In This Video:
You’re in your early 60s and planning to retire with around $1.5 million saved. Now you have a huge decision to make with Social Security. Do you take it at age 62 or wait and let it continue to grow, possibly even to age 70 to receive a bigger benefit.
Things to Consider:
Working with a lot of people in this situation, we understand that it can be a stressful time. With no income or paycheck coming in, it can make you uncomfortable trying to make a decision that will impact you throughout retirement.
In this video, we’re going to walk you through a sample case to show you ways to help you determine when to claim Social Security. We’ll talk about three factors you’ll need to consider because they could potentially make a difference between hundreds or thousands of dollars.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:43 – Hypothetical details
4:48 – Social Security decisions to make
8:32 – Projections
12:087 – 1st Factor – Longevity
17:51 – 2nd Factor – How much has he saved
21:40 – 3rd Factor – Cost of living
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