Many people are in a headlong rush to claim their Social Security benefits as soon as possible but, depending on their situation, this haste may be making waste.
Precisely when you should claim these benefits is a complex question. The answer depends on various personal factors and running the numbers to assess the upsides and downsides of waiting.
Normally, eligibility for benefits begins at age 62. Many people, unaware of the downsides of jumping too soon, claim as soon as they reach this age. Yet they might not be so quick on the trigger if they realized how much money their haste was costing them. The later you claim – until age 70, when benefits max out – the larger check you get each month.
The decision on waiting involves factors that everyone should consider as they project their various retirement income streams. These factors include: