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Have you ever wondered when can I start taking social security?
Find out why multiple sources of income are needed to support you in retirement on this week’s Queer Money®. Then kick start your financial independence journey by getting your free copy of the 7-Step Credit Card Debt Slasher.
8 factors to consider in deciding when to start taking Social Security
Did you know that Social Security only replaces about 40% of your pre-retirement income? And for many LGBTQ seniors, that’s not enough to live on.
The good news is, that it’s easy to find out how much you’ll get from Social Security and plan accordingly so that you’re financially secure in retirement.
So, when are you eligible to start collecting Social Security benefits? Should you start taking Social Security as soon as you can? Or is there an advantage to waiting?
On this episode of Queer Money®, we discuss the 10-year age range when you’re eligible to start collecting Social Security and explain why you get less if you begin before ‘full retirement age’ or FRA. We walk you through examples of how much we will receive from Social Security if we start collecting benefits at age 62, 67 or 72, weighing in on the pros and cons of starting before you’ve reached FRA.
Listen in for the eight factors to consider as you decide when to take Social Security and learn how to develop multiple sources of income to support you in retirement!
When can I start taking social security? Listen here :
Topics covered on when can I start taking social security
- The 10-year range from age 62 to 72 when you can start taking Social Security
- How to determine your ‘full retirement age’ or FRA
- Why you get less if you start taking Social Security before your FRA (and more if you wait until after)
- How much our checks will be if we take Social Security at age 62, 67 or 72
- Why Social Security only replaces 40% of your pre-retirement income
- The pros and cons of taking Social Security before you reach FRA
- 8 factors to consider in deciding when to start taking Social Security
- Why you should have multiple sources of income to support you in retirement
Connect with David and John
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Debt Free Guys on YouTube
- 7-Step Credit Card Debt Slasher
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on iTunes
- Email [email protected]
Resources on Social Security
- 2022 Huge Same-Sex Social Security Change on Queer Money EP314
- Find Your Full Retirement Age
- My Social Security Account
- 7 Basics You Should Know About Annuities on Queer Money EP298
- How to Know If You Should Buy an Annuity on Queer Money EP307
- Gainbridge Education Center
- CreditWise
Get more on Social Security:
- 2022 Same-Sex Social Security Changes
- How Social Security Offsets Could Ruin Your Retirement
- 3 Things You’re Forgetting to Plan for in Retirement
We’re David and John Auten-Schneider, the Debt Free Guys and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs, and 3) save and invest for retirement.