Retirement strategy & social security
I am a 67 yr old divorced female employed full time with medical benefits
Retirement goal is about 70 yrs old
I have a 401 K worth 150,000
A pension worth about 110,00
Clearly I am underinvested due to difficult circumstances
Should I take my social security now and invest it into my 401 k or open a CD for the next couple of years or wait to take it @ 70 years old when my monthly payout will be higher.
I do not own a home ( renting an apt now)
Would like to save towards a small down payment to buy a condo in about a year .
I have 16,000 credit card debt and only small savings
Thank you , Terry
Terry Says
Let me give you a general rule: WAIT TO TAKE YOUR SOCIAL SECURITY!
If you can wait, please do so. Read this: https://www.terrysavage.com/when-to-take-social-security/
And you could definitely benefit from a meeting with a fee-only FIDUCIARY financial planner.
Read this.
