The Mistake: Waiting Too Long To Claim Benefits
Relying on your Social Security can sometimes feel like a gamble. There are many external factors that will help you decide on the best course of action. People who rely on external information and advice without considering their own needs first will suffer the most in the long run.
The bottom line is this, it’s all about your life expectancy. Take a senior who will live to the average life expectancy. For them, claiming too early or too late won’t matter all that much because the amount of money they’ll receive will even out.
But what about those who have monetary issues? If claiming early will save you money in the long run by avoiding debt, why not go for it?
And then there are those who are in poor health. Claiming early could help take care of certain costs so they won’t end up paying more money in the following years.
Solution: Consider Your Situation Before Taking Benefits
Just because your friends, family members or neighbors are planning on claiming benefits when they reach 70 and no sooner, don’t follow this plan blindly. Consider your situation first. Do you think you’ll live until 75, 80 or even 85? Or is your health a major concern going forward?
Financial advisors are not medical professionals, but asking for help from one could help clear up some of your concerns and questions. Why not contact one? Their knowledge might help you come to the best decision for you, leaving no stone unturned. That way you’ll make the best of your benefits without worrying you’ve made terrible mistakes along the way
And another thing. No matter when you ultimately decide to retire, don’t forget about Medicare. You can sign up with this program when you turn 65.
