Ask Terry Questions SS benefits

SS benefits

By Terry Savage on May 21, 2019 | Financial Planning / Retirement

If I take ss benefits at 66 vs waiting until 70, I won’t be ” throwing out” around $ 136,000. Put another way, I will be 82-83 when the over /under occurs,ie I’ll start collecting $8,000/year less at that point.
With that in mind, and the worry about SS solvency, or receiving less than expected in 2035, might you reconsider your advise?

Terry Says

Nope. And I’ve thought about this VERY carefully.   First, go to and check your own, personal life expectancy.   If you are currently healthy, you might be surprised at how long you could live!  (If you’re not in good health, then by all means go ahead and take your SS benefits when you reach full retirement age.)

The most critical point here is not how long you’ll live, though.  It’s what could happen to inflation in the next decade.  SS benefits get a COLA –cost of living increase.  And the higher your base when you start collecting, the bigger he impact of the adjustment!  I know that everyone –including the Fed — has been lulled by the fact that so far we have no inflation.  But if the government starts “printing” dollars to help pay its mounting bills, that would devalue the dollar– and your Social Security benefits.

I know it’s tough to bet on your longevity — but I hope we are both around when you decide that waiting was a better deal in the long run!

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