Social Security
Hi Terry. Thank you for taking my question. I am 70 and retired this past July. I took my Social Security when I was 65. My wife is 65 and still working. We only have about 70,000 in our 401(k) total and that’s the extent of our savings. My wife plans to work until she’s 70 and was considering taking her Social Security now. She just turned 65 in December. When we do the math, assuming living to the age of 90 years old, it appears that it makes sense to take it earlier rather than waiting until Current calculations show that she would get about 1500 a month if she starts taking it now and about 1800 a month if she waits until she’s at FRA which is when she is 66 years and 10 months.
We can use the income now.
What do you suggest?
Terry Says
You’ve already made one HUGE mistake — taking SS early, and denying yourself a huge increase in monthly benefits had you waited until age 70.
Now stop the guess work and the “averaging” and get the sophisticated correct answer to your wife’s decision for $49 at www.MaximizeMySocialSecurity.com.
