Conventional wisdom states that claiming social security retirement benefits before reaching the full retirement age is an unwise financial decision. In recent years more people have been willing to wait because claiming early can lock a person in with lower monthly payouts. There are a few circumstances when a person might want to go against conventional wisdom and make early withdrawals on social security. The individual might be facing some dire financial circumstances, and a one-time reset is permitted if done within 12 months of the first filing. Another reason a person might want to file early could be poor health; if an individual does not think they will live long then taking out early social security payments might make sense. There are other situations like having dependents, marriage, and other retirement assets that could factor into any decision.
See Kelli B. Grant, When to file for Social Security retirement benefits early, CNBC, August 10, 2015.
