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Why I Will Start Social Security At Age 62
Aug. 26, 2014 9:01 AM ET
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary
When should I start Social Security?
How will I receive the highest annual income?
How will I receive the highest cumulative income?
When will I be able to retire?
Every year, more than 2 million people turn 62. Many of those people will wonder, “When should I start receiving Social Security benefits?”
The earliest age of eligibility is 62. The benefit increases each year you delay starting, until age 70, after which point there is no additional increase.
When should I start - age 62 or age 70?
Anyone can go to the Social Security web site and get an estimate for their benefit, based on when they start. I did that. I’m 58. I learned that if I start at age 62, I would receive $1965 per month, or $23,580 per year; if I start at age 70, I would receive $3486 per month, or $41,832 per year.
What is the benefit growth rate? From January 2000 to January 2014, the simple arithmetic average cost of living adjustment (COLA) was 2.47%.
Year Increase
2000 2.5
2001 3.5
2002 2.6
2003 1.4
2004 2.1
2005 2.7
2006 4.1
2007 3.3
2008 2.3
2009 5.8
2010 0
2011 0
2012 3.6
2013 1.7
2014 1.5
total 37.1
average 2.473333333
Simple arithmetic average of most recent 15 COLAs
Assuming the benefit growth rate continues at the same pace, here is a chart of what I can expect to receive.
Column 1 is the age at the beginning of a 12-month period.
Column 2 is the benefit received during that 12-month period, starting from age 62.
Column 3 is the cumulative benefit starting from age 62.
Column 4 is the benefit received during that 12-month period, starting from age 70.
Column 5 is the cumulative benefit starting from age 70.
Social Security At 70: Always A Bad Idea by ColoradoWealthManagementFund
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Thanks.