Ask Terry Questions social security

social security

By Terry Savage on October 25, 2023 | Financial Planning / Retirement

I am receiving a fairly generous pension and have a large sum of money in a deferred comp. fund. My wife receives a pension also. We both will be subject to a WEP when we collect social security. I am 65 and my wife is 63. I will receive a greater Social security check. My question is whether my wife should collect her social security now, because we are in a position where we could invest that money. I plan on waiting to max out my social security payment.

Terry Says

This is such a complicated planning issue that I am going to send you directly to the ONLY software that can accommodate this (especially with the WEP — windfall elimination provision). Economist Larry Kotlikoff, who wrote the book on this type of thing. He has two websites with calculators. In your case, I’m going to suggest you go to MaxFiPlanner It can give you the analysis that takes all factors into account and will give you the optimal approach.



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