Social security
I read in the “Voice of the People” section of the Chicago Tribune today a letter from the founder of Social Security Claiming Experts that brought up the issue of race when issuing the “wait until 70 to collect” advice. He says Black Chicagoans have a life expectancy of 73.3 years while white Chicagoans have a life expectancy of 82.7 years so the general “wait to collect” advice may not apply to black people. I am white and have enough income and investment to wait but I wonder if many people who listen to you on WGN have that same advantage.
Terry Says
Wow, what an interesting perspective. I had never thought of that.
First, read this from the census bureau:
SEPT. 22, 2025 — In 2020, centenarians (people who have reached the age of 100) accounted for just 2 out of 10,000 people, according to the “Centenarians: 2020” special report released by the U.S. Census Bureau today.
Though a small proportion of the total population, the centenarian population in the United States increased by 50% from 53,364 in 2010 to 80,139 in 2020. This percentage increase was also faster than the growth of other age groups among older adults since 2010.. . . .
. . . .Black or African American alone centenarians were an exception to the general pattern. The percentage of centenarians who were Black or African American alone declined from 12.2% in 2010 to 10.3% in 2020.”
Generally speaking, we are all living longer. And the longer you live, the greater the chance you will run out of savings and only have Social Security. So getting the largest base check should be an especial priority for those who have little in the way of savings, or the greatest prospects for longevity –either through family genes or just plain “luck.”
That comment doesn’t change my advice that you should wait until at least full retirement age, or age 70 if possible, before claiming. No matter what your race, you may turn out to be way ABOVE AVERAGE in life expectancy. Why bet against yourself?
