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When claiming Social Security at age 66 makes sense
Most experts decry taking Social Security benefits at age 62, the earliest and most common age most begin them, because the monthly checks are reduced by 25-30% over starting them at full retirement age, now 67 for most. Waiting until age 70 guarantees the maximum. But, Mark Hulbert of MarketWatch notes the conventional wisdom to wait until age 70 isn’t always right. He likes 66. “According to a study of the optimal age at which to claim Social Security, the threshold for claiming at age 66 instead of age 70 is whether your investments will beat inflation by an annualized average of 2% during your retirement.” 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.
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Missing here is tax implications and the surety of SS benefits. SS benefits are discounted 50% and even with four other sources of income for the first time in many decades I paid zero to the IRS. I took an easy job to avoid taking SS before 70, and might keep at it until I’m well into my 70’s. Seeing my expected benefit grow from $1750. (at 62) to nearly $4K does my heart good. Not worried about “breaking even”, I don’t want to be old and broke.