3 Questions to Ask Before Claiming Social Security Early | Smart Change: Personal Finance

Because life expectancy has increased over time, a The vast majority of retirees He now lives beyond the original expectations. As a result, if you want to play the odds and take the move that is most likely to result in higher lifetime benefits, you’ll want to wait until 70 to claim your checks rather than sign up early.

Of course, if you have serious health issues and are likely to pass away at a young age, this calculation will be different for you, and an early claim can pay off.

3. Would you kill your wife in a financial disaster?

When you start checking your benefits early, you can cut back on the inheritance benefits your spouse receives if you die first.

If you die first, your spouse can receive inheritance benefits equal to the two largest benefits you and your spouse were receiving (or benefits equal to what you would have received at full retirement age if you had not yet claimed your checks).

This means that if you are a higher-income earner and claim benefits early, you will end up reducing the amount of money your spouse may receive in survivor benefits. This could lead to financial disaster after your death, because your family’s income can drop dramatically upon your death.

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