Ask Terry Questions Social Security — should I wait?

Social Security — should I wait?

By Terry Savage on November 23, 2019 | Financial Planning / Retirement

Even Tho I am still working Full time, Social Security said that I am eligible for Benefits. I can’t get the Medicare Insurance, because I have insurance through work. Should I take the back pay & the monthly income or maximize the amount at age 70 ?? (I am 68).

Terry Says

Good for you! Waiting produces an almost 8 percent increase in benefits every year, until you reach age 70! That’s a very good deal –and better than you can get putting money in a bank. So if you can afford it, stick it out till age 70. BE sure to sign up for both Social Security and Medicare in ADVANCE of your 70th birthday but to start at age 70. AND be sure to sign up for your Medicare supplement policy at the same time. If you sign up within 6 months of becoming eligible for Medicare, you can not be denied for the best supplement, regardless of health issues.

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