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In today's video, we're diving deep into the question many retirees face: Should you take Social Security at 62 or delay it until 70? We'll walk you through a real-life example of a couple who wrestled with this decision and share the surprising choice they made. You'll learn about the impact of longevity on Social Security, lesser-known aspects of the system, and the key differences between taking your benefits early versus waiting.
Let's jump right in! Our featured couple is 60 years old, aiming to retire at 62 with $1.5 million saved. They were set on taking Social Security as soon as possible. But after reviewing their options, they discovered that waiting until 70 would increase their annual benefits significantly-from $53,000 at 62 to $86,000 at 70. This simple change dramatically improved their retirement outlook, boosting their chances of success from 61% to 93% and increasing their likely nest egg at age 95 to $1.8 million.
This video focuses on how strategic planning can maximize your Social Security benefits and secure your retirement. It's not just about getting your money back from the government as soon as you can, but making smart choices that ensure a stable and successful retirement.
About Cyr Financial
At Cyr Financial, we specialize in helping you create a comprehensive retirement plan. Our AIM Retirement System is designed to maximize your retirement success, increase income stability, and build multi-generational wealth. We look at the full picture, including Social Security planning, investment strategies, tax planning, and more.
Connect with Us
Ready to take control of your retirement? Visit our website at aimretire.com for more resources, or schedule a consultation with one of our Level 5 advisors. Don't forget to check out our Retirement for Life podcast for more insights!
Thanks for watching, and here's to a secure and prosperous retirement!
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