Social Security Claiming Age: 62 vs 70

When should you start collecting Social Security Benefits? Does it make sense to take it as soon as you can or should you delay? By taking social security at age 62 your benefits will be reduced by 30% permanently. If you wait until full retirement age, for most people is 67, there is no reduction. If you delay until age 70 your benefit is increased 8% per year beyond full retirement age. Get the answers in this video showing an example of 2 people. One took it early one took it later. Who won? Helping you to be wise with your money! To see more videos discussing personal finance Subscribe: https://www.youtube.com/channel/UCbDA... Leave your comments and questions here: [email protected] 00:00-Introduction 00:50-Understanding Social Security Fundamentals 02:12-Claiming Early Benefits: The Tradeoff 02:56-Delayed Benefits Strategy: The Rewards 03:34-Comparing Carl and Diana's Strategies 08:27-The 2035 Challenge: A Looming Concern 09:23-Planning Strategies for Uncertain Times 10:08-The Bigger Picture: Security & Peace of Mind For more resources: 👉 https://wfa-nc.com/insights 📝 Get your Free Retirement Plan checkup https://wfa-nc.com/retirement-plan-ch... To schedule a complimentary consultation with me: 👉https://go.oncehub.com/keithwilson1 I want you to be more confident in your future: whether that be through preparing for retirement, financial planning, portfolio analysis, or college planning. I trust the information you receive through these videos proves helpful with your personal financial situation! Website: www.wfa-nc.com Facebook:   / keithwilsonf.  . Linkedin:   / keithwils.  . I am looking forward to seeing you achieve your financial goals!