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Why Taking Social Security Early Could Cost You More than a few bucks

Some people say that one of the biggest decisions a retiree can make is deciding on when is the right time to draw social security.  In my opinion, this is in fact, the most important decision you would make going into retirement.  In my podcast entitled “The Shift” from Accumulation to Distribution, I mentioned that the decision should be planned out well in advance because the stakes are higher once you go into the distribution phase. I want to give you a few reasons why getting it wrong could cost you more than you think.  One reason why you need to absolutely get it right is because if you take it to early, then you miss out on one important benefit, Medicare as it is not available until age 65. So if you retire at age 61, where will your medical insurance come from?  Trying go it alone with private insurance for 4 years can get quite expensive.  Another reason you might not want to take social security to early is that you can leave a lot of money on the table.  
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