Should I Take Social Security Early?
Social Security is a vastly important benefit for those 63 million people headed towards their golden years or already reveling in them. Unfortunately, it’s also an exceedingly complex process with varying degrees of comprehension and law surrounding it.
Many Los Angeles and San Diego citizens hold just a rudimentary knowledge of Social Security and its many aspects. Most are simply aware that you can take advantage of the benefit at the age of 70 or you can opt for reduced benefits at an earlier age.
Truly, the only experts in the field of Social Security are the financial advisors, agencies, and lawyers who advocate for those attempting to collect their benefits. This unfortunate truth has many Southern California residents making the wrong choice when it comes to cashing in on their Social Security early. Potential consequences of cashing in on your social security early can be a reduction in your monthly payment by as much as 30 percent for your entire life.
Alternatively, many financial analysts and industry experts say that making the choice of taking social security at the age of 70 may be the worst thing you can do in today’s unpredictable financial times. They also believe that Social Security is on its way to a slow but eventual death resulting in millions of Americans receiving no benefits at all.
However, the claim that the demise of Social Security is inevitable is just that; a claim. There is evidence that contradicts that claim, and admittedly there is evidence that bolsters that claim. In any event, currently Social Security is alive and well, and you cannot afford to make the wrong decision on whether or not to take your social security early.
We encourage you to analyze your personal situation and educate yourself on Social Security guidelines. This will help provide you with a clear-cut picture of what will happen if you decide to cash in on your benefits at 62, 66, or 70. Our team is happy to speak with you about your personal situation and help you make the best decision possible.
A Social Security Lawyer’s Answer to Your Burning Question: Should You Take Social Security Early?
Maybe. Before you howl in frustration at the ambiguity of that answer, understand this fact: every American’s situation is different when it comes to Social Security and Social Security disability benefits.
Marriage is a significant consideration when it comes to taking Social Security disability benefits at the optimal time, as are many other considerations such as current disability, and life expectancy.
Expert Advice from a Social Security Lawyer or Advocate
A Social Security lawyer or financial advisor is an expert in the field of obtaining Social Security disability benefits and Social Security income for their clients. They are known for dispensing prudent advice on when to cash in. They can also advise their clients on what to do if they are denied Social Security disability benefits or denied Social Security altogether. Most Social Security lawyers and advisors hold the opinion that making the choice to take Social Security is “ultimately a longevity decision.”
Making the correct decision is hugely dependent on the state of your health, in addition to your financial status. For example, if you have late-stage cancer and are on the brink of homelessness, cashing in on your social security benefits is clearly the right choice and will markedly increase the quality of your life and overall comfort.
You can’t make a correct decision unless you consider the following factors:
- Single or Married
- Health status
- Financial situation
- Disability
Once you have analyzed each consideration, you can make the best decision to maximize your Social Security benefits and to do so with peace of mind. However, it’s not always easy to gauge one’s “health status,” and to really know for sure if we will be scurrying around at the ripe age of 70.
What a Social Security Lawyer Will Tell You
If you are analyzing social security from the standpoint of numbers, the best move to take is to sit tight and not take Social Security early. Wait it out, delay, and be patient, because in this case, patience is far more than just a virtue; it’s also a significantly larger monthly check.
The longer you wait, the more of a financial gain you will receive. In fact, for each year past your full retirement age that you can put off applying for Social Security, your monthly check will increase by 8 percent. Additionally, if you wait past your full retirement age, you can receive up to 132% of your benefits.
So, by all means, wait it out. As long as you can afford to do so, hold off on the temptation to cash in on your benefits. In times of financial duress, even taking advantage of a retirement or 401 k account is more financially beneficial than taking your Social Security early and missing out on that large payout for the rest of your life.
As tempting as it is, especially during times of strife, your patience and fortitude will pay off enormously in the end. However, if your situation isn’t cut and dry and even after analyzing all of the most important considerations doesn’t help you make a confident decision, request a consultation with a financial planner such as our firm. We can look over your case and provide you with the guidance to make the most important decision of your life.
Contact Satori Wealth Management
Speak with the team at Satori Wealth Management today to discuss your financial future and let us help you decide whether you should take your social security early or not. We’re ready to help you understand the Safe Withdrawal Rate and make the right decision to live the retired life of your dreams. Click here to contact our team today to receive a free consultation.

Danny G. Michael is the founder and CEO of Satori Wealth Management, Inc. He has 20 years of experience in retirement planning working with individuals, families, and business owners.