Social Security
Hi Terry,
I am a nurse working full time at the age of 68.5 and have not started to collect my SS benefits bc I was hoping to start collecting once it has reached a certain amt.
I am worried about SS being gone bc of all of the uncertainty within our government by the time I decide to start collecting. My financial advisor does not feel that SS will be eliminated by the Trump administration and I am not sharing her confidence.
Should I stay the course?
I was planning on doing a 6 month roll back in August of this year to put towards the principle of my mortgage and then paying my home off by 5/2026.
I am single and have a 80% 401k success rating.
Soooo worried and would appreciate your thoughts.
Thank you,
Mary Kay
Terry Says
Well, I definitely agree that you should not take SS until your full retirement age. You are SO close! So wait until the month before your birthday to apply and have them start the month after you reach FRA.
I don’t know what you mean by a roll-back — but if you’re referring to getting a lump sum from SS for the past 6 months — before FRA — DON’T DO THAT! Larry Kotlikoff refers to that as a major SS scam!
Glad you’re doing so well with your 40l(k) — maybe move some to the most conservative options inside the plan. You can’t roll it over until you retire. At that point, you can move to a rolloer IRA at Fidelityor Vanguard and make much more conservative investment decisions.
