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Taking Social Security at age 66 versus 70
Writing in Forbes Magazine, Laurence Kotlikoff, professor of Economics at Boston University refutes a recent MarketWatch article advocating one should take Social Security benefits at age 66 rather than age 70, given Social Security’s financial problems. Kotlikoff acknowledges Social Security’s long term financing issues, but he rejects that being a reason to shortchange oneself tens of thousands of dollars (assuming one lives to normal life expectancy), even if an across the board cut of over 20 percent occurred in 2034. He also noted that such a cut would be politically unlikely, as Congress would not allow current and near current beneficiaries to sustain such a reduction. It is true that Social Security will only be able to pay about 79% of promised benefits starting in 2034, absent any reform by Congress before then, as surpluses that are sustaining the program will be exhausted in that year. Read the full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.