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To: EQAndyBuzz

Whatever you do, please don’t forget to check what your monthly SS benefit amount is if you were to take it early, vs. waiting to reach your full retirement age (FRA). You CAN start SS at 62, but the monthly payment is reduced significantly. ALSO - remember that you don’t qualify for Medicare until 65, so you’ll have 3 years to cover health-care insurance on your own.

None of this is to say you shouldn’t retire early. Just make sure you consider all of the financial impacts.

Scott at Heritage Wealth Planning has a TON of videos describing different strategies so, in addition to watching this one from 2019, review his others as well. You’ll learn a lot!


14 posted on 09/09/2021 7:54:46 AM PDT by Be Free (When guns are outlawed, only outlaws will have guns.)
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To: Be Free

Also important to check (IMO) the “break even” point by comparing your benefits at various ages, and taking into account that you actually are receiving the money much earlier.

For example, if your benefit at age 65 is $2,000/month, your “full retirement age” of 67 2/3 gets you to $2,200/month...

But for 2 years and 8 months you would receive $2,000 per month so would have gotten $64,000 by the time you turn 67 2/3 by starting at 65.

PLUS.... if you die before turning 67 2/3.... you will get ZERO if you wait until then to start drawing.

The biggest consideration for me, and many others, I expect, is that you need the employer’s group health insurance, until you can get on Medicare.


16 posted on 09/09/2021 8:00:59 AM PDT by NEMDF
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