I read an informative MarketWatch article by Mark Hulbert regarding what age you may want to start taking Social Security and I thought I’d share it.
Some excerpts:
Most financial planners recommend that if you can afford to do so, you should wait until age 70 to begin receiving your Social Security benefits. Your monthly payment in such an event will be 32% higher than if you begin receiving benefits at age 66. As long as you live to your early 80's, those higher monthly payments should make up for the foregone income over the four years from age 66 to 70.1
A couple of reasons on why that conventional strategy could be wrong:
For the first reason, click this web link to read this related article:
When it’s best to claim Social Security before age 70
An additional reason traces to Social Security’s uncertain fate at the hands of our elected officials. If you take at face value some of the proposals being given serious consideration in Congress and in President Trump’s administration that reduce future Social Security benefits, then the financial planners could be giving the wrong advice to wait until age 70.1
For more information, click on web link below to read the entire article:
1. Source: MarketWatch online article by Mark Hulbert
https://www.marketwatch.com/story/why-it-might-be-better-to-take-social-security-at-age-66-instead-of-70-2018-02-02
Disclaimer: I am not a financial advisor or social security advisor. I am insurance licensed only, thus regarding social security advice always be sure to check with your financial advisor or social security advisor first for your individual situation before making any decisions.
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