March 31, 2016
WHEN SHOULD I START DRAWING SOCIAL SECURITY?

WHEN SHOULD I START DRAWING SOCIAL SECURITY?

WHEN SHOULD I START DRAWING SOCIAL SECURITY? You may be eligible to start drawing Social Security as soon as you turn 62, but this doesn’t mean you necessarily should. By waiting a few years, you will get a highly monthly payment and potentially more total income. So how do you decide? First off, look at how much you are bringing in without Social Security. WHEN SHOULD I START DRAWING SOCIAL SECURITY If you need Social Security to get by, then the decision is easy: Take it when you can. If you’re in the much happier situation where your family is earning good money without Social Security benefits (say your spouse is working a well-compensated job), then the decision is also fairly easy. Your Social Security in this case is going to be pretty heavily taxes, so don’t take it yet. But if all you care about is drawing the most Social Security you can before you die, the calculation is fairly simple. Let’s say you’re eligible to draw $1,100 a month when you turn 62, but you would get $1,500 a month when you turn 67. In this case, by starting at 62 you would make $66,000 before you reach 67 […]