Once you turn 62, you can file for Social Security at any point in time. But you won't be entitled to your full monthly benefit based on your personal wage history until you reach full retirement age, which is 67 if you were born in 1960 or later.
Waiting until age 67, however, might not align with your plans. So you may be inclined to push yourself to wait on Social Security until age 65 instead. If you go this route, you won't be claiming benefits as early as possible, and you'll be able to sign up in conjunction with getting on Medicare.
Filing for Social Security at 65 might seem like a reasonable compromise. But here are three reasons it could pay to claim your benefits even sooner.
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1. You really want to quit your job
Some people are very lucky when it comes to their jobs. Their work is engaging, their hours are reasonable, and their colleagues are a joy to be around. If that's the boat you're in, and you love what you do, then it could pay to keep plugging away and grow your Social Security benefits a bit more.
But if you hate your job, and you've been doing it for decades, then you could be at a point where enough is enough. If you're in your early 60s, it means you really don't deserve to have to hold down a job that makes you miserable.
In that case, you might be better off claiming Social Security early to buy yourself some options. That could mean making a career change that makes your last few years in the workforce more pleasant, even if your earnings are lower.
2. You want to finally start a business
Starting a business can be risky. And you may not have wanted to take on that risk when you were younger and raising children.
But if you've reached your early 60s and are in a sound place financially, then it could pay to claim Social Security early and use your benefits as seed money for your venture. If you get into the swing of things at an earlier point in time, you might be able to set yourself up with a nice income stream throughout retirement.
3. You want to travel while you're in good enough health for it
There's no rule stating that people in their late 60s or 70s can't see the world. But let's face it: Your health isn't guaranteed. You might be up for a major trek now, but in a few years from now, that may not be the case.
If you've worked hard and saved all your life, then you deserve to take the trips you've dreamed of. And if it takes Social Security to make that possible, so be it.
You might be inclined to try to at least wait until age 65 to file for Social Security so you're not taking as big a hit to your benefits. But in these circumstances, an earlier filing than that could be more than justifiable.
