Here's Why I'm Taking My Social Security Benefits at 62

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. Health Projections

I woke up this morning and looked up when I was gonna die. Yeah, it was one of those days. Based on my age and health patterns, I'm projected to live until 85.

2. Social Security Projections

Next, I went to SSA.gov and checked out my most recent projections. I saw that if I retire at 62, I'd get $2,077 a month. If I wait until Full Retirement Age (FRA), I get $2,996 a month.

3. Avoiding Classic Blunders

Then I reminded myself not to fall victim to one of the classic blunders. The most famous being: never get involved in a land war in Asia. But only slightly less well-known is, never believe that $1 tomorrow is more valuable than $1 today.

4. The Power of Compound Growth

By investing those funds immediately, there is no point at which taking the money later will ever beat the five to six years of compound growth that I've just gained.

5. Breaking Even

Even if I don't invest those funds and live off them, I still wouldn't break even until I was 77 to 81 years old. So I'll err on the side of caution and break open my 45-year-old piggy bank and never go against a Sicilian when death is on the line.

If any of this is helpful, sign up for my free newsletter in my bio, and every Sunday, I'll send you some more thoughts to help get you one step closer to where you need to be.

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