Booming Forward: When should you start taking Social Security benefits?

SALT LAKE CITY -- Baby Boomers past the age of 60 are starting to consider when they should take their Social Security benefits.

It can make a big difference.

"If you take it early, you get a smaller monthly check for a longer period of years," says Sandy Hunter who worked for the Social Security Administration for 30 years. "You take it later, at 70, you get a higher check, but it`s going to be a shorter number of years."

For example, if a 62-year-old receives $750 a month from Social Security, they would receive $1,300 a month if they waited until age 70 to begin withdrawals.

Watch Dave Nemeth's report and you can register for AARP's Social Security Webinar.  Here's a link.

 

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