Timing of social security
Hi Terry: I’m 66 years & 8mos. old and just reached full retirement age. I was planning on waiting until 70 to receive max benefits but concerned that future benefits may reduced due to insolvency. If I start taking lower benefits now might I “grandfathered” and have potentially higher benefits than if I wait until 70 and received potentially a 30% reduction? Your thoughts. Best regards,
Terry Says
If you can afford to wait to take benefits, you should! It will give you roughly 8% increase in base benefit per year, for every year you wait. And that higher base will be the basis for future cost of living adjustments. They are NOT going to default on Social Security!
