Ask Terry Questions Social Security retirement strategy

Social Security retirement strategy

By Terry Savage on March 23, 2021 | Financial Planning / Retirement

Retiree is entitled to SocSec of $2300/mo. at age 62, or $3300/mo at age 66 and 10 mo. Retiree would start being $1000/mo ahead at approx age 78. By then, retiree will have inherited substantial monies and will not need the extra $1000/mo. Should retiree start drawing SocSec at age 62?

Terry Says

NEVER, never!!! Never take SS early, before full retirement age! It’s a huge drop in benefits — and that’s the base on which future inflation adjustments will be made. Wait til atleast Full Retirement Age or age 79!

money

ASK TERRY

a personal
finance question