Hi! Vince Oldre, here again with another Social Security video. I want to followup our last video with kind of break even point, as far as how much you’ll receive from Social Security, whether you start at 62, 66, at your full retirement age, or age 70, or really anywhere in between. And, what we’ll do is we’ll look at the differences as far as starting earlier or later, but when we do our Social Security analysis for our clients, we use a program. And often what that program shows us, is that you’ll receive about the same amount of Social Security at age 79, whether you started at 62, 66, or 78, or anywhere in between.
So what happens is you might take Social Security early, but what happens is if you take it at 62, you’re gonna get it earlier but you’re gonna get a lot less to start. Then, if you take it at age 66, you’ll get a little bit more, right? But then, it’s gonna cross paths at age 79. So that means, 66 is getting a little bit more if you’re living a lot older and if you’re 62, you’re not getting as much. Then, if you actually wait ’til 70, what’s gonna happen is you’re gonna get significantly more if you wait a lot longer. And so there’s really no simple answer, other than to figure out your longevity. If you know you might live a long time, then 70 might be the best time for you to take Social Security.
However, what I do see when people are retiring, is that often, they want to do things while they can do things. And so you have to weigh some of the dollar amounts to some of the things that you want to do earlier on. Then, well, if I have more money later on when I’m 79 or 85, are you gonna be doing those same things? And so it’s really not that simple of an answer. Even though we can make it a simple answer for number wise based on longevity, it really might not be a simple answer when we look at things that you want to do in your life while you still are able to do some things.
So, I know this can really complicated. What we do is we have a Social Security analysis, but this Social Security, when you do this analysis for yourself, you need to figure out how is it gonna fit with your overall retirement plan? Is it gonna fit if you want to have some fun earlier on? So, if you wait til 70, are you gonna have the resources to do that? Or do you need the resources earlier on? Then on the flip side, are you gonna have enough resources later on in life to make sure you don’t run out of money? So all these things you need to think about when you’re trying to figure out when to take your Social Security.
So hopefully this video has helped you understand when you might want to take your Social Security, but if you have any other questions, please give us a call or leave us a message by sending us an email or even on our message board on our website, and we’ll make sure to get back in touch with you. ‘Til next time, we look forward to seeing you then. Thank you.