When to file for Social Security
Terry, we met once in a medical office years ago when you were accompanying your mother! That being said, I am 69 and a TRS annuitant after 33 years in public schools, receiving less than $300/mo from Social Security due to Windfall Profits legislation, which I get. My wife, however, is 67 and has paid plenty of FICA tax throughout her corporate career. Our tax accountant advises her to file ASAP, given life expectancies and total SS payout. However, our investment account–by nature more conservative; he’s her brother!–urges her to wait until age 70. What do you say?
Terry Says
In general, it would be much better for her to wait until 70– if she can afford to do so. That adds 8% a year to her base pay, upon which future COLAs will land. And forget life expectancies. If she lives much longer than expected, she’ll be extra glad to get a bigger check in those later years!!
