I wrote a recent column in which I pointed out that waiting until 70 to start your Social Security, which is the mantra of almost everyone who is trying to “maximize” their retirement benefit, is not always the smartest move.
But still many people insist on waiting until that alleged magic age to draw their first Social Security check. Today’s questions come from these folks.
People are also reading… A: If you want your benefits to start at age 70, then you will indicate September as your starting month for Social Security benefits. It’s as simple as that. But if through some kind of fluke, they accidentally use August as your starting month — well, it’s really no big deal and nothing to lose any sleep over you would not get the age 69 benefit rate. You would get the benefit rate payable to people who started their Social Security at age 69 and 11 months.
A: As I always point out in this column, I am not a financial planner. I’m just an old, retired Social Security guy. So, all I can really do is explain Social Security rules to you. And the best way I can do that is by having you read the chapter about when to take your benefits in my little Social Security guidebook called “Social Security: Simple and Smart” that you can get at Amazon and other booksellers.
A: I hear from financial planners all the time about this issue. And I can tell you that for every one who writes to tell me that I should always advise my readers to wait until age 70 to file for benefits, another financial adviser tells me that there is more research that shows the best course of action is to take benefits at full retirement age. So, there really is no clear consensus on this topic.
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