Wondering When to Take Social Security? [View all]
I am a strong advocate for working longer and waiting until you are 70-plus to begin collecting your Social Security. In most cases the primary reason to wait to collect your benefits is the receiving of a higher annual income that will better support your living expenses on your retirement journey.
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On taking Social Security earlier than age 70, the argument I sometimes hear is: “I want my money now, I could die tomorrow. I don't want to wait.”
OK. But, consider this, you may not die soon. Increased longevity is a major issue for boomers. Medical science and our knowledge of living healthier lifestyles through exercise and diet are contributing to the increase in our life spans. You just might be one of the many that will be very much alive for the next 30-plus years. If you are, then you will most likely be needing and wanting as much annual income as possible. For many people Social Security will contribute a substantial portion of their on-going income requirement.
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Note: If you do choose to wait be sure to remember that you MUST sign up for Medicare at 65. Medicare sign-up is one of the most important issues that need to be addressed by those delaying Social Security until age 70.
Full article:
http://finance.yahoo.com/news/wondering-when-to-take-social-security--145428605.html
Social Security Quick Calculator:
http://www.ssa.gov/OACT/quickcalc/index.html
Have any DUers waited until age 70 (or 68, 69) to start taking SS benefits? Are you planning on waiting?