The list of things to weigh up before filing for retirement benefits can be endless. Firstly, you may want to think about financial stability, Social Security, health insurance coverage, lifestyle, estate planning, taxes, social life, work, goals, and housing.
Once you have found out your priorities for each thing, you should know that there are pros and cons for both early and late retirement. Form the outset, you should know that it is your personal decision and no one should decide for yourself.
Why should you file for retirement benefits early?
In this way, you will make sure you will receive the highest number of Social Security checks or direct deposits. Bear in mind that this will reduce your payment by about 30% but perhaps you have saved enough and you do not need this money.
If you are 62 years old and you have been fired, you may have difficulty in finding a new job. Therefore, unemployment is another good reason for early retirement in the USA.
Health considerations and having more leisure time are among the most common reasons for filing at 62 in the United States. So, if you would like to have more free time or look after yourself, file as soon as you turn 62.
Why should you file for retirement benefits late?
The main reason why many Americans may want to file at 70 is because they get 24% from Social Security. This reward will come in handy since inflation is reducing seniors’ buying power.
Many people do not want to file for Social Security retirement benefits because they love their job. They feel they can still be helpful and they have not finished their projects.
Some people simply want to file at the age of 70 because they can have a better social life and they can keep active. whatever you choose, make a sensible decision, sometimes it is best to simply file at Full Retirement Age.
