3 Dire Situations That Mean You Should Start Collecting Social Security Benefits ASAP

Seniors who are entitled to Social Security retirement benefits can claim their first check between the ages of 62 and 70. The decision about exactly when to get benefits within this range is an important one because it plays a major role in determining your monthly income.

Specifically, anyone who claims their benefits before age 70 will not max out their potential payments. Retirees must wait until their full retirement age between 66 and four months and 67 to avoid shrinking their standard benefit amount by as much as 30%. And those who want the largest possible monthly income must wait until 70, as the standard benefit is increased each year until then.

While a bigger monthly check may seem like the ideal choice, there are three circumstances where filing for benefits right away is your best move rather than waiting for your payments to get bigger. You should likely claim Social Security ASAP if any of these apply to you.

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Source Fool.com