Social Security – is 70 still right?
I’m 65, retired and living on a DB pension (yay!). I’ve been supplementing my income by making modest withdrawals from my 401k. My intent was to do this until I’m 70, then apply for SS.
Given that my equities are tanking, I don’t want to sell these off any more. Should I take my regular SS at 66 and leave my equities alone until they rebound? Any harm in applying at 66 and reviewing the decision before the one year runs out? If I bought back in then, the hope would be we’ve seen a rebound.
Thanks for your guidance!
Terry Says
This is just a pure speculation on the value of your 401k plan. BUT it is a sure thing that you will increase your SS benefit by 8% a year for every year you wait.
I kept asking people to have some liquidity in their retirement accounts so they wouldn’t be forced to sell. I still think it’s worth waiting for those higher SS benefits.
