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What age should you start collecting Social Security?

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.

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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.


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