Ask any financial advisor and they will tell you to wait until full retirement age to claim Social Security. The reason is simple: You will get more money.
Currently, the full retirement age for those born in 1955 or later is 67. For those born earlier, it is 66.
But people can claim benefits as early as 62, and there are some situations where that might make sense.
Necessity is one of the top reasons. If you find yourself in a situation where you can't work or have a shortened life expectancy, claim Social Security, according to Mass Mutual.
Some may find that they can work, but need Social Security to stay out of debt and make sure bills are paid. In that case, you could claim and then suspend benefits once your situation improves.
Some happier reasons to claim early:
* You will never need the money. You could use your benefit to do good in the world.
* You want to just work part-time. Social Security can supplement your part-time income. Just be aware that you will get reduced benefits for the rest of your life.
* You have a solid marriage and your spouse is eligible for a larger benefit. In this case, the lower-earning spouse could claim and the higher earner would continue to build the benefit.
