Ask Terry Questions When to take social security benefits

When to take social security benefits

By Terry Savage on July 14, 2021 |

I recently read your article on when to take SS benefits
It seems pretty vague to me and didn’t get into detail enough for a lot of people
I myself retired at 60 with a million dollars in my 401 K after working for 42 years
My investment manager told me to take SS at 62 and I’ve been very happy with the results
I’m making more on my investment money by not taking out as much, than the the money sitting in SS
Your thoughts?

Terry Says

You have a great investment manager! Glad to hear you’re earning more than 8% a year. Of course, the more money you have with the manager, the larger his/her fees! Oh, and you’ve been the beneficiary of an amazing bull market!
BUT, people retiring today may not be so fortunate in their investments. More than 2/3 of Americans rely on SS for at least half of their living expenses. For them, it makes sense to maximize the base payment to get the most cost-of-living adjustment in the future.

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