Social Security
Hi Terry
My concern is the current administration “destroying” Social Security. I am 66 and was considering taking my benefits this April . I’m currently collecting unemployment due loosing my job in December.
I am still looking for a new job but it has been challenging due to my age. I used to own a floral business but now humbled working for an hourly wage / low annual salary. My monthly expenses are approximately $6K
I’m living off money gifted by mom
My financial advisor has encouraged me to
wait til the age of 70 to get approx $3800 vs taking it in April to get approx $3000
As I shared earlier that I fear the current administration but others say that they can’t take it away. Then again who thought the majority of the country would elect a felon. Please share your advice take it now or wait. Thank You very much
Respectfully ~
Terry Says
I always advocate waiting until 70 — unless it causes a harship. REad this:
https://www.terrysavage.com/when-to-take-social-security/
But in your case I will make an exception, since I think it is causing you an emotional hardship to be dependent on your mother — not to mention what it must be doing to HER finances! And the stress will also make it hard to get a job.
So wait until your FULL RETIREMENT AGE, later this year, and you have my permission to collect. But not until FRA.
