Social Security Checks In 2023: Why Benefits Must Be Claimed Earlier

Retirees are entitled to their full monthly benefits but they also do not have to claim them at their full retirement age. In this article, read and find out some scenarios where claiming Social Security checks in 2023 earlier is actually an advantage.

Retirees Benefiting from Social Security Checks In 2023 [Photo: SmartAsset.com]

Poor Health Condition

According to Birken, claiming the Social Security checks in 2023 earlier will reduce the monthly benefits. However, it may not result in a lower benefit for a beneficiary’s entire lifetime. More importantly, if a beneficiary’s health is poor, it is favorable to claim the benefits as early as possible rather than waiting to reach the full retirement age.

This is because a sickly beneficiary would not know how many years they are able to collect their benefits. Therefore, if they do not expect to live a long life, it is reasonable to start claiming the Social Security checks in 2023 earlier.

READ ALSO: Social Security Checks In 2023: Update In COLA May Change Amount Of Benefits Received

Use Money to Make Money

According to Backman, to be able to make money, a person generally needs to use money. Claiming the Social Security checks in 2023 earlier could be used as a capital to embark on a new adventure such as a small business.

This means that even though the monthly benefits will be reduced, if a beneficiary’s business does well, they could make more than what they have lost. Furthermore, a beneficiary can also use the Social Security checks in 2023 in investing in stocks or other assets. More importantly, if a beneficiary is a clever investor, the returns they generate in their portfolio may exceed the losses they made upon claiming the benefits earlier.

READ ALSO: Social Security Checks In 2023: See Who Can Apply For Retirement, Disability Benefits!