Hello...I will be applying for my social security in about 6 wks. I turn 62 on 6/23/17. I'm registered with an account on the SocialSecurity.gov website and learned my monthly check will be $973 a month. I'm healthy and want and have to continue working throughout my 60's at least but I need the extra money the SSI will provide now to get my head above water completely. Deciding to take my SSI early is my decision to have more money to fall back on every month and also to hopefully put some of it into something worthwhile. Can you suggest what I can do with a few hundred dollars each month to build a nest egg? Thanks so much.

Hi,

I'm sorry, but I'm not a financial advisor. Social Security is my only area of expertise.

I would advise you to think long and hard about your decision to start drawing your Social Security at age 62, though. If your monthly benefit rate at age 62 is $973, it would be over $1700 per month if you waited until age 70 to start drawing. That extra $700+ monthly might be the best type of nest egg possible.

Furthermore, your benefits will be subject to the Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking2.html) until you reach full retirement age (FRA), so if you continue working and earn too much, your benefits could be partially or fully withheld until you reach your FRA of 66 & 2 months.

You may want to consider running the maximization software available on this website in order to explore all of your filing options.

Best, Jerry