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Transcript: 

I met with a husband and wife couple last week. This couple have been clients for many years and they are retiring next Spring! I’m so excited for them to retire, and they are excited to start a new chapter in their lives.

 

When we met last week, we had a planning discussion and made some important decisions about retirement. One of those decisions was social security. They are retiring in their early 60s and they just assumed that they would start social security as early as possible, at age 62.

 

It wasn’t until we ran the numbers last week that they realized that this would be a massive mistake.

 

If they live to their life expectancy used in our scenario, they would collect nearly $400,000 less over their lifetime in social security benefits if they collect at age 62 compared to waiting until their full retirement age.

 

If they wait until age 70, that difference in lifetime income jumps to nearly $600,000!

 

Here’s the point: In nearly every circumstance, unless you are in poor health and don’t expect to live past your early to mid-70s, taking social security as early as possible is a mistake!

 

Run the numbers for yourself. To make this easier for you, I have a special treat if you’re listening today: Send me your social security monthly benefit amount at your full retirement age, and I’ll run the numbers for you! I’ll show you the impact of taking social security at different ages, so you can make a smart social security decision!

 

I normally charge $1000 for this type of analysis, but for listeners of the One Minute Retirement Tip, it’s free.

 

Email your full retirement age monthly benefit amount to [email protected]. It’s free; no strings attached.

 

That’s it for today. Thanks for listening. Tomorrow, we’re going to discuss the ideal age to start social security.

My name is Ashley Micciche...and this is the One Minute Retirement Tip.

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