Key Points
I plan to claim Social Security at age 70 to maximize my household benefits.
If my health took a turn for the worse, I'd consider signing up early.
I might choose not to apply for benefits at all if I didn't need the cash to increase my family's survivor benefits.
Claiming Social Security at age 62 has never really appealed to me. Yes, you get more checks, but it permanently reduces your monthly benefit by 30%. My plan has always been to wait until I qualify for my largest possible checks at age 70.
But that's not set in stone. A major life change could force my hand and lead me to sign up for Social Security earlier than I intended, and in that scenario, I think I'd be OK with it.
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Changing health or finances could make me rethink my Social Security plans
Right now, I'm a pretty healthy person, and I don't foresee health issues making it difficult for me to work as long as I'd like to. But I'm also still relatively young, and I know a lot could change over the next few decades.
If my health took a turn for the worse, I would strongly consider claiming Social Security earlier, especially if it limited my ability to work. In that case, my benefit checks might be key to paying for my retirement healthcare costs and living expenses.
Claiming early might also lead to a larger lifetime benefit in that scenario. If I try to delay benefits until 70 and I don't live that long, I'd get nothing from the program.
I might decide not to claim Social Security benefits at all
If I didn't need the benefits to pay my bills, I might also consider skipping Social Security altogether if I had a short life expectancy. That might sound counterintuitive, but it could significantly increase the survivor benefits my family members would be eligible for after I pass away.
Survivor benefits are worth up to 100% of the retirement benefit you're receiving or are eligible for at the time of your death. Claiming benefits early in this situation would benefit me now, but it would leave my family with less to survive on later.
It's important to include your family members in your decision
If you have a spouse or dependent children who rely upon your income, it's worth sharing your Social Security plans with them so they can understand when you plan to sign up and why. Keep them in the loop if these plans change.
Contact the Social Security Administration if you have any questions about your benefits or how claiming at a certain time will affect you or your family members. You can do this by phone or by scheduling an appointment at your local Social Security office.
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