5 pointers for deciding whether to collect at 62, 65 or 70.
The optimum date for starting retirement benefits is the subject of much debate and analysis. For most people, however, it’s a simple matter of when they need the cash—and, indeed, many folks claim as soon as they’re age 62 and eligible. The experts can run models all they want. But when it comes to Social Security, it seems necessity and emotion rule.
If you have the fortitude to look, you might try the handy life expectancy calculator on Bankrate.com. If not, consider the Social Security Administration’s actuarial tables: At age 62, the life expectancy for a male is 21.6 years, at age 65 it’s 17.9 years and at 70 it’s 14.4 years. A female lives two to three years longer, on average.
Unfortunately, Social Security has become more than just a “measure of protection.” For far too many older Americans, it’s their major source of income. Among elderly Social Security beneficiaries, 48% of married couples and 69% of single individuals receive 50% or more of their income from Social Security. Meanwhile, 21% of married couples and 44% of single individuals rely on Social Security for 90% or more of their income.
Arguably, we look at delaying Social Security benefits the wrong way. It’s not that we add benefits by waiting. Rather, it’s that we lose less. In other words, we should think of the full retirement age as 70. If you claim earlier, how large a cut are you willing to suffer?1. Don’t go through your working life thinking Social Security will be enough for a comfortable retirement. Be sure to fund your 401 and IRA.
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