When do most people beginning collecting Social Security? If you’re a man, forty-two percent collect at the age of sixty-two, the earliest possible age according to the Social Security Administration.
Seven percent start at the age of sixty-three and seven percent begin taking their benefits at the age of sixty-four.
The next big segment happens between the ages of sixty-five to sixty-six years of age at thirty-four percent.
Eight percent of men begin collecting social security between the ages of sixty-seven and sixty-nine.
Lastly, about two percent of men begin taking Social Security at the age of seventy.
What are the effects of these choices?
If you take Social Security at the age of sixty-two, you will receive twenty-five percent less money than had you waited until your full retirement age. That’s twenty-five percent less each and every month the rest of your life.
If you begin collecting at the age of sixty-three, it’ll be twenty percent less.
At the age of sixty-four, almost thirteen percent less will come your way; and at age sixty-five, almost seven percent less, each and every month forever.
But, there’s a flip-side as well.
If you delay your government pension and are of good health, meaning long-life, you can put extra cash into your pocket, each and every month, forever.
If you delay until the age of sixty-eight, you can enjoy sixteen percent more money than what you would receive at your normal retirement age.
At age sixty-nine, it’s twenty-four percent more and if you wait until the age of seventy, you would receive over a third more in benefits each and every month for the rest of your life. That’s when you could become one of the top two-percenters.
Each retirement is unique to the individuals living it. If you want to run your ‘numbers’ together, let’s visit.