No. of Recommendations: 2
When is the right time to draw Social Security? This is a frequently asked question of significant importance to most people getting ready to retire. I saw this short article on the subject at Vanguard that gives a few graphic examples of the various choices and their resultant effects:

The bottom line is - how long do you think you'll be around to collect? If longevity runs in a person's family, it would pay to delay the collection, but if the opposite is true - take it and run at age 62.

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