3 Things To Consider When Applying For Social Security Benefits Before Full Retirement Age

Posted on: 5 December 2017

Applying for social security benefits before full retirement age may or may not benefit you in the long-term. Following are a few things to consider before making your final decision:

You May Not Receive What You Expect

By filing for social security benefits early, you will likely only be paid a percentage of what you'd be eligible for at the full retirement age of 66 or 67, depending on what year you were born. In fact, you may lose up to 30 percent of your benefit amount for life by applying for social security at the age of 62. But that's not to say that waiting to apply is the right decision for you and your family.

If you've lost your job, you're having a hard time making ends meet, or you don't have a lot of expenses to worry about as you age, applying for social security benefits early may be just what you need to create a comfortable and enjoyable lifestyle throughout your retirement years.

You Might Be Able to Keep Working

You may be able to continue working while you receive your social security benefits, which should result in increased benefits once you reach official retirement age and stop working permanently. This means that you can enjoy the supplemental income of social security before full retirement age, and then rely on more substantial income later when you don't want to work anymore.

Once you reach full retirement age, you can keep working if you want without having to worry about your income counting against your social security benefits. You'll receive the entire amount that you are eligible for no matter how much you make at your job.

You Should Consult With a Legal Expert

Before applying for social security benefits early, it's a good idea to consult with a legal expert who specializes in the field. Your social security lawyer will help you determine exactly how filing for benefits early will affect your life both now and in the long term. They'll guide you through the filing process. ensure that nothing important is overlooked and that your benefits aren't delayed, and help make sure that you get the highest possible benefit amount before and after full retirement age.

With these considerations in mind, you should be ready to start the process of applying for social security benefits early – and you shouldn't face any unwanted surprises along the way.

Speak to a lawyer like Glen Cook Social Security Attorney if you'd like more information.