2 Reasons to Claim Social Security at 67

In the context of Social Security, age 67 is pretty significant. At 67, people born in 1960 or later reach full retirement age. This means that if you file for Social Security at 67, your monthly benefits won't be reduced.

Of course, 67 isn't the latest age to sign up for Social Security. For each year you delay your claim past age 67, your benefits get a permanent 8% boost.

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That boost runs out once you turn 70. But all told, you could lock in monthly checks that are 24% higher by waiting.

Some people might say that delaying Social Security past age 67 is the smartest financial move you can make. But here are two great reasons to take benefits at 67.

1. You're ready to retire

Maybe you work a physical job that's taking a toll on your body. Maybe your job has a lengthy commute that causes you a lot of stress.

Or maybe there's nothing wrong with your job per se. It could be that your boss is great, you enjoy your co-workers' company, and you like what you do.

No matter the situation, if you're just plain feeling ready to retire and you have enough savings that, combined with your Social Security checks at 67, can cover your expenses, then it may not make sense to wait.

By age 67, you've probably put in your time in the labor force. And you don't know how many more years of good health and mobility you might have left. If claiming Social Security at 67 allows you to retire and it's something you're eager to do sooner rather than later, it pays to file at that point if your age-67 benefit is enough to cover your anticipated expenses.

2. You're being forced to retire

You may be in a situation where you're looking at retiring at 67, not because you want to, but because you have to. It could be that your company is downsizing or your industry is going through an extended rough patch. Or, it could be that you have to leave your career behind to care for a loved one.

If you need Social Security in the absence of a paycheck, filing at 67 could be a smart move. Without those benefits, you may be forced to withdraw from your savings more aggressively than you want to or, worse yet, rely on debt to help cover your costs.

For many people, filing for Social Security at 67 is a good compromise. You won't get the maximum benefit, but you won't shrink those monthly checks either. So if you have a good reason to file at 67, you may want to move forward without hesitation.

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