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Retirement at 62 v. 67 Should I go for it or not?

by Paul O'Sullivan

I had heard for years about retirement.  I had seen videos about it from experts on economics.  I had to learn for myself so I made sure I had access to my Social Security Account.  Right when I was really trying to decide was when Elon Musk was cutting everything and Social Security Offices were closing across the country.

 I read all that I could, I looked at all the Q/A features and I ran the numbers.  There was a catch though.  If you take the retirement at 62 you only get 70% of your total you would get at 67.  Also, if you take it at 62, you are limited to a set amount you can make a year in addition to your social security (Approximately $2000 a month)  If you have any other pension or investment income, this does not count against it.  

What it came down to for me was being able to take care of my family and also being able to work while still retired. (currently subbing and ubering) Also, I saw a video where the guy explained that if you wait for your full retirement age to retire, you won't break even until you are 78.  So basically I was looking at giving up $144,000 over 5 years to wait to get paid more per month.  

The good news is that Social Security officials were great to work with and the paperwork was easy to do online.  Everything worked the way they said it would.  Another interesting note is that if you go over your allowable total, they subtract from your next check but you get that money back when you are 67. If you have any questions just text or message me.