4 Smart Reasons to Claim Social Security Early

If you're eligible to receive Social Security benefits, you can start getting those checks as early as age 62. However, if you claim your benefits before you hit full retirement age, your checks will be permanently reduced in size. That leads many people to wait until their full retirement age -- or even later -- before they claim Social Security. However, waiting to claim your benefits is not always the best strategy. If any of the below reasons apply to you, consider grabbing those benefits on the early side.

If you need the extra income now, not five years from now, then by all means claim your Social Security benefits as soon as you hit age 62. The alternatives -- selling excessive quantities of your investments, going into debt, or subjecting yourself to uncomfortable or even hazardous living conditions -- are considerably worse than a slightly reduced Social Security benefit.

If it's any consolation, remember that Social Security is designed to pay you the same total amount over your lifetime, regardless of when you claim benefits. If you choose to file early, you'll get smaller checks for a longer period of time. If you delay, you'll get bigger checks for a shorter period of time. In the end, it is theoretically a wash.

Source: Fool.com