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What age should you start collecting Social Security?

Print | Comments () Posted by Joe Allen-Black September 29, 2012 02:13 AM

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You can start collecting Social Security at 62, but it might not be the best idea. If you can hold out longer -- say, until you are 70 -- then you could have a much nicer regular income coming in.

The decision of when to collect Social Security is one of the most critical decisions you will ever have to make. Watch Jack Otter, executive editor of CBS MoneyWatch, talk to Gayle King and Norah O'Donnell in the video below about the five things you should know to get the most out of Social Security.

If you do want to retire a bit earlier, here are some tips to set up your finances right from Cheryl Costa at AFW Wealth Advisors. Her tips include maintaining a diversified portfolio, so you aren't stuck losing money on one bad investment.

How are you planning for retirement? What questions do you have a setting your target retiring date? Discuss in our comments.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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ABOUT MANAGING YOUR MONEY

Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

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About the contributors

Andrew Chan is the founder of Integrative Financial Advisors in Framingham. He provides comprehensive financial planning advice and investment management services. He has been an adviser for over 12 years and works with clients to integrate all aspects of their finances including investments, retirement, education funding, and tax planning.

Cheryl Costa is a principal at Forteris Wealth Management which is an independent, fee-only firm with offices in Framingham and Purchase, NY. She advises clients on investing, education funding, taxes and retirement planning. She has a BS from Worcester Polytechnic Institute and an MBA from Boston University and she is a Certified Financial Planner.

Jamie Downey has been an accountant for more than 14 years. He's a partner at Downey & Co. in Braintree. Prior to joining the firm, he served as a manager in the audit department of accounting firm KPMG.