Call us today: (801) 781-6890

Taking Social Security at 62 is causing Seniors to lose 30%

Why would you give up 30% of your social security check?

Many Seniors who would get full benefits at 67, are taking their Social Security at 62 for various reasons.

The problem is, its costing them up to 30% of the income they could be collecting by waiting.

For each year benefits are claimed before full retirement age, they're reduced as follows:

6.7% a year for the first three years.
5% a year for each year thereafter.

That turns into a large chunk of income.

So why is this happening?
The reference article is found at:
What is happening is many Seniors are experiencing job loss or health issues which prevent them from working.

Taking the early benefit in this case makes sense, if you have no other way to avoid it.

For instance, what if you could tap into a reverse mortgage at 62 and draw from that until you hit 67.

Then you could keep your full benefits. You could even repay the money you drew out of your reverse mortgage if you want to.

This is something you should talk to your financial advisor about, if you have one. If you don't have one, get one now. Time really is money. Waste time, waste money.

Another point is many Seniors are still carrying a lot of consumer debt at 62. If Seniors who are in this position at 62 had focused on paying off their debt in the years leading up to retirement, they could have a very different situation at 62.

If you are under 62 and a mortgage plus at least 4 other debts, you should get a free savings analysis from us (see the button at the bottom).
Now let's jump back to having a financial advisor.

You may be reading this now because your advisor is working with you and asked you to have us run a savings analysis for you.

If you ran across our site and do not have a financial advisor, we're happy to help you find one in your area.

If you are close to 62, you should be talking to a reverse mortgage agent too. Things are changing and they'll have the most up to date information which relates to your specific situation.

Your financial advisor will have recommendations to a good reverse mortgage agent. We can give you a recommendation too if you need one.

It is easy to make a mistake with your long term finances. There are hundreds of rules and tips that you can take advantage, which is why it makes so much sense to get yourself a good professional.

One wrong choice, which you can not take back, could easily cost you tens of thousands or more in retirement savings or income.
If you are in your 40's or older, please get yourself a financial advisor and start learning about the options you have in building up enough income to pay for the 20-30 years of living expenses you'll have in retirement

And if you're 40 or older and have a mortgage plus at least 4 other debts, use the button below to get a free savings analysis. You'll learn how fast you could pay off your mortgage and other debts, as well as how much you could save in interest on your entire debt.

Don't let time go by and have choices forced on you. Take control now and you'll end up with a better, more comfortable future.

Get your free savings analysis by clicking the button below and you'll be surprised at how easy it really can be, with the right system, to get out of debt once and for all.

Share this article

Comments are closed.