In most cases applying for ss benefits early is going to cut your benefits short, cut down what you might otherwise get or simply be denied until a later date. In any case there are some instances where it would be a better idea to do it than to just wait and suffer through some unforeseen unfortunate event such as those we’ll be covering today… keep reading to see what we mean.
You Get Seriously Sick
Listen, your health is of the utmost importance because without it nothing else works. You can’t function in your day to day routine, the bills might start to pile up and stress levels could wind up shooting through the roof not only for you but those closest to you whom might also be affected by financial woes.
There are two parts to this one which will depend on if you are married or single. If you’re single and seriously ill, we are talking to a point where you know you may not have much longer left then applying for benefits early could serve you much better to help cushion the remainder of your time with the rest of us. However, if married then your spouse may stand to benefit more if you hold off and find some other way to tend to your needs without the aid of early social security benefits. The decision can be one which requires some serious thought and conversation between you and a loved one but it is essential to keep in mind the two variations and what they could mean for both you and your partner.
You Just Lost Your Job
If you were let go from your position early and find yourself without a safety net of savings in either the bank, a 401(k) and IRA then you’re probably looking for other options to help you get along in life. If you find yourself in the final years of your career and are let go then tracking down another position somewhere else with equal level of pay and benefits can be seriously difficult, even for the best of us. It’s during a time like this that applying early for your SS benefits might actually work in your favor.
On the flip side of that same coin, if you happen to be younger and still building your career path or maybe even happily situated in one now you would still do well to take your financial future seriously by saving money for times of true need. Planning ahead and tucking something away a little at a time is going to do very well for you once the time comes to land softly from an unexpected event such as prematurely getting fired from your job.
There’s Just No Money Left
In the perfect utopian world we’d all have bank accounts full of savings which were started from our earliest days of employment. Sadly we don’t live in such a world and most of us don’t have any savings if not little at all. Do to rising costs of living, lower rates of employment with stagnant pay and the ever present devt many of us find ourselves in, it’s no wonder saving anything at all at the end of each month is such a difficult task.
Even with all the above in mind it’s still not a good idea to apply for social security early unless you’re in such poor financial shape and of a near-enough age you know you can manage it. By starting your benefits early you will be cutting them short of what they potentially could be by holding off until the appropriate retirement age. The decision and circumstance is yours but keep in mind what you will be giving up for what you stand to gain.
Dealing With Poor Advice About SS Benefits
It happens all the time, even the official website for social security applications have been criticized by experts on the subject for having a few difficult to understand points and in some cases may even have parts which are down right incorrect. It isn’t uncommon for someone to walk into their local benefits office only to be met by someone who clearly does not have a comprehensive grasp on all the meticulous details. Granted, and to be fair, we can’t really expect every representative who works at the social security place to assess your financial situation on the spot, that’s best left up to a professional financial adviser.
Social security is one of those important financial decisions where soliciting the services of a competent professional will do you well. Seeking out the advice of reps at the benefits office could lead to wrong information which you will then be left to clean up and correct later which can be costly in both time and finances. It’s going to be a shame if you end up sacrificing a higher income during a time where every penny from your social security check counts.