Ask Terry Questions Timing of taking Social Security

Timing of taking Social Security

By Terry Savage on December 11, 2023 | Financial Planning / Retirement

Do programs like ‘Maximize My Social Security’ take into account the present value of money. A dollar taken today is much more valuable than one taken in 5 or 7 or 10 years. If investments return more than 8%, wouldn’t it make sense to take Social Security sooner than later?

Terry Says

There is no guarantee your investments will return 85 in 5-10 years. In fact, it’s unlikely. Delaying Social Security adds about 8% per year to your base benefit. And of course, your initial principal amount is increased by the COLA adjustment every year!
If you can afford to wait until age 70, please do so!!
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