It’s not just retirees who are passionate about understanding Social Security.

Those who are nearing this age are also curious about how they should manage their benefits. One of the most common questions deals with when a person should take their benefits.

What are the reasons why a senior may choose to claim Social Security early? There are many factors that can influence this decision and make it more beneficial to take your benefits earlier than you’d planned. Some people even cite a psychological bias toward claiming benefits early, because they have a rightful sense of ownership over their money. However, it’s important to remember that waiting can increase your payments.

Everything from your health and life expectancy to your debts and employment situation can factor in. Are you someone who is considering taking their benefits early?

No matter when you’re taking your benefits, NORA fights to make sure those benefits get adjusted fairly each year. Follow us on Facebook and Twitter to learn more. Also, consider signing our petition to help raise benefits for all seniors, regardless of when they choose to claim.