Social security early?
I am 63, retired and have a $247,000 401k. I talked to some fiduciaries and they said it would be best for me not to wait until I’m 70 to get social security. I only have 4 months of savings to live off of. Should I invest in an annuity and collect social security soon or wait to collect social security?
Terry Says
I don’t think you talked to “fiduciaries”!
Since I don’t know your entire situation, I can’t really give specific advice.
But, in general, here’s what I would do.
First, roll your 40lK account directly into an IRA Rollver account at Fidelity or Vanguard.
Read this for instructions (you don’t need help from your “fiduciaries”!)
Click on this link: Rollover Now!
When it gets to Fidelity or Vanguard, just tell them to put it all in the government money market fund. It will earn interest and have no risk.
Then use a bit of this money every year to live on.
DO NOT TAKE SOCIAL SECURITY UNTIL YOUR FULL RETIREMENT AGE — 67!! That way you’ll get your full benefit with no reductions.
Do not buy any annuities and do not listen to anyone who suggests you do so!
Meanwhile, what are you doing about health insurance? You may not qualify for Medicaid, because your 40lk will be counted as an asset. So you should get your healthcare — until you are 65 and qualify for Medicare — by going to https://www.healthcare.gov/
