I retired 20 months ago at age 63. My full retirement age is 66. I have not applied for Social Security benefits. My spouse is 10 years younger and still works. We live on her income and my non-retirement savings.
In a recent column you referenced that delaying Social Security would significantly increase benefits. Since I would not be working I will have no additional Social Security wages and my highest 35 years of earnings will not change. Other than the impact of annual cost of living increases would the my Social Security benefit change? Does your advice to wait apply to someone like myself who is retired with no plans to work?
Terry Says: Yes, it does! You should wait at least until age 66 to apply — even if you are no longer building working credits. That 8 percent increase in your base payment each month is far better than you are likely to get by leaving your savings in safe investments! And, it will be a higher base on which future cost of living adjustments will be made when inflation returns (and it will!).