Hi Terry
I am nearly 66 and considering taking my SS now. I would like some advice on the wisdom of taking it now versus 70. I will work into my 70s. i also would like some basic advice about how best to invest SS if I take it now, plus paying off some other obligations. I just need some fundamental insight. I have an IRA nestegg from my primary career, a small annuity, rental property, plus starting a new 401b at my new job.
Love to speak with someone who can review my porfolio. Not necessarily looking for a financial planner who wants me as a client.
Thanks you!

Terry Says:

Well, this is the time you should really speak to a financial advisor to evaluate your entire situation and all your options!  As a rough rule, for every year you delay taking SS until age 70, you get a roughly 7% increase in your check — and that is the base upon which future cost-of-living increases will be paid.  So unless you have a very short life expectancy for health or hereditary reasons,  and if you can afford to wait to take that check, that might be the best course.  I note that you are still working, and presumably earning enough to cover your living expenses.  You’re talking about “investing” the money you receive — and I know few places where you can get a safe 7 percent annual return on your money these days!

Seriously, consider just one — free– meeting with a fee-only financial planner (www.NAPFA.org) — just to get a good perspective on your future income needs — AND to cover issues like estate planning and long-term care insurance


Have a Question?

Ask yours!