What is the earliest age you can collect social security? What factors should you take into account when deciding when to receive your social security payouts? <\/p>\n\n\n\n
Choosing when to start drawing social security is an important decision. You can claim Social Security starting at age 62, but the sooner you start, the smaller your checks will be. The longer you hold off up to age 70, the larger they\u2019ll be, but you\u2019ll have fewer years to collect them.<\/p>\n\n\n\n
Here is what financial blogger J. L. Collins has to say on drawing your social security. <\/p>\n\n\n\n\n\n\n\n
The Social Security system has been sustainable in the past, but as large numbers of Baby Boomers retire and live longer, the payroll taxes that support it will fall short of payouts if nothing is done to fix it.<\/p>\n\n\n\n
Thus, depending on your current age, your experience with Social Security likely will vary. Collins argues that:<\/p>\n\n\n\n
If you\u2019re 55 or older, you\u2019ll collect the full amount you\u2019re entitled to <\/strong>because politicians won\u2019t take anything away from such a large group of voters. That\u2019s why the solutions proposed so far to shore up the system only affect those 55 and under.<\/p>\n\n\n\n If you\u2019re under 55, you won\u2019t get the same deal, but you\u2019ll still receive benefits. <\/strong>You can expect that:<\/p>\n\n\n\n Social Security is a good deal for most people over 55. Of course, if you invested the 6.2% of your income that goes to social security and the 6.2% your employers contribute, you\u2019d be better off financially in later years. But many people don\u2019t save or invest for retirement, so Social Security will keep them out of poverty in their last years.<\/p>\n\n\n\n Some advisors offer complicated strategies, you\u2019ll be better off keeping things simple. When deciding when to start drawing Social Security, consider the following in order:<\/p>\n\n\n\n Although Social Security likely will survive in some form, plan as though Social Security won\u2019t<\/em> be there for you\u2014that is, follow the simple path to wealth of living beneath your means, staying out of debt, saving F-You money<\/a>, and investing in index funds<\/a>. If you get Social Security, it will be a bonus.<\/p>\n","protected":false},"excerpt":{"rendered":" What is the earliest age you can collect social security? What factors should you take into account when deciding when to receive your social security payouts? Choosing when to start drawing social security is an important decision. You can claim Social Security starting at age 62, but the sooner you start, the smaller your checks will be. The longer you hold off up to age 70, the larger they\u2019ll be, but you\u2019ll have fewer years to collect them. Here is what financial blogger J. L. Collins has to say on drawing your social security.<\/p>\n","protected":false},"author":7,"featured_media":2452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,31],"tags":[483],"class_list":["post-48064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-money","tag-the-simple-path-to-wealth","","tg-column-two"],"yoast_head":"\nDetermining When to Take the Money<\/strong><\/h3>\n\n\n\n