After roughly four decades of non-stop work, it certainly can be enticing.
You can begin drawing Social Security as early as age 62, finally getting back those dollars you’ve been paying into the system, possibly since you were a teenager handling cashier duties for a fast-food restaurant.
But taking Social Security a few years shy of traditional retirement age comes with a caveat. Your monthly check will be reduced, so you’ll draw as much as 30 percent less than you would if you waited until your full retirement age, which is 66 to 67 for most people these days.
At the other end of the equation, if you put off filing for Social Security until you’re 70, you can increase the amount of those checks.
So what’s a potential retiree to do?
“Unfortunately, there’s no perfect answer that applies to everyone,” says Alexander Joyce, president and CEO of ReJoyce Financial (www.ReJoyceFinancial.com). “When I’m working with a client, I’ll look at their entire financial situation and see how Social Security fits in. It’s not always an easy decision and there’s no exact science to follow.”
But Joyce says there are a few things to keep in mind as you approach 62 and begin mulling your options:
“Ultimately, the decision is yours, but it’s important to make that decision knowing all the implications,” Joyce says. “While there’s no right answer that applies to everyone, there could be at least a best answer that applies to you.”
About Alexander Joyce: Alexander Joyce is president and CEO of ReJoyce Financial LLC (www.ReJoyceFinancial.com). He’s also a Safe Money and Retirement Income Planning specialist, and has hosted radio shows, such as “The Safe Money and Income Radio Show” and “The Ask Mr. Annuity Radio Show.” Joyce is a licensed professional in Indiana and specializes in working with people who are near retirement or who are already retired, with wealth management, income planning, and asset protection strategies.
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