Social Security: For Some, Early Claiming is Better
This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
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You've probably heard that waiting until age 70 to claim Social Security is the smartest move. After all, it can increase your monthly benefit and help guard against the risk of outliving your money. But what if you’re not at risk of running out?
READ THE ARTICLEWhat to Consider: For some retirees, especially those who are financially secure, spend minimally, or have a shortened life expectancy, claiming early could be a better strategy. Vanguard’s new research explores how retirees like these may actually build more wealth and enjoy greater flexibility by starting Social Security sooner rather than later, offering powerful advantages such as:
📌 Reduced portfolio withdrawals, preserving more wealth for loved ones or charitable giving
📌 Tax efficiency, by spreading income over more years and potentially lowering Medicare surcharges
📌 Psychological satisfaction, by enjoying the benefits of Social Security during the more active, early years of retirement
Key Takeaways: Your “best” Social Security claiming strategy is personal and best decided with the help of a trusted advisor. It’s not just about maximizing wealth—it’s about aligning your financial decisions with the life you want to lead.