a successful and fulfilling idea for all of us. In fact, sixty percent of the united states employed are forced to retire early and there is a gamut of reasons for example health issues. So if you are not having enough income and cannot afford your expenses anymore, then it is wise to apply for the social security benefits as soon as you can before even you reach our full retirement age. There are downsides; you will lose some part of these benefits. You will reduce some amount every month if you start taking SS benefits earlier.

No one would like to live in financial pain so it is wise to get the money and live with integrity instead of waiting to reach full retirement age.

2.You are counting on SS benefits

It’s not easy to save a good amount for the after retirement. There are many older workers who cannot count on their savings. The average household older workers are having medium savings, which is not enough to live with. Older people are having their own requirements and might get stuck in the financial crisis. So, if you are about to get retired and is not having enough money in your bank accounts, then there is no need to wait to receive your SS benefits till you reach the full retirement age. Social security benefits will help you manage all your bills without burdening you anymore financially.  If you have enough money piled in your accounts it makes sense to delay otherwise not. If your health is good, you can willingly and happily work even after your retirement age you can wait for the 8% boost.

3.Your health is in poor shape

Today the humans are having an average lifespan and if your health is in the poor state you must apply for the SS benefits to pay your medical bills. Also if you have reason to think that you will not live as long as the average senior it is wise to apply for your social security benefits. No one can predict about their lifespan but can evaluate the reasons why you must be applying for the SS benefits early. Filling for SS benefits might reduce your payments, but still, you will be able to collect sixty more payments. You must not take a chance and take care of your health with the money you get after filling for the SS benefits, which is a wise thing to do again.

Many would think of getting boosted amount, but there are numerous good reasons why you must be applying for the social security benefits before you reach the full retirement age. There are many scenarios that call for financial help, which is also your right and makes sense. You must think about everything like your financial needs, your health and your ability to earn after the 60s. Take a wise decision according to the circumstances.

You must also talk to the people who are receiving social security benefits similar to your situations as this will help you in coming to an informed decision.  You can also talk to an expert who can guide you when is the perfect time for you to apply for the SS benefits.  Visit the https://www.ssa.gov/  to get precise information on SS retirement benefits and any other category you fit in.