Sun Sep 15 2024, by Tyler Gardner

Why I Am Taking My Social Security Benefits at 62

Here is exactly why I'm going to start taking my social security benefits at 62 years old. I'm Tyler. I'm a former financial advisor and portfolio manager. Now I make financial content for free so that you don't have to pay for it.

1. Life Expectancy

I looked up when I'm projected to die. You should really try it. Apparently, I'm going to kick it till I'm 85 years old. Cool.

2. Break-Even Analysis

So I went to SSA.gov, set up my account, and saw that if I start taking my money early, at 62, versus taking it at 67, not only will I have access to my money earlier, but the break-even point for those two options, when the annual payouts would finally equal one another, isn't until 77 years old. And if I waited for the delayed payout, the break-even point wouldn't be until 81 years old.

Not sure I need that extra money when all I'm doing on a daily basis is playing bingo with Fran. I'm not knocking it; it's just not an expensive pastime.

3. Investing My Benefits

Am I taking my benefits at 62? If I don't need the money on a monthly basis, hopefully I won't because I've been following this channel and investing a percentage of my money every paycheck into a 401k. I can just invest the Social Security money too and take advantage of an additional five years of compound growth.

If any of this is helpful, like and follow, and I'll keep trying to get you one step closer to where you need to be.

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