Should I file for early Social Security benefits at age 62?

Well it depends:

Full Social Security benefits are paid beginning at age 66 for those born between 1943 and 1954. Although Reduced Benefits will be paid to those as young as 62 who file for Social Security. Reduced benefits mean 7%-8% reduction for each year a person files early. Most people are advised to wait until full retirement to begin receiving benefits, and I agree. Of course there are exceptions. And it is those exceptions, I wish to discuss in this article.

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Reverse Mortgages, Making Retirement More Comfortable

Many seniors today are facing a perfect storm. Record low rates of return on their bank accounts and CD’s, raising supplemental insurance costs and ever increasing property taxes. Add to that escalating home health care, paltry pensions and insufficient savings there is no doubt that “Housing Wealth” should be considered in a comprehensive retirement plan.

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Is your retirement secure?

As we watch CoVid-19 wreak havoc on our citizens’ health and finances, one wonders about a future. A future we all hope is of good health and spirits but also one with a retirement free from privation and need. Wall Street and the federal government have historically encouraged us to save for retirement by our investing in pensions, 401(k) plans and I.R.A.’s. Because these funds are usually invested in the stock market, saving for retirement seems to work when the market goes up but fails us when we experience steep declines as have now happened. The logical collateral damage is our need to save more and postpone retirement.

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