Deciding the Best Age to Start Collecting

Collecting your social security benefits right away could be your biggest mistake…

Act 1: Early Bird Premiere at 62

In the world of Social Security, age 62 is like the red carpet premiere. It's the earliest you can start collecting, and for some, the allure of early access to funds is irresistible. But remember, in the box office of life, this early debut means smaller monthly checks. It's a bit like opting for the matinee showing - it's cheaper, but you might miss out on the prime-time experience.

Act 2: The Full Feature Presentation at Full Retirement Age

Waiting for your full retirement age (FRA) is like holding out for the feature presentation. For most people, this is somewhere between 66 and 67, depending on when you were born. This is when you can collect your full monthly benefit, and the theatre of life is in full swing. It's like watching the movie in prime time - you get the whole experience, no cuts.

Act 3: The Late-Night Show at 70

Then there's the late-night option. This is for the night owls, the ones who revel in the stillness of the wee hours. If you delay collecting Social Security until age 70, your benefit will automatically increase by about 8% per year from your FRA until you start collecting, or until you hit 70. This is like catching the late-night feature - you've waited longer, but the experience is enriched.

The Critics’ Reviews: Factors to Consider

Deciding when to start collecting Social Security is a personal decision and depends on a myriad of factors. It's like deciding which movie to watch - action, drama, or comedy? It's a choice that depends on your life expectancy, health status, financial needs, and whether you plan to work in retirement.

Remember, no one can predict the box office success of their retirement blockbuster. Our health and life expectancy are as unpredictable as movie reviews. But understanding the script - the rules around the best age to start collecting Social Security - can set us up to make informed decisions.

The Director’s Cut: Financial Advice

And of course, don't shy away from seeking the wisdom of a seasoned director - a financial advisor. They have seen countless retirement blockbusters and flops and can provide invaluable advice tailored to your unique script.