Social security — should I wait?
Hi Terry- I enjoy your segments on WGN radio in Chicago and my question is about the pros and cons of taking social security while I am still employed full time.
My wife is a retired school teacher and I am in sales for an exhibit design firm. I am 68 plus 5 months and a friend recently suggested to take SS because I am missing out on the additional income that we could either be enjoying or investing receiving a greater return on it.
My goal is to work until I’m 70 and as well you know there are no guarantees in life.
What would Terry do?
Thank you in advance.
Terry Says
I would DEFINITELY, ABSOLUTELY wait until age 70! You get an 85 a year boost in your base check by waiting every additional year til age 70, when you MUST take it. That’s a higher base for future inflation adjustments.
Ask your friend if he can guarantee an 8% annual return on any other investment! Sure, the market might go up — but it might also go down! WAIT!
