Why would you want to take social security benefits at age 62?

I just sent this email to a client today.

Dear Carol (not real name), here is a special information for social security that will be good to know!

 Did you know that you can take social security at age 62, then when you reach age 66, you can pay back the amount you took  from age 62-66 interest free and start collecting the full social security amount.

 

How would you decide?

1. Based on how much earned income you make each year. If you make too much income, you will have to give back $1 for every $3 you were paid from age 62-66. At age 66, you no longer lose social security benefits. 2. You expect to have the cash to pay back the social security and  3.  If your health is hopefully excellent at age 66, your chances to living to 80 are very high and you would want to pay back the social security payments you took from age 62-66. Here are some other notes that I thought you and  would want to know:

 

Social Security

Carol (not real name) BASED UPON AGE, YOU WILL BE ELIGIBLE FOR EARLY RETIREMENT BENEFITS IN AUGUST, 2013, AND FULL RETIREMENT BENEFITS IN AUGUST, 2017.

IF YOU CHOOSE TO RECEIVE RETIREMENT BENEFITS EARLY, YOUR MONTHLY BENEFIT WILL BE PERMANENTLY REDUCED BY UP TO 35%. THE ACTUAL REDUCTION IS BASED UPON THE NUMBER OF MONTHS YOU RETIRE EARLY.

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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