Withdraw social security now or wait..
I’m 63. Do I withdrawal social security now or wait until 67 or even 70! The problem is I have nothing in retirement saved. I have a good income. I plan to keep working until I’m 70. Do I collect social security now and invest it? If so, where? Or do I just wait? I live well far above my means.
Terry Says
NO — do NOT collect SS early! If you’re working and collecting before full retirement age, you’re penalized. And even after your full retirement age — nearly 67 –you should delay as long as possible. That delay increases your check by roughly 8% a year –and you can’t get that kind of guaranteed return in the markets. And that is the base upon which future inflation adjustments will be made, so you want the base to be as high as possible.
Stop living “well above” your means — OR get a second job. Don’t take SS till at least full retirement age, or even later if you can hold off.
