Social Security Report

Q & A

Social Security: To Draw or Not to Draw? That Is the Question

General Discussion: I have just turned 66. All my friends, family, colloquies, and people in line at Walmart tell me I should apply for benefits since now I can draw “Full” benefits and keep working, which is the boomer generations equivalent of having a Winnebago and being a Snowbird.

First a word about “Full” benefits. Every once in a while, on a seemingly random basis, I receive a statement from the Social Security Commissar that tells me what’s supposedly my hypothetical Social Security Account. When my turn in the barrel rolls around and I am lucky enough to win a report I notice that it always tells me if I am disabled I will receive X-1; if I claim benefits at 62 I receive X; if I wait and claim benefits at 66 I receive X+1; and if I wait until I am 70 I receive X+2. So how does 66 equate to full benefits? Read more…

Source: Robert R. Owens, via The Patriot Post

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