The Case for Collecting Social Security at 62

There are reasons to start receiving Social Security at age 62. The “entitlement program” is Social Security established years ago to see that the senior citizen not end up in the poor house upon retiring. At inception, the life expectancy of the American male worker was amortized to be between 65 and 70 years old with the indication that most would work, and not retire, up to the time of their demise or succumb shortly after retiring.

Experience had shown this to be true, and many who have contributed for years did not collect a dime, or only a small portion of those promised funds. Today’s standard or actuarial numbers will see the supposed funds each have contributed, or are still donating to, along with a matching amount by employers, become an empty “bankrupt” account. These monies have systematically been spirited away by Washington big spenders and will continue to be part of the National Wallet.

Anyone fortunate enough to survive to an early retirement age and who is eligible to confiscate any of this amount should do so at their earliest opportunity. There are a multitude of reasons for performing this action; taking early Social Security payments.

The benefits and potential changes to rate schedules of the system are under pressure as the 100 percent retirement age is being forced to increase beyond the current value. The original age of 65 has been upped to 67 and may soon be 70 or more. At age 62 one calculation was made and the differential of waiting two to three years before applying for benefits did not balance out until reaching the age of 75-80. This would depend on the amount of annual corrections for inflation. This difference in collecting a smaller amount for several years takes years to be offset by collecting the maximum amount starting years later, assuming the petitioner lasts that long.

There are of course, forced by external, reasons such as loss of job, current employment or other means of sustenance lost and beyond the control of the applicant. Having lost the full amount or partial sum on a permanent basis will require the early request of funds. Some have an illness which prevents work and they can apply for disability funds, or their spouse or other loved one demands they retire early to become a care giver. The reasons are as many as there are occurrences in life forcing early application.

Social Security funds could supplement the applicants desire to retire early to pursue a life-long dream of becoming a volunteer to help others, take on a new more challenging career, both of which haven’t the potential to supply adequate monies needed to survive.

Anyone who feels it important to bow out; open a position in the work-force for an underling, family member or new entry into the work-force, can relinquish their position freeing up another job to reduce unemployment. Now this new worker will contribute to the Social Security system from which the retiree can then draw their entitlement.

One would be amazed the change in health and capability to enjoy life in the several years between early application and a 100 percent application of Social Security benefits. Strokes or other health issues occur later in life at or around retirement age. Many assume they will retire and enjoy the “golden years” to travel, enjoy hobbies, and pursue that lifelong dream. Hopefully they can but history is not in their favor old age can be cruel.

The biggest reason to retire and apply early for Social Security benefits is to assure getting your piece of the pie. There is no telling what measures the government will be forced to employ in balancing the fund to forestall bankruptcy.

Age restrictions will most assuredly be applied and possibly early claims will not be an option. Normal occurrences find a “grandfathering” of bills, rules or laws enacted by the government simply say what is will be and will continue after new laws change future events. Those after that effective date fall under a new set of guidelines, rate schedules and applicable dates which may severely limit payouts. Claiming benefits early will potentially “lock-in” payments, before a change of the laws transpire three to five years in the future.