Morning Blend on Mater Dei Radio: “Age To Draw Social Security”
Social Security is complex and the age in which to take it is important to consider. For most, the youngest you can start social security is age 62. This is not only the most common age to take it, but also the most common age to retire in America.
Individuals can start social security as early as 62 and as late as 70. Often, people start it when they retire, assuming that’s the ideal time to. It’s best to consider other assets you have, coupled with retirement age and general life expectancy.
To start the process, go to ssi.gov to download a copy of your benefits estimate. The estimate will breakdown your social security income at any age between 62-70. Marital status can impact your plan on drawing SSI greatly. Considering how much your spouse makes and also, your potential life expectancy.
Automatically assuming you should wait until as late as possible to take it, is not always the answer! Individuals with health issues may take it sooner if they don’t expect to live into their 80s. Ultimately allowing them to still draw more than they would at a higher rate later in life.
There is no perfect answer. There are numerous considerations to make which can be overwhelming, often pushing people to just start taking it! Contacting a financial advisor or other trusted, qualified individual can often stop you from guessing and rather making an informed decision.
Listen to the interview
About the Morning Blend on Mater Dei Radio
Mater Dei Radio is a Catholic broadcasting apostolate dedicated bringing souls to Jesus through the Blessed Virgin Mary. We hope your faith will be inspired and deepened through our 24-hour radio broadcast, original shows and podcasts, community calendar, social media, and more!
Join David and Brenda weekdays from 7 – 9 a.m. as they share interviews, music, news and prayers. Whether you’re in the car, at home getting ready for the day – or already at work – there’s no better way to start your day than with the Morning Blend.
HOW READY ARE YOU FOR RETIREMENT?
Gauge your retirement readiness to make a plan for the future. Download our Retirement Success Forecaster and get FREE personalized results.
