Why I Truly Regret Not Taking Social Security at 62 as a Retiree

When most couples plan for retirement, they bank on the fact that they will both receive Social Security payments, ultimately boosting the amount of benefits that they collectively receive. Unfortunately, not everything always goes to plan. In the case of a tragic loss, families then end up losing the a good portion of their Social Security benefits, only making the situation that much harder. So, while many experts will tell you to wait as long as possible to collect your Social Security benefits, this isn't always the best course of action. 

Lambert and her husband were both in their early 60s and close to retirement. She was 62 at the time and considering the pros and cons of collecting Social Security at the first qualifying time. Her husband was almost 4 years older and decided not to collect, as they both continued working for a few more years and wanted to collect together. In America, the full retirement age is between 66 and 67, with benefit checks increasing in value the later you collect. Sadly, her husband was never able to collect his benefits, as he passed away at the age of 68. 

Lambert was faced with a very difficult decision: Take out her own benefits or wait until she turns 66 in order to earn more. If she decided to wait, she would also be able to claim her husband's spousal benefits. However, had she collected at 62, they would have had additional income for the 3 years that he had lived. 

While nobody wants to think about their loved one's passing away, it does happen. More so, there is a chance that you will lose your survivor benefits if you don't start taking them as soon as possible. 

Lambert admits that if she and her husband had sat down and done the math, they would have calculated just how much money they could save in the long term by collecting their benefits as soon as possible. The most important thing is not to rush the decision. Take the time to explore different angles and scenarios and add up how much money you would receive in each. 

Another important tip is to study Social Security and Medicare rules very carefully. Keep in mind that making the wrong decision can affect you permanently. It may be scary to think about, but it is the truth. Once you know the rules, you can start preparing for different scenarios of retirement.