When to begin Social Security
My husband retired in 2021 and I have been the higher earning spouse. My full retirement age is November of 2023 however I know that if I defer until 70 my amount is about $900 a month more than if I take at FRA. If I defer Social Security benefits until age 70 I will probably have to take about $25,000 a year out of investments between FRA and the age of 70. How can you figure out what is the best thing to do between deferring Social Security and withdrawing from investments or starting Social Security at FRA?
There are so many variables and it is extremely confusing.
Thank you for your insight,
Terry Says
You should definitely defer your SS until age 70 – because you get an 85 increase in your check for every year you wait after your FRA. AND, you get the benefit of cost-of-living increases along the way as well (COLA).
But if you really want to know the exact benefit difference go to www.MaximizeMySocialSecurity.com and spend the $40 to use the software. It will tell you what I just said– but you’ll have the specifics!
