Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in that you will most likely receive the benefits for a longer period of time.
Waiting until age 70 is the oldest you can be, at which point the dollar amount of your benefit will cap out other than [hopefully] periodic cost of living adjustments (“COLA”).
At age 65 you should apply for Medicare health coverage, although it is recommended that you apply three months prior to that birthdate or be at risk for a monthly penalty that will be imposed for your lifetime.
RMDs or required minimum distributions for traditional IRA accounts must be taken by April 1 after you turn 73 years old. You must calculate and withdraw the correct RMD every year after that, or face a penalty from the IRS. Call us if you are trying to calculate these changing incomes and expenses as you enter retirement. We may have some ideas to help fund another source of monthly income that you also won’t outlive. We’re always here to help.
