While the traditional notion is to claim your Social Security retirement benefits as late as you can afford, there are also reasons you should opt to avail them early.
USA Today looks at one reason to do so, which is ideal if you do not really need your Social Security to fund your retirement years. If you are better off financially, you can take your benefits at the earliest claiming age, 62, and invest them in a stock portfolio.
Assuming that your investment could earn an eight percent return, you will have an insurmountable lead in that eight years compared to when you claim the benefits at age 70. The publication, however, noted that the eight percent investment return is not guaranteed, and the assumption excludes the taxes attached to Social Security benefits and on investments.
While waiting for a later time to get your Social Security checks can provide you with larger monthly payments, claiming it early and using the money to accumulate assets can give you financial flexibility. You can tap the money in cases of unexpected expenses or spend them in a lump sum.
Furthermore, the lifetime payouts are roughly equal regardless of what age you decide to claim your Social Security benefits, according to The Motley Fool.
More than the amount of money you will receive from getting your payment, another compelling reason to do so at the earliest possible time is for you to enjoy the most of your golden years. The Motley Fool said the added income of Social Security can give you time freedom. Time is limited, all the more reason for you to maximize these years. If you wait until you are 70 or 80, you might not be able to fully enjoy your retirement benefits, as your mobility and spending habits decline significantly.
The Project that Encourages the Industrial and Medical Production of Cannabis in Argentina
The production of medical cannabis has grown exponentially since the beginning of the century: in 2000, 1.4 tons were produced...
The Effects of the Bitcoin Mining Ban in China are Beginning to be Felt
China has long been considered a good location for Bitcoin miners, as mining can be done cost-effectively due to low...
Crowdfunding Campaign to Recover the Heritage of the Former Asland Cement Factory
A crowdfunding campaign was launched by LaFábrika detodalavida (LFDTV), to recover the old Asland cement factory located in Los Santos...
Cotton Futures were Higher on Friday in Recovery Trading
Cotton futures were higher on Friday in recovery trading, but lower for the week. Trends are mixed on the daily...
22 Million Euros and New Investors for Finleap Connect
Finleap Connect had ventured into other European countries early on. Specifically, the Berlin-based company is active in France, Italy and...
Biotech7 days ago
HoMu Health Ventures Launches in Reproductive Medicine
Featured6 days ago
Finlombarda Invests 1.5 Million in a Fund Promoted by P2P Lending October to Finance SMEs in Lombardy
Featured7 days ago
Due to Demand Concerns, the Rice Prices were Lower Last Week
Featured7 days ago
Five Impact Investment Projects around the World