Ask Terry Questions When to take Social Security?

When to take Social Security?

By Terry Savage on July 26, 2013 | Financial Planning / Retirement

I am approaching age of 61, works part-time now (going back to work full time has not been successful) and retired recently at 30 years service with AT&T so am getting monthly pension. I am wondering if I should take social security early next year at 62. My wife is 57 and works full time as Nurse with her goal to work till 66 when she retires with full social security. Right now, we have 13 years left on mortgage in which she is paying the mortgage bi-weekly, while to make it somewhat fair for her, I am paying the utilities, auto insurance, and all our portion (I share Wisc. summer home expenses we inherited from our parents with sister) and contribute to helping our 2 boys pay off their student loans. My wife wants me to take social security at 62 and use half of my monthly SS to then pay extra principal on mtge so the mortgage would then be paid off in its entirety by the time she retires in 9 years at age 66. I would also end my taking out 4% of my 401K which I had been doing since I turned 59 1/2 a year ago when my SS should begin. Should I or shouldn’t I listen to my wife and start SS next year? My SS at 62 would be $1380; at 66 $1830; and 70 would be $2410.

SAVAGE SAYS: I don’t want to start a family fight — but DONT TAKE SS EARLY IF YOU CAN HELP IT! There’s an increase of approximately 8% a year for every year you wait! And you can’t get that in a CD!!? There’s a wonderful calculator at — It explains all the tradeoffs — and you can use it to determine the best scenario for your situation. Here’s the link:?

If you go through this together you’ll avoid a huge fight!!

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