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I’m 62: Should I File For Social Security Or Wait?

I’m 62: Should I File For Social Security Or Wait?

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 Turning 62 might not feel like a milestone birthday… until you realize the Social Security clock just started ticking. Filing now could put money in your pocket sooner or cost you tens of thousands over a lifetime. How do you pick the right strategy? Let’s break down how to think through one of the biggest retirement decisions you’ll ever make. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1: Turning 62 might not feel like a milestone birthday until you realize the social security clock just started ticking. Filing now could put money in your pocket sooner or cost you tens of thousands over your lifetime. So which is the right strategy? Let's break it down. Hey everybody, welcome to the podcast. This is Plan with the Tax Man, with Tony Mauro and myself to talk, "Hey, I'm 62. Should I file or wait?" That's the big conversation, Tony, that happens all the time. I imagine you probably have this chat with new prospects virtually every single time you meet with somebody. Speaker 2: Every time. Yes. And I picked this topic this week because I've been getting a lot of questions on it. There's been a lot of chatter on social media about it. So I wanted to address it again because it is important. Speaker 1: And it's complicated for people, but you could talk big money here. So I mean, why do it? Why file at 62? There's a plethora of reasons. If you take out the just actual need it, okay, it's like I ran the numbers and we actually do need to turn it on. Oftentimes it's things like, "Well, it's mine. I want it back." Or whatever. Understandable, but what's some other things you've heard? Speaker 2: Well, I hear things such as, "My parents didn't live very long, so therefore I want to collect it while I still got some time." Okay. And by the way, as we talk about this, we could sit, if I had 10 listeners on the podcast as a call in, we would all have different opinions. And you could get into some serious arguments about this. So a lot of this depends upon each individual situation, like most things financial planning do. But that being said, besides worried about longevity, they want to basically take the money and invest it in themselves. Some want to give it to their heirs a little earlier. Some are, of course, like you said, they're just ready to get out. They've worked for somebody else forever. They want to retire now and they need the income now is always the biggest one, but there are some drawbacks to that, which we'll get to. But those are the things I find most people want to take it early. And most people, when they want to take it early, they've given it no though other than those things. They haven't run any projections. They haven't done any type of planning for this, which we'll talk about here in a second. Speaker 1: Okay. Well, why wait until FRA, full retirement age? So there's some compelling reasons to do so. First, it's what, about 6% annually. If you were to do the numbers from 62 every year you're waiting, it's about 6% up to full retirement age. Yeah? Speaker 2: It is. So when you take it early, of course, you have to take a reduction in benefits. Speaker 1: Yeah, like 30%. Speaker 2: Yeah. And there's a cap on how much you can earn if you're still wanting to go out and do some work. Now, if you wait till full retirement age, not only is your benefit higher, but you can go out and earn as much as you want and they won't reduce your social security benefit. Yeah, you're still taxed on it and all of that. But that's one of the reasons why people might want to wait. They want the higher benefit. They might want to use some sophisticated planning and coordinate with spouse benefits and maybe have the lower amount or the lower earning person take theirs earlier and the higher earning take theirs later. And then of course, like I said, maybe- Speaker 1: You should definitely think about doing that, right? Speaker 2: Absolutely. Speaker 1: Yeah. Speaker 2: I mean, that's one of the biggest ones. And a lot of times you get this full retirement age statistically showing both men and women, if your health is fairly decent, you plan on living quite a bit longer up to at least the averages. At least that's, again, that's an assumption. But those are some reasons why. And if you start running some numbers and you take a look at, I ran my own before we got on the podcast. And if I took mine at 62 versus 67 is my full retirement age, by the time that I, if I lived, I used both scenarios. This is just for example, and this is what the planning software can do for you. If I lived until 83, if I waited until 67 versus 62, I would've collected $72,700 more if I waited. And so you have to decide and you should run some of these numbers. And I also would say to all the listeners, you at very least should be out and have yourself a login and username to the social security website so you ...
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