Social Security
Terry,
My wife and I are both currently working and have been contributing to Social security for over 40 years . I will turn 62 next year with a modest pension, and she is 2 years younger. We are both planning to retire next summer when I become eligible to receive my social security benefits . We have around $1 mil. In 401k . Do you have any advice for us in regards to filing for social security separately or what might you recommend ?
Terry Says
My first advice is simple: DO NOT FILE FOR SOCIAL SECURITY UNTIL YOUR FULL RETIREMENT AGE — 67!
You should spend some of your savings in the years until then, presuming you must retire early.
You’ll lose 85 of your benefit amount each year you file early — and you’ll want the largest base check on which future inflation adjustments will be made.
Please read this: https://www.terrysavage.com/waiting-to-take-social-security/
And if you don’t believe me, perhaps one session with a fee-only FIDUCIARY financial advisor (who is not trying to sell you anything) would be helpful. Find someone you can trust to go over your retirement income strategy by watching the video here.
You’re about to make a costly lifetime mistake if you ignore my advice!
