Do you know many people lose thousands, tens of thousands even hundreds of thousands in lost benefits by taking their benefit incorrectly? You have the choice to start collecting Social Security anytime between the ages of 62 and 70? The burning question is one age better than the others? In short, the answer depends on your individual circumstances.
A recent article put forth three opinions. But there are so many different options gurus with differing opinions. Some say wait other say the best age is age 70. Who should you listen to? Why should you listen to them?
Personally, I like what Professor Kotlikoff is telling people. Yes, he is an academic, but he also is not just someone trying to sell you a plan. His website is here and his book you can get at Amazon.
If you are going to arrive at the best solution for you, you are going to have to do some homework. Kotlifoff’s book is the best place to start.
Questions to consider:
1) If I live a long time in retirement how does that affect my total payments from Social Security?
2) What income will I have, if any, in retirement that will not be reported to tax in regard to Social Security calculations?
3) Could I have a bunch of income in retirement and it still not cause my Social Security check to be diminished?
4) What is the best path for me to take with my Social Security that may be able to help my children and grandchildren?