Posted on: 21st Feb, 2010 09:23 am
should I draw the minimum at 62 year of age or wait until I'm 66 1/2 years old. I have figured the break even age is 78 years old?
Hi Mickey,
Whether you should withdraw your social security benefits at the age of 62 or later, depends on your particular financial situation and when you were born. For instance, if you begin collecting benefits at the age of 62, you will get 75% of the money that you'd receive in you wait till the age of 66. In case you wait till you turn 70, you can get 132%. Thus, in this situation, if you delay in receiving the benefits you can get the maximum.
Whether you should withdraw your social security benefits at the age of 62 or later, depends on your particular financial situation and when you were born. For instance, if you begin collecting benefits at the age of 62, you will get 75% of the money that you'd receive in you wait till the age of 66. In case you wait till you turn 70, you can get 132%. Thus, in this situation, if you delay in receiving the benefits you can get the maximum.