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How to Retire Early and Enjoy Social Security Benefits

By: Mary Jones

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You're Planning Your End-of-Life Care

Social Security benefits stop paying at your death, so if you die prior to collecting benefits, you'll have missed out on benefits entirely. You need to figure out how to maximize your Social Security income, instead

You Have a Shorter Life Expectancy

– Employee and compensation levels are maintained, The government incentivizes waiting to collect your Social Security benefits by giving you a larger monthly amount the longer you delay.

You Need To Pay Down Debt

There are some debts you need to tackle before you retire. If you have high-interest debt, claiming Social Security early can help you pay the debt down.

You Can't Work Anymore

If you get laid off at 62, however, and have difficulty finding another job, you might need to start taking your benefits just to get by.

You're Only Working Part Time

you claim Social Security prior to your full retirement age while still holding down a part-time job, you might have your benefits reduced

Relying On Your Benefits

surviving spouse, minor or disabled child can receive money from the Social Security Administration based on the amount of your benefits.

You Already Have Your 35 Highest-Earning Years

Your Social Security benefits are based on your earnings in the 35 years that you had the most compensation

Grow Faster Than the Increased Benefit

consider the inflation rate, the rate your benefits increase and how much you can expect to earn in your portfolio

You Want To Start a Business

Social Security benefits could provide enough income to let you launch your business. And if your business is successful

Social Security Will Disappear

Some people are concerned about potential Social Security changes in the future, such as higher retirement ages, lower benefits or higher taxes on benefits

Shorter Life Expectancy

keep in mind that you’d have to wait four years to get that extra $250 per month. You would receive $36,000 during those four years at the reduced amount of $750 per month.

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