Four Actually Legit Reasons to Take Social Security Early

Don’t take a non-expert’s advice on when to claim Social Security benefits — they don’t know everything about your unique situation.

An older man leans on his kitchen counter as he looks at his laptop.
(Image credit: Getty Images)

Very early in my career, a colleague told me about a fast-growing real estate company and suggested I buy the stock. I put $10,000 into the stock. A few months later, the company was caught casting unauthorized proxy votes on behalf of their shareholders. After another few months, they were barred from the industry, and subsequently, the company filed for bankruptcy. It was an expensive but valuable lesson: Don’t listen to people at the water cooler. They know nothing of your situation, and since you’re taking the time to read this article, they probably know less about personal finance than you do.

Social Security is an area where I see some of the most flagrantly bad advice peddled. Often, this results in people claiming benefits much earlier than they should. That said, claiming at 62 isn’t always a bad move. Below are four, non-watercooler reasons to consider claiming as soon as you’re eligible. 

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.