Retiring at 62 with $1.5 Million: When to Claim Social Security Explained!

You’re in your early 60s and planning to retire with around $1.5 million saved. Now you have a huge decision to make with Social Security. Do you take it at age 62 or wait and let it continue to grow, possibly even to age 70 to receive a bigger benefit.
Working with a lot of people in this situation, we understand that it can be a stressful time. With no income or paycheck coming in, it can make you uncomfortable trying to make a decision that will impact you throughout retirement.
In this video, we’re going to walk you through a sample case to show you how we’d help you determine when to claim Social Security. We’ll talk about three factors you’ll need to consider because they could make a difference between hundreds or thousands of dollars.
Here’s some of what we discuss in this episode:
0:00 - Intro
0:43 - Hypothetical details
4:48 - Social Security decisions to make
8:32 - Projections
12:087 - 1st Factor - Longevity
17:51 - 2nd Factor - How much has he saved
21:40 - 3rd Factor - Cost of living
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