Q & A

When’s the best time to start drawing Social Security?

Full question: After 29 years, we sold our business last November to relatives for all cash, plus we got a 10-year note that pays us $2,100 each month. Now we’ve retired. I will be 62 this April, and my wife will be 62 this June. We plan to close our condo door and take our 4-year-old motor home across the country to visit family in Missouri and old friends in California and New Mexico. Our big question is when to take our Social Security income checks. Should we take our checks now and get about $1,700 a month, or should we wait until we’re 66, when we’d both get about $2,300 a month?

Answer: Sometimes relatives are the worst people with whom to do business. It’s good to have all cash, and I hope the 10-year note turns into cash, too. A couple of times a year, I get a letter from a reader who wishes he could turn back the clock. Therefore, I will take that into consideration. Read more…

Source: MALCOLM BERKO, NewsOK.com – February 2, 2014

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