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Scott Sturgeon, founder and senior wealth advisor atOread Wealth, has seen it all.
Others worry that Social Security could become insolvent and they wont get anything at all.
Its not an idle concern.
Americans born between 1943 and 1954 reach full Social Security benefit age at 66.
However, the monthly benefits keep rising the longer you delay taking benefits, up to age 70.
Every year you wait, your annual benefit amount increases by 8%, Sturgeon explained.
It can be really helpful in making a huge decision.
This compounds the problem even further for people who retire at 62 and start taking skimpy benefits.
On top of thethinner nest eggand lower monthly benefits, they have to stick with a low withdrawal rate.
In contrast, Americans retiring at 70 can potentially withdraw a higher percentage each year.
It becomes especially visible as they navigate through their 70s and beyond.
Final Thoughts
Timing your retirementis complicated and deeply personal.
Ultimately, the decision depends on each persons personal circumstances, noted Haywood.
The ability to retire sooner often outweighs the financial trade-offs for them.
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