Reply with quote #1
You're going to need MORE money in the future, NOT LESS.
Taking your Social Security check at age 62 is a mistake you are in poor health. OR, if you develop a serious health problem prior to age 70, such as heart attack, cancer, stroke, diabetes, etc..then take the check early. UNLESS Typical benefits are about: $1,348 per month at 62; per month at age 70. $2,364 That's $1,016 less you'd receive every month by taking it at 62. To make up that difference would require $406,400 cash on hand at a guaranteed rate of 3% to generate $1,016 per month income. If I made a deal with you that if you'd wait those 8 years, until age 70, I'd write you a check for $406,400 on your 70th birthday would you wait then? Another way to look at this, you'd have to save $50,800 per year EVERY year for the 8 years from age 62 to 70 to have $406,400 cash on hand and then you still have to safely be able to earn 3% on your money to replace the lost income. I'll say it again: You're going to need MORE money in the future, NOT LESS. http://www.GarySpicuzza.com Fiduciary Financial Consultant Office: 727-945-8599 Toll free: 1-877-331-GARY Email: email@example.com