social security –now or wait?
my wife and i are both 62, planning on retiring at 64. Should we both wait for our full retirement benefit of 66 and 11 months for social security or should 1 of us collect now. We do not need the social security money now and can wait for the full benefit
Terry Says
You should EACH wait for your full retirement benefit. Glad to hear you do not need the money right now! Every year you wait adds roughly 8% to your base benefit, and that is the base upon which future cost of living increases will be paid. In fact, you might want to wait until age 70 if you can afford it and get a few more years of base benefit increases!
