I have written many articles detailing the best time to take your social security benefits; but it is hard to understand exactly what your benefits would be, until now. 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 your benefit; all you need is your birth-date 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. It would be wise to take the time to review your benefits and plan ahead. I highly recommend you consult with your financial advisor for the specifics on your retirement situation, but this is a great tool for you to understand how your choices will affect your social security check!
Upon reviewing your social security benefits you will realize that your check will not be enough to live on in retirement. We have a reverse mortgage calculator that allows you to 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 getting 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. Getting the line of credit at 62 should exceed the benefit of waiting until you are older ( as long as you are disciplined and will not draw from your LOC early on). Take a look at our calculator today and see how your RM benefits increase each year.
If you have any questions regarding your potential reverse mortgage benefits feel free to call 877-567-7476.