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This doctor was facing a decision of whether to start taking Social Security right then or delay it to 70. The discussion regarding what age to begin taking your money, earlier (62) vs later (70), is a bit controversial with each side often getting very worked up about their choice being the only good option. Sadly, about one in eight will not live to age 70 and will miss the boat completely if they delay taking their Social Security.

The average 62-year-old female will live to about age 84 with about one in three surviving to age 90.

This rental comes with satellite TV, internet connection, swimming pool, fitness center and community group activities. 62 will enjoy these vacations compliments of Uncle Sam for eight years before Dr. Look into your favorite vacation options and see how far the money goes.

If your priority is to have more fun in life and travel in the earlier years of retirement, you are better off taking the money at age 62.

We assumed a single doctor who had made 0K a year during his career and was stopping work at age 62 with a M nest egg composed of 60% tax-deferred money, 30% taxable money, and 10% Roth money. High-income earners who retire early must decide when to start taking their social security payments. According to the actuarial data from the Social Security Administration, at age 62, the average male will live to about age 82 and only about one in five will make it to age 90.

If your priority is stockpiling money to leave to your heirs, you will likely leave them more if you take the money at age 62 and invest it, getting an eight-year head start.

I didn’t even get into the option of giving the money to those who need it in your family or charities you support for eight extra years. Dahle and I make and eliminate the ones that don’t pertain to you and then make your decision.

Using a 6% return, a figure that is reasonable to earn with long-term investing and minimal risk, the math works out such that Dr. If he looks for sales, last minute deals, picks less expensive destinations, or takes a lower priced cabin, he can boost this number and get even more cruises before reaching age 70. 62 wants some other options as well, like wintering in Arizona.

Each year’s Social Security money will cover the rent for a furnished 2 bed, 2 bath 2,000 square foot house in Sun City (a snowbird community near Phoenix, AZ) for six months, including the cost to travel there and back.

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