When to take Social Security given problems
Hi Terry,
I am 68. My wife is 64. We are both retired teachers presently living off our 401K from teaching at a private school. We continue to have the conversation about when to take our Social Security. Our present decision has been for me to take it at 70 and for her to take it at her FRA. I took your advice and purchased the “Maximize My Social Security.” This seemed to confirm this decision. Now, however, the recent news about the future of SS is making us (mainly her) re-think whether we should take our money and “run.” This WSJ article started the conversation anew:
https://www.wsj.com/articles/the-biden-trump-plan-to-cut-social-security-mccarthy-debt-ceiling-payroll-tax-automatic-trust-fund-6a6c7586
My premise has been, “There is no way that Congress would change the rules for us at this age.” However, her reply is, “You cannot know this,” which, of course, is true.
She thinks that maybe those who have already started taking their SS will be less apt to have a cut in benefits, rather than those who have not yet started. If she is correct, we should all file now.
I want to scream about how uncertain this really is.
What are your thoughts?
Terry Says
SS will have to change. BUT, it will likely not impact you unless the idiots in Washington refuse to do something about the funding problem. Please read this most recent column: https://www.terrysavage.com/social-security-going-broke/
I’m betting they will do something about it in the next few years, so it is unlikely your benefits will be affected. I still think you should stick with the analysis and follow your original program to take yours at age 70. Then, no matter what happens, if she survives you, she will have a larger benefit.
