Ask Terry Questions Social Security -when best to collect

Social Security -when best to collect

By Terry Savage on May 15, 2019 | Financial Planning / Retirement

Hi Terry & team! Husband is soon to collect Soc. Security at 70 y.o. He is retired the past 5 yrs., does have some 401K funds that have been managed by our Financial person (as do I-lesser amount). I can collect at 66 & 2 mos. (full retirement age) in TWO years. I am still working. Should I wait until I’m 70 y.o. also to collect Soc. Security benefits?

Terry Says

Hi, right back.  But I’m a “one-man-band” — no team here! Congratulations on making it this far without collecting Social Security.  I assume you both signed up for Medicare Part A at age 65, but that you still have coverage for yourself (and your spouse?) under your employment.

Bottom line is that if you can hold off until age 70 to take SS, you’ll be better off in the long run — especially if inflation returns.  You’ll have a higher base on which COLAs will apply. The only reason to delay would be if you have a life-shortening health issue.

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