Social Security: To Draw Early...Or NOT To Draw Early - WMC Action News 5 - Memphis, Tennessee

Social Security: To Draw Early...Or NOT To Draw Early

A lot of baby-boomers are grabbing their Social Security checks early.  Consumer Reports says half of eligible Americans are choosing to draw Social Security at 62, the earliest age you can draw a benefit.

CR says...resist that temptation.

The consumer advocacy magazine calculated some average Social Security benefits by eligible age:

       62 = $1,610 a month

       66 = $2,190 a month

       70 = $2,945 a month

CR's numbers indicate it pays to be patient on drawing your Social Security.  If you have a solid private savings plan, it makes even more sense to hold off on an early draw.

But if you plan to keep working, or you do not anticipate living into your 70's or longer, then you have some decisions to make.  To draw or not to draw Social Security may also depend on the health...of Social Security itself.  CR says as more baby-boomers retire, Social Security's trust fund will pay out more in benefits than it will take in by 2017.  At that pace, the trust fund will deplete its reserves by 2041.  

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