Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

5 Pros & Cons for Claiming Social Security Early

April 7, 2020 · Retirement Life

The question of when to claim Social Security benefits is on every senior’s mind. Should you do it late? Should you do it early? What’s on everyone else’s mind and what made them decide way ahead of time?

First of all, let’s clear the air a little bit. Your benefits are based on your wage history. More specifically, they’re calculated depending on your 35 highest paid years. You can claim them in full when you reach your full retirement age, which is different for everybody because it’s based on your birth year. For some, this might be at 66 or 67.

But if you decide to claim before that time, you’ll see a decrease in monthly checks. However, if you wait until you’re 70, you’ll stand to gain more. That’s the reason why deciding on when to do it isn’t so cut and dry.

Here are five reasons you should withdraw the money as early as possible, when you turn 62, and 5 other reasons to wait until later. At the end of the day, it’s up to you, but we hope these tips will help put your finances into perspective and make it easier for you to decide.

Pages: 1 2 3 4 5 6 7 8 9 10 11 12

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A senior man sits at a wooden table reviewing a Social Security Administration statement with a pen and notebook. Why So Few Retirees Qualify for Social Security’s Biggest Possible Monthly Check
  • A woman reviews a retirement planning calendar and binder at a sunlit wooden table near a window. Key Retirement Milestone Ages Most People Miss
  • Mature couple sitting at a wooden kitchen table reviewing a calendar and open notebook with a cup of coffee. The Average Social Security Check by Age
  • 8 Medicare Billing Errors Worth Appealing 8 Medicare Billing Errors Worth Appealing
  • An older couple reviews Medicare paperwork at their kitchen table in warm morning light. 9 Medicare Rules Around Second Opinions
  • An older woman looks over healthcare paperwork at her kitchen table under warm light, looking concerned. 7 Signs Your Medicare Advantage Plan Restricts Specialist Access
  • An older woman practices balance therapy with a physical therapist in a bright, sunlit rehabilitation room. 8 Medicare Rules for Skilled Nursing Facility Stays
  • An older couple sitting at a wooden kitchen table reviewing Medicare booklets together in warm morning light. 9 Signs You Should Compare Medicare Plans This Fall
  • An older couple in their home kitchen reviewing Medicare documents next to a CPAP medical device on the table. 7 Medicare Coverage Rules for Durable Medical Equipment
  • An older man at a wooden kitchen table reviews a long pharmacy receipt next to a prescription bottle in warm morning light. 8 Signs Your Medicare Plan's Drug Formulary Has Changed

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

A happy retired couple standing on a sunny balcony overlooking the sea, symbolizing a dream retirement lifestyle.

20 Easy Ways to Live the Retirement Life of Your Dreams

Discover 20 practical and actionable ways to build a fulfilling, active, and joyful retirement life…

Read More →

17 Retirement Lies We Still Tell Ourselves

Preparing for retirement entails a lot of guesswork, whether we like it or not. You…

Read More →

Retiring Soon? Here’s How To Find the Perfect Home in Retirement

A happy senior couple uses a tablet and map to decide where to live in…

Read More →

15 Things That Make Seniors’ Lives Easier

Gadgets, whether they’re meant for the kitchen, bathroom aids or for everyday activities can help…

Read More →

25 Tips to Save 20% for Your Retirement with No Effort

If you’ve ever had issues with your expenses and stretching your dollars from paycheck to…

Read More →

15 Best Retirement Cities With the Most Seniors

For the percentage of seniors who wish to move during retirement, the community is a…

Read More →

10 Forgotten Restaurants Americans Miss The Most

Nostalgia often tastes like a crispy fried clam strip, an unlimited salad bar, or a…

Read More →
A senior woman walks her dog safely at dusk through a well-lit, peaceful suburban neighborhood with glowing street lamps.

America’s Safest Towns To Retire To, Ranked By Crime Rates

Discover America's safest retirement towns with our guide detailing low crime rates, local amenities, healthcare…

Read More →

12 Retirement Ideas That Work for Any Household

Whether your retirement is years down the line or just around the corner, it’s a…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.