2. Your job is hurting your health
There may come a point when you’re able to keep working, but doing so just plain isn’t good for you. If, come FRA, you feel that your job is causing you undue stress or is putting too much of a physical strain on your body, then it may be time to call it quits before unhealthy repercussions ensue. And if not delaying your benefits makes that possible, so be it.
3. You’ve saved so well for retirement that you can afford a reduced benefit
If you’re entering retirement with a $60,000 nest egg, then you’ll probably need as much money from Social Security as you can get. In that case, it pays to push yourself to delay your filing.
But if you’re coming into retirement with a few million dollars in savings, then it may not make sense to push yourself to hold off on signing up for benefits. If claiming Social Security at FRA makes it possible to retire a bit earlier or enjoy your life more when you’re a bit younger, go for it — because you’ve earned it.
It’s nice that Social Security gives filers the option to grow their benefits. But that doesn’t mean doing so is the best move for you. In some cases, filing sooner is a smarter move — even if it means losing out on that higher monthly paycheck.