social security
I am 68 and currently not working. I drive Uber for a little extra income. I am not collecting social security yet. I listen to you on WGN all the time and you suggest waiting until a person is 70, so social; security is maxed. When I run the numbers, it appears the break even age is about 85. I am in good health. My friends are all taking social security. Over the next two years I will “lose” – not receive- about $96,000 in social security income by not collecting now. My question is simple- should I begin collecting social security now versus waiting until I am 70? Usually you say wait. It feels like I am giving up a good income for a few more dollars after I am 85. Am I missing something? Time Value $ makes it feel like it is time to collect. I appreciate your feedback.
Terry Says
“Breakeven” depends on how long you live. YOu get an additional 8% on your base check for every year you wait until age 70. And that is the base on which future COLA increases will be placed.
Read this– and you decide. https://www.terrysavage.com/when-to-take-social-security/
