There are several reasons why you might contemplate receiving Social Security payments before reaching full retirement age.

1. You Need the Money Now

Many people file for Social Security benefits early because they need the money to cover their monthly living expenses. For instance, about 36% of eligible men and 39% of eligible women began claiming benefits at age 62 during the recessionary years of 2008 to 2009. Therefore, use the Social Security Calculator wisely.

1. You Want the Money Now

Some people believe that because Social Security may be unable to meet all of its obligations in the future, they should receive their benefits now. Some say they might do better by collecting benefits and investing that money rather than putting it in the hands of the government. Before using the Social Security Calculator, analyze what your money will earn you. 

1. You Worry You Won't Be Around To Collect Later

If you don't anticipate living long enough to profit from deferring your benefits, your smartest strategy may be to take them sooner rather than later. Even if you were to file a claim at age 70 and receive a far bigger payout, you might not really profit until you were well into your 80s.

The Drawbacks of Receiving Social Security Early

Of course, there are some disadvantages to claiming your benefits early.Allcalculator.net,

1. Your Benefits Are Permanently Reduced

As previously stated, collecting your benefits early implies they will be permanently decreased. For example, as the chart above demonstrates, someone born in the 1960s or later who collects their benefits starting at age 62 will get 30% less per month for the rest of their life than if they'd waited until their full retirement age of 67.

1. Your cost-of-living adjustments will be less drastic.

In addition to receiving a smaller monthly benefit than if you'd waited until full retirement age, you'll get less on a dollar basis from any future Social Security cost-of-living adjustments (COLA). Beneficiaries will be compensated. 

1. You'll Be Penalized if You Work

Any income you get from a job before you reach full retirement age may have an impact on your Social Security payments.. In 2023, Social Security will deduct $1 from your benefits for every $2 earned in excess of $21,240 ($19,560 in 2021). If you reach full retirement age in 2023, your benefits will be reduced by $1 for every $3 you earn above $56,520 ($51,960 in 2022) until your birthday month.