60% of the people we work with are approaching retirement or the social security age. People often ask, is it a bad idea to take social security at age 62? The only reason you should take out social security at 62 is if you have absolutely no other source of income and you need it in order to survive. For anyone else, you should be waiting until ages 67-70. If you wait until then, you are actually increasing your payout by 8% each year. Ultimately you want to spend your own dollars while waiting for your social security payment to grow.

Another fear is people think that the social security system won’t be there much longer, so they should take it while they can. Actually, 75% of social security is funded by people who are already working. Those are the people paying for social security right now. Ultimately, it is in your best interest not to take out social security at 62, but to wait.

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Casey Smith
President, Wiser Wealth Management

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