In most cases, advisers usually recommend their clients to file their social security at a later phase, as delaying benefits will cause payments to have remarkable increases. This is the case for most people. However, there are specific circumstance wherein it is highly advised to have these checks withdrawn. Some of these are:

  • Advanced retirement: While many wait until their full settlement age before getting their money, some wanted to enjoy the experience of retiring ahead of others. This is suitable only for those who have other sources of income. If you are going to rely on this alone, it is better to wait a few more years so as not to lower the monthly allowance you will receive.

  • Health risks: A big portion of the older population worry about dying early, so it would be wiser especially for those who have serious illnesses to claim their assistance right away. Like what many would say, what is the point of getting a large sum of funds if you are not around anymore to utilize it?

  • Having dependents: If you have children, it is reasonable to pull out the money, plus this will also be of advantage as they will be receiving part of it as well. Its process may be confusing too, so it’s best to consult an expert.

  • Civil status: It makes sense for divorced or widowed individuals to file immediately, as they carry more financial burden compared to those who are still together with their spouses. Couples need to have ten years of marriage to be eligible to do this. Aid for survivors can be a big help for single parents, plus they can acquire one account first, while letting their partner’s grow for the meantime.

  • Utilizing a single benefit first: For married individuals, they may choose to withdraw the other person’s cash first, and allow the remaining to gradually increase overtime.

  • Absence of any other holdings: There are people who rely solely on this plan, unlike others who only use it for additional money. If you are out of job and already at the retirement age, this would be the only choice left for you, although having this as your only supply of cash is not much of an assurance.