I have written many articles detailing the best time to take your social security benefits. Most people understand that you can start drawing social security at age 62; but at that age you are not taking the full benefit. Age 67 is your full benefit age, but if you can wait until 70 you get your maximum check. These are all generalizations to be understood. The Consumer Financial Protection Bureau has come out with a simple and easy to understand calculator that will show you your estimated social security draw at each age you could start receiving a check; all you need is your birthdate and your highest annual income amount. Their website will also give you tips specific to your situation, whether you are married or single, whether you will continue working into your 60’s, and how each of these decision affect you and your family. I highly recommend taking the time to review your benefits and plan ahead.
Upon reviewing your social security benefits you will probably see that your check will not be enough to live on in retirement. We have a reverse mortgage calculator that you can adjust the age you start receiving a monthly check, cash lump sum, or Line of credit benefit; the older you are when you start drawing on your reverse mortgage, the higher your benefit will be. Although I do recommend get a RM Line of Credit right at 62 so you can let the compound growth (currently around 6%) increase your Line of Credit balance each year. I believe this would be of greater worth than waiting until you are older to take out a RM. Take a look at our calculator today and see how your RM benefits increase each year.
If you have any questions regarding your reverse mortgage benefits feel free to call 877-567-7476.