There are a number of reasons why delaying social security could be a risky move. For one, if you wait until you’re 70 to claim benefits, you may end up getting a lower monthly benefit than if you had claimed earlier. Additionally, there’s always the possibility that you may not be able to wait until you’re 70 to claim benefits, and you may end up losing out on potential benefits if you do. Overall, delaying social security could be a risky proposition, so it’s important to weigh your options carefully before making a decision.
William Schantz of Mid Atlantic Financial LLC shares the two reasons why delaying social security could be a risky move for you:
- Delaying social security could mean a lower monthly benefit.
- You may not be able to wait until you’re 70 to claim social security benefits.
You don’t want to be in a position where you are fighting for survival in retirement, and delaying social security may not work out for you in the end.
Why It’s Better to Claim Social Security Early According to William Schantz?
According to William Schantz, there are a number of reasons why it’s generally better to claim social security benefits early. For one, you’ll receive a larger monthly benefit if you start taking payments at a younger age. Additionally, claiming early can help ensure that you don’t outlive your savings.
Of course, there are some drawbacks to claiming social security early. For example, you’ll receive a smaller benefit overall if you start taking payments at a younger age. Additionally, claiming early may result in a higher tax bill.
Ultimately, the best decision for when to claim social security benefits depends on your individual circumstances. If you’re unsure what’s best for you, it’s always a good idea to speak with a financial advisor.
The Many Ways Claiming Social Security Early Benefits You
According to William Schantz, one way that claiming social security early can benefit you is by providing you with a larger monthly benefit check. If you wait until you reach full age of retirement to claim social security, you will receive a smaller monthly benefit than if you had claimed early. The earlier you claim social security, the higher your monthly benefit will be. This is because social security benefits are based on your earnings history. The longer you wait to claim social security, the more years of earnings will be used to calculate your benefit amount, and the higher your benefit will be.
Another way that claiming social security early can benefit you is by allowing you to still work. If you wait until you reach full age of retirement to claim social security, you will be required to stop working. However, if you claim social security early, you can still work and earn an income. This can help you to keep more of your earnings and save for retirement.
Finally, William Schantz says claiming social security early can help you to qualify for other benefits, such as Medicare. If you wait until you reach full age of retirement to claim social security, you will not be eligible for Medicare benefits. However, if you claim social security early, you may be able to qualify for Medicare benefits. This can help you to receive the health care coverage you need in retirement.
All of these factors can contribute to a more comfortable retirement. Claiming social security early can benefit you in a number of ways, including providing you with a larger monthly benefit check, allowing you to still work, and helping you to qualify for other benefits. Consider all of these factors when deciding when to claim social security.