Social Security — now or wait?
Terry, Our Financial adviser has requested my wife to take hers and file for social security, she is 63 years old. By take hers at this time, will it have any effect on mine social security when I take it at age 70. I am now 68. Please advise. Thank you,
Terry Says
Updated and Corrected to reflect that the widow gets her deceased husband’s full benefit if it is higher than her own.]
It won’t affect yours — but it is a dumb move, if you can afford for her to wait! It will permanently reduce her benefits. And if you die, she will get only her lower benefit, unless your SS is larger.
Please tell this advisor that you would like to withdraw some of your retirement money to live on if necessary while she waits four years –and pay taxes on the money withdrawn — so she can wait at least until Full Retirement Age to get her benefits. And this will be her higher base amount on which future inflation adjustments are made.
YES, this will eat into the amount of your assets — ON WHICH YOU ARE LIKELY BEING CHARGED A FEE THAT GOES TO THE SALESMAN!!!!
That’s his tough luck.
Find a new advisor, is my best advice. Check out www.Wealthramp.com.
