Hi Larry,
I would like your thoughts on collecting Social Security at 62 to preserve my assets. I am 59. My thoughts are that my grown children cannot inherit my Social Security. Instead of drawing down my funds I would supplement my pension and required distributions from an inherited IRA by collecting Social Security.
Thanks for your comments.
HRH

Hi HRH,

I answer questions submitted to this forum, but Larry Kotlikoff is the expert on economics and finance. If you're considering filing for your Social Security benefits at age 62 as opposed to drawing on your savings in order to meet living expenses, I'm sure that Larry would tell you that you'll probably end up better off if you do the opposite. Your Social Security retirement benefit rate will grow by an average of roughly 7.5% per year from age 62 to age 70 if you wait until age 70 to start drawing, which is likely a much larger rate of return than you could expect to receive on your savings.

I would recommend reading the following column that Larry wrote for Forbes which addresses your question: https://www.forbes.com/sites/kotlikoff/2014/03/26/economic-magic-pulling....

Best, Jerry