A person considering retirement benefits can collect social security benefits as early as 62. The age a person decides to collect Social Security benefits does not affect when he can collect Medicare benefits. A person should consult a financial planner to decide whether it is a good idea or not for him to collect social security benefits early. Some companies will offer seminars for employees planning to retire in the near future. A person considering retirement needs to ask himself basic questions before making a decision on when to collect his benefits.
The most important person a question needs to ask before deciding to collect benefits early is if he gets a pension plan and how much he can expect from it. A person with a good pension plan may find that the few extra dollars per month he will get from social security if he waits a few years does not matter. The second item a person needs to consider is the age at which he can collect social security. In general, a person born after the Baby Boom generation can expect a much higher retirement age than those born before 1964.
The decision to collect social security benefits early depends on the user. It may also be a moral issue because the program itself is unsustainable in its current state. A person who wants to save the program for later generations may decide to take his benefits later, although most people will still get more money from the program than they ever put into it. Saving the program is an issue for politicians. An individual just needs to know his financial position when it comes to collecting social security benefits early.