There are a number of sayings about how you can make plans for your life and not be able to see them through. Financial planning is not something you do to guarantee that things will go your way but a way to ensure that you are prepared for whatever life may throw at you. It’s okay to start social security earlier than you had planned.
After hearing from a senior who felt like a failure because of the need to start Social Security earlier that anticipated in an online chat, Washington Post finance columnist Michelle Singletary responded:
“If you need to tap your retirement funds early or apply for Social Security at 62, or before your full retirement age, or even at 70, that’s okay. Yes, ideally, waiting will net you more money every month, but if your circumstances are such that you can’t wait, do what’s needed to provide for yourself. And please don’t feel like a failure. Life happens.”
So, yes, while you may have heard that in many circumstances it is advisable to wait as long as possible to start Social Security that does not mean you should become destitute trying to stick you the plan.
One of the most basic principles of financial planning is that you need to save as much as you can. Sufficient savings can give you flexibility when your other resources are in jeopardy: if you lose your job and your investments don’t do as well as expected, you can rely on savings to see you through a difficult time.
Financial planners are there to help—whether you consult with one in advance to lay out your financial goals or find yourself visiting one in a bit of a panic.
Fee-Only financial advisors take an ethical, all-inclusive approach to your financial future. They are without commission-related conflicts of interest and dedicated to providing you with options and opportunities that are the right fit for your needs.