Taking social security before age 70 Terry says: No fool like an old fool!
I’m soon to be 68 years old. I want to wait until 70 to get the larger social security check of $3544. My 77 year old husband says take now @ $3,033. We really don’t need it now. He took his social security at 62 & we both took lump some pensions from our former employers. Our pension pot & my IRA’s are worth 1.4 million. We still owe $140,000 on our home that is worth $500,000. We purchased a home in Fl that is paid in full. My husband thinks if I wait the government will say I don’t need it. As he is concerned over changes coming in the future to social security. How do I determine when I should take my social security?
Terry Says
That’s ridiculous. Wait until age 70. You’ll get an additional 8% on your base benefit for every year you wait. And that higher base will be the base on which future inflation adjustments are made.
He is the fool who cost himself a small fortune by taking his SS at age 62! You can tell him I told you so!
