Collecting Social Security benefits early may not be a prudent decision. According to the Social Security Administration, over half of workers begin collecting Social Security benefits before reaching full retirement age. Of course, the earlier you begin collecting benefits, the lower the monthly check. And once a lower check, always a lower check. Certainly, collecting early may be a sound decision, including:

• Ill health. Persons with health conditions that are likely to shorten life expectancy will probably benefit from collecting Social Security early.
• Needing the income. Some people between age 62 and full retirement age need the income to make ends meet. But this should not motivate someone to quit their job and start collecting Social Security early.
• Doomsday scenario. Some people – and I have talked with more than a few – are convinced that Social Security is going to end very soon for those who aren’t already receiving benefits. So they begin collected the first month they’re eligible. Those who harbor this fear should be encouraged to use their first benefit payment to receive a consultation from a mental health professional because they’re nuts.

What worries me is that people are rushing to collect benefits for whatever reason without realizing what that lower check may mean to them ten, twenty, or thirty years hence. So my advice is to evaluate carefully the implications on your retirement prosperity of collecting retirement benefits early. Visit the Social Security Administration website (www.ssa.gov) for information and tools that will help you make your own decision. This is too important a matter to rely solely on some article you read or the opinion of a friend.