Navigating a clear course toward your financial security.

 Starting Social Security

As one approaches 62, the subject of signing up for Social Security arises.  With greater longevity, commencing social security withdrawals too early can reduce the overall amount received.  For example, collecting Social Security at age 62 causes you to lose five-ninths of one percent for every month you are younger than 65.  To put this into perspective in real dollars, if your retired at 62 and lived to 90, your total benefits will be (on average) $376,000.  If you delayed taking benefits until age 65, your total benefits to age 90 will be $420,000.  That’s enough of a difference to give pause about collecting Social Security immediately at age 62.

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