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Social Security is an essential source of income for millions of Americans, providing financial support during retirement. While the decision of when to start taking Social Security benefits is a personal one, there are certain situations where taking it early is definitely the best option.
One such situation is when an individual is facing financial hardship and needs immediate assistance. Many people find themselves in a position where they are unable to work due to health issues or other circumstances and need the income from Social Security to cover their basic living expenses. In such cases, taking Social Security early can provide a much-needed financial lifeline and help alleviate some of the stress associated with financial struggles.
Additionally, individuals who have a shorter life expectancy or health issues may benefit from taking Social Security early. By starting to receive benefits at a younger age, they can ensure that they are able to enjoy the financial support that Social Security provides for as long as possible. This can be especially important for those who have medical bills or other expenses related to their health that need to be covered.
It’s also worth considering taking Social Security early if an individual plans to retire early and has limited savings or other sources of income. By starting to receive Social Security benefits earlier, they can supplement their income and make it easier to transition into retirement without having to rely solely on their savings.
One important factor to consider when deciding to take Social Security early is the impact it may have on the overall amount of benefits received. While starting to receive benefits early may result in lower monthly payments, the total amount received over a lifetime can end up being roughly the same as if the individual had waited until full retirement age to start taking benefits.
Overall, there are certain scenarios where taking Social Security early is definitely the best choice. Whether it’s due to financial hardship, health issues, or early retirement, individuals should carefully consider their unique circumstances and make an informed decision about when to start receiving Social Security benefits. Consulting with a financial advisor can also be helpful in determining the best course of action. Ultimately, the goal is to secure a comfortable and financially stable retirement, and taking Social Security early can be the right move for many people in certain situations.
Thanks for the advice Josh! Makes a lot of sense!
60 Now. My plan is to Enroll in Medicare at 65… Work until 65 & Nine Months… That last 9 months is worth AT LEAST $300 a month for the rest of my life, mostly in CalPers. Total between CalPers & Social Security around $76k yearly.
If a single person is still working at 65 (no penisons and need to build up additional retirement funds), full retirement is at 66.5 wouldn't it be advisable to sign up for medicare part A to avoid lifetime penalty and then at full retirement age or later start taking social security? If a person is still working and collecting social security can they also contribute to a company sponsored 401k?
Was not aware of the hold harmless provision, thanks for mentioning
Question- off topic. What's the best way to add ibonds to Right Capital software? Will it adjust the interest rate every 6 months historically or is this manual?
Another good show Josh. It's good having you back. I did catch some of your shows somewhere else, Rumble or Locals, don't recall.
What tools are you using to do the analysis? I’m turning 60 in a couple of weeks and I’m trying to determine how many years I need to work and what different strategies I could employ
60 here and been retired 5 yrs. I took a 5 yr CD ladder when I retired and lived off that money as they came due each year. I use Roth conversions to show income for ACA. I get my final CD payout this year. THEN, I'll burn down some Traditional IRA and do conversations till I'm 65. The plan works!
Ignore this video! Take SS at 70. Why would anyone want a smaller check???
Glad you are back!
I'm planning on waiting to collect Social Security until after I've rolled my 401k and 457 into my Roth.
Lol…I thought i went deaf
No sound