Ask Terry Questions Social Security

Social Security

By Terry Savage on September 07, 2019 | Financial Planning / Retirement

Terry – recently on the WGN Morning News you made it sound like taking social security at 62 was a stupid financial decision. THAT IS REALLY NOT TRUE. If I wait until 67 I will miss out on $130K (Which will be my annual benefit over 5 years). Factoring in the additional payout for waiting until 67 it would take me 12 years to just BREAK EVEN on the $130K I lost out if I wait the additional 5 years. PLUS I will be close to 80 years old. You are NOT factoring in lost opportunity costs and the value of having the money when one is generally young enough to enjoy it. Overall the advice you gave is specious. It sounds correct/sound but it is not.



Terry Says

I gave you the financial facts, not the emotional ones.  Please read my latest column for the financial details.  I assume you already took SS.  I absolutely know for sure I can’t win this argument with you from a financial point of view– because I tried so hard with my own brother — and lost!

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