I'm 62 with $1 Million: Can I Retire Early and Withdraw Social Security Now or Wait Until 67?

Early Retirement Planning: Is filing for Social Security at 62 the best choice for maximizing retirement benefits? In this insightful video, financial expert Casey Weade tackles the tough questions surrounding when to file for Social Security. Should you file early or wait? What's the full retirement age, and how does it impact your benefits? Join us as we delve into the nuances of Social Security calculations and break down the optimal strategies according to sophisticated analysis tools. If you're ready to take control of your retirement plan, this video is a must-watch! Don't miss out on maximizing your Social Security benefits and securing your financial future. Don't leave your financial future to chance - start planning today! 💼💰
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Dive straight in:
00:00 - Retiring at 62: Smart Move or Financial Mistake?
01:29 - Understanding Full Retirement Age Benefits
01:52 - Benefits of Delaying Social Security Withdrawal Until 67
03:09 - Delaying Social Security to Maximize Benefits
04:43 - Is Waiting the Best Social Security Strategy?
06:17 - Cost of Living Adjustments and Social Security
07:57 - How Delaying Social Security Affects Retirement Savings
09:29 - Impact on Retirement Accounts by Delaying Social Security
11:16 - Break-Even Analysis for Early vs. Late Social Security Withdrawal
#retirementplanning #retirement #socialsecurities #financialplanning
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[@Bill-vk7fh]

The analysis result depends heavily on the assumptions you use, e.g. SS Cola, inflation on expenses and the return on your invested assets. You could influence the outcome by changing these assumptions. I saw 2.75% Cola and 3% inflation used, but what investment returns did you use ?

[@retirewithpurpose]

Thanks for the question, Bill! You are correct that your Social Security strategy will be highly dependent on the assumptions you use. We didn't focus on returns, as that will be something that is highly personal, but hopefully we accomplished the goal of the video to emphasize the importance of Social Security planning and the impact that can make on your retirement. Let's schedule some time to customize your assumptions! Schedule online: howardbailey.com/schedule