Some people like to delay their Social Security payments until they’re older so they can get the biggest benefit possible, but is that the best idea?
There are a few reasons to collect now.
Here are a few reason to claim Social Security immediately
You’re 70 or older
Between your full retirement age and age 70 you can let your benefits grow by not claiming them.
Once you get to 70, they stop growing and there’s really no reason to let not collect.
You may apply 4 months before your 70th birthday.
You hit your full retirement age while collecting spousal benefits
The FRA for people today is between 66 and 67 years old.
You’re eligible for the max spousal benefit at your full retirement age.
You’re automatically given whichever benefit is larger: your own or your spouse’s.
You may not get spousal benefits unless your spouse gets Social Security.
You’re not doing well and need the Social Security
If you’re terminally ill and know you won’t make it longer, you should sign up.
You can start collecting at age 62.
If you pass before you claim benefits, you will get none.