Reasons to Take Social Security Early

If you were to take Social Security early at age 62, you would only receive around 75% of your monthly benefit.  However, sometimes circumstances exist where it might be better to not delay and take Social Security income earlier.  Here are six reasons why:

1. It’s taking you a while to find full time employment.
2. You work part time.
3. You want the funds to go to a beneficiary.
4. You want to invest the funds in something else.
5. You don’t need to maximize the Social Security income of your spouse.
6. You have a short life expectancy. 

See Nancy Anderson, When It Makes Sense to Take Social Security Income at 62, Forbes, Jan. 24, 2014.