5 Reasons You Might Want to Take Social Security Early (the devil’s advocate perspective)

I often advocate for delaying your social security benefits in retirement because you are able to maximize your retirement income when you are likely to need it most.

Plus, life expectancy for 62-year-olds is 81 for men and 84 for women…

So a lot of people are going to need income a lot longer than they think!

BUT there are scenarios where taking social security early in retirement might make the most sense for you.

Here are 5 reasons that maybe you should take your social security early:

✅ You already have long-term care accounted for

If you have long-term care coverage, or a large nest egg of dollars not needed for retirement income, you might want to turn the income stream from social security on right away. 😎

✅ You have already positioned yourself completely for a tax-free retirement

If most of your retirement assets are in tax-free buckets already and you know you’ll be able to collect social security tax-free as well, you might want to start taking it immediately. 💰

✅ You don’t NEED the income and are going to funnel it to loved ones in the form of a tax-free gift

Sure, you can get more income by waiting, but if you don’t need social security but want to transfer that income stream along using the tax-free gift rules, then your loved ones might appreciate the income now more than later. 💜

✅ You are not super healthy and/or don’t have a lot of longevity in your family

Some people simply don’t expect to live a long life in retirement and for a lot of those folks, taking social security while you can, makes a lot of sense.

✅ MOST IMPORTANTLY: It fits into your income plan in retirement

Income is really all that matters in retirement planning.

So if you’re not sure when exactly is the best time for YOU to take social security, you should carefully review your assets, your retirement income sources, and what your tax situation looks like in retirement to determine the most optimal time for you to turn on the guaranteed income source of social security.

Let’s chat 💬😎