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  • Deciding When to Take Social Security: Ages 62-70 Explored

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   Choosing the right time to start receiving Social Security benefits can significantly impact your retirement planning. It's a decision that requires careful consideration and understanding of the trade-offs involved. 

   In this article, we will briefly explore the pros and cons of tapping into Social Security between the ages of 62 and 70. We will also make some recommendations so that you can make a more informed decision that best suits your lifestyle, financial needs, and long-term objectives.

Social Security: The Pros and Cons at Ages 62-70

   The earliest age at which you can start receiving Social Security benefits is 62, but there are incentives to delay until the full retirement age (currently between 66 and 67 for most people) or even later, up to 70. Starting at 62 reduces your monthly benefit amount, but it provides income sooner, which can be beneficial in certain circumstances. However, if you can afford to wait, your benefit amount will increase by a certain percentage for each month you delay, up to your 70th birthday.

   Choosing to start receiving benefits at 62 may be advantageous if you're in poor health, have a shorter life expectancy, or need the income to cover immediate expenses. On the other hand, if you're in good health and expect to live a long life, it may be more beneficial to delay. 

   This is because the increase in the monthly benefit amount can significantly boost your income in the later years of your life, which can help cover the often higher costs of healthcare and other expenses in old age.

   If you believe you could benefit from a larger monthly income in your later years, it might be worth considering waiting until you're nearer 70 before collecting benefits. By delaying, you'll receive a significantly larger check each month due to the delayed retirement credits you accrue.

   However, this can mean a longer period without Social Security income, which could put a strain on your savings. It's also important to note that there is no financial advantage to delaying beyond 70, as benefits do not increase after this age.

Making  Informed Decisions: Choosing the Right Time To Take Social Security

   The best time to start taking Social Security benefits depends on various personal factors, including your health, life expectancy, financial situation, and retirement goals. 

  For instance, if you have ample savings or another source of income, delaying Social Security could result in higher lifetime benefits. Conversely, if you need the income or have health concerns that could limit your lifespan, starting early may make more sense.

   To make an informed decision, consider using online tools such as the Social Security Administration's retirement estimator, which can provide estimates of your future benefits at different starting ages. It can also be helpful to consult with a financial advisor who can guide you in analyzing your unique circumstances and potential trade-offs.

   It's also essential to keep in mind that your decision to start receiving Social Security benefits doesn't just affect you. If you're married, for example, your decision can impact the survivor benefits your spouse would receive.

   If you're the higher earner and you delay taking benefits, your spouse could receive a higher benefit if you pass away first. As such, it's important to weigh the impacts of your decision on your loved ones as well.

   Deciding when to start receiving Social Security benefits is a crucial decision that can significantly affect your retirement lifestyle and financial security.

   The choice between starting as early as 62 or delaying until 70 should be determined by considering the advantages and drawbacks, your unique circumstances, and the broader impact on your family. In any case, the goal is to make a well-informed decision that will ensure you have a comfortable and secure retirement.


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