496: Claiming Social Security Early: Is it the Right Strategy for You?
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Apr 25, 2025
The debate on the ideal age to claim Social Security unfolds, challenging the conventional wisdom of waiting until 70. Discover the benefits of filing early and how individual circumstances can shift the optimal claiming age. Understand the concept of a 'breakeven' point when comparing early versus delayed benefits. Delve into personalized strategies that cater to specific financial situations, particularly for singles or widowed individuals. Ultimately, learn how claiming benefits early can enhance your retirement income.
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Who Benefits from Early Claiming?
Early Social Security claiming fits ultra high net worth, minimal spenders, pension holders, and shorter life expectancy cases.
Most others generally benefit from delaying claiming to maximize benefits.
volunteer_activism ADVICE
Early Claiming for Wealthy Minimal Spenders
File Social Security early if you have enough income and spend less than you earn.
This reduces pressure on investments and may increase total wealth over time.
insights INSIGHT
Psychology Influences Claiming Choices
People value a dollar today more than tomorrow, influencing Social Security claiming decisions.
Psychological comfort and convenience often outweigh ideal financial strategy.
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Conventional financial wisdom encourages you to delay collecting Social Security benefits until age 70, but in certain cases, your “optimal” claiming age might actually be to pull benefits early.
In this episode, we discuss:
Factors that benefit filing early
Your “breakeven” number of filing early vs. later
How your rate of return should factor into your Social Security strategy
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