Retiring at 62 with $1.5 Million: When to Claim Social Security Explained!

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

 

Get your free guide to unlocking hidden tax savings: https://lifemoneyshow.com/taxes/

Get Your Free Guide to Social Security Benefits: http://lifemoneyshow.com/socialsecurity

Want to learn more about financial and retirement planning? Please subscribe to our channel and you won’t miss a video ➟ https://bit.ly/3tcS3vn