Larry, do you think I should start drawing Social Security at age 62?
Bill
Bill, deciding when to start drawing Social Security has too many variables for me to give you a correct answer. There is a very good article addressing this issue in the AARP website: http://bulletin.aarp.org/yourmoney/socialsecurity/articles/when_to_collect_social_security.html.
The article directs you to the Social Security Calculator that is located at: http://www.ssa.gov/planners/calculators.htm.
Remember, if you start taking Social Security early you can only have earned income of $14,160 in 2009, or you will have to pay back $1 for every $2 over this amount.
Your accountant or the Social Security Administration should be able to provide you with more assistance on this matter.
Larry Kopsa CPA
