When I'm 67?!?!?

You have worked hard building up your social security account, so deciding when to claim those funds is important. You often hear you should put off collecting your social security until you're 67 to have larger payments. Certified Financial Planner and KTRH Money Man Pat Shinn says there are also advantages to claiming it early.

“If you have all of your savings in an IRA and/or 401K, taking social security earlier can help you prevent you from taking out any money -or- all of your nest egg. Keep it there and let it grow.”

Shinn says you should use the tools Social Security has devised to find out the best time to claim your benefits. “I recommend you go to the Social Security site and then sign up for your own for your own Social Security Analysis. First sign in or create a new account. Second go to ‘MY SOCIAL SECURITY.’ Then find the calculator and get to work.”

Shinn also says you have to live to be 80 years old to at least break even between claiming the funds early versus taking them later.

67 years old

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