Taking SS early — a reader gets idiotic advice from a young person!!!
Terry, I have a relative, a young person in their 20s, who is currently a trainee with Edward Jones. He is hoping to become a financial advisor. We had the following discussion: I am 57 y/o, my income is from rental properties I own free and clear. I do not need or want to take early SS At 62. He is advising me to take SS at the earliest I can because of the reduction in SS premiums that are almost guaranteed? He says taking the earliest payout might get me higher premiums ? Can you give me your thoughts on this matter, please? I do not need or want the Social Security income at this point in my life. My original plan was to take Social Security at the last and latest age to maximize the Social Security payment. Thank you for your advice Terry!
Terry Says
Your young relative should think twice before starting a career as a financial advisor! And he should STOP GIVING ADVICE when he has no idea what he is talking about!!!
Taking SS early when you don’t need it is the stupidest move you could make.
I’ve written about this many times, so I won’t go into details.
Just read this column:
https://www.terrysavage.com/waiting-to-take-social-security/
