Social security is a financial service provided for the elderly after retirement and their survivors. It may also include a disability income. The Social Security Administration provides these benefits, and you must be up to 62 years of age to qualify.

Most people follow the ideal requirement and file for social security at 62 years of age; however, they may receive lower benefits than those who wait until later. Reports have shown an increase in the rate of up to 32% percent for those willing to wait. During your employment years, a percentage of your earnings is deducted and transferred into a social security account, and you can assess the benefits in years to come.

Here are some noteworthy mentions to consider before filing.

  • Retirement Age

Some people have fixed retirement dates like government workers, while some decide on their own accord. If you have to retire on or before your 62nd birthday and do not have a retirement plan, you may want to consider filing as soon as you are qualified. If you aren’t compelled to stop work at 62 and choose to add a few years, you will significantly increase your social security benefits. 

  • Other Streams of Income

It is advisable to delay filing where you have other streams of income as a retiree. You can enjoy full benefits associated with filing late, given you have the means to finance yourself while waiting. Many people create retirement accounts as personal savings to fund future expenses after exceeding their employment years. This class of people may survive on their savings for the time being. Besides, social security wasn’t designed to serve as a sole source of income for elders – preferably, as an addition to a steady income.

  • Life Expectancy

You should take your health record into detail before filing for social security. Where you have good health with at least 30 more years based on the doctor’s report, you may want to delay filing until you’re grayer to enjoy full benefits. You may want to file early to enjoy the benefits if you have an pre-existing health concern.

  • Survivors

Social security service extends to the family members after the retiree’s passing. When a husband or wife is deceased, the living partner may file early to claim the deceased’s benefits. The surviving spouse may leave his or her social security to accumulate interests. This offer comes in handy for families that have many dependents or are in tight financial situations.



 Any opinions are those of the author and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.