Social Security


As I get older and money gets tighter, the big question for people like me is when is the best time to start taking social security?

Steve is older than I am and has the higher primary insurance amount. His benefits based on his earnings record will last until both of us die. If he lives into his late 80s (His dad is 95) and I make it into my 80s, all of the advice points to delaying Social Security benefits for him until he turns 70 and taking spousal benefits for me beginning at age 67.

The numbers: Assume Steve’s primary insurance amount is $2,400, his full retirement age is 66 and he lives to be 92 and I live to be 89. Our cumulative lifetime benefits based on Steve’s earnings would be $836,352 if he delays benefits until 70 but only $648,000 if he begins his benefits at age 62. The difference: $188,352!

Do the math. It will shock you.

One Thought

  1. phyllis says:

    don’t wait. At least not longer than age 65. U can use the money in the interim and make a profit on it if you want; A bird in the hand is better than one in the bush

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