10 Reasons to Claim Social Security Before 70

Related: 8 Reasons to Avoid a Roth Conversion

One of the key retirement planning decisions your clients face is when to claim their Social Security benefits. Waiting until age 70 will result in the highest possible benefit, but this is not always the best choice. When to claim Social Security is not a "one size fits all" proposition. There might be a variety of reasons for your client to claim their benefits before age 70. For clients with a reduced life expectancy due to an illness or family history, it makes sense to prepare a break-even analysis illustrating the age at which their lifetime benefits from waiting until age 70 would exceed their benefits from claiming at an earlier age. This type of analysis can be useful in showing all clients the differences in their potential lifetime benefits when claiming early regardless of their reason for doing so. Maximizing their Social Security benefit is a positive for many clients, but taking their benefit prior to age 70 can be a good planning option in many cases. Each client's situation is different, and your expertise can help guide them to the best Social Security claiming decision for their situation. Take a look at 10 situations in which it might make sense for your clients to claim Social Security before 70. (Image: Shutterstock)