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When Can I Start Social Security?

  June 28, 2022  |    #Live Fabulously

Hi there! You new here? We love that you found our little corner of the web. Here at Debt Free Guys, we’re all about helping people experience the freedom of becoming debt free! Would you love to feel that relief? After reading our article below, see how we can help you more here.

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
“One of the pros of waiting until you’re age 72 or sometime after you reach full retirement age to collect Social Security—well, of course, you get a bigger monthly paycheck. Size matters.” - John Auten-SchniederClick To Tweet

Connect with David and John

Resources on Social Security 

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Get more on  Social Security:

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.

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