- How It Works
- ServicesServicesOverviewChoose the right level of support for your plan and needsExpert ReviewA comprehensive review of inputs and reports to get you on the right pathFiling AssistanceLet our experts deal with Social Security for youClawback AssistanceFor those who need help fighting a Social Security benefit clawback
.png)
- Why Choose Us
- ResourcesResourcesBooksFrom the world-renowned economist behind Maximize My Social SecurityWebinars & PodcastsExpert tips and guides to help you get the maximum from Maximize My Social SecurtyArticlesIn-depth commentary on Social Security from our founderAsk LarryThousands of questions answered by our Social Security expertsBlogSocial Security insights to help you maximize your lifetime benefitsFAQYour most pressing questions answered
- Pricing
Ask Larry
Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Should I Wait Until Age 70 To File For Benefits, Or Continue To Contribute To My 403b Plan?
Which would be financially better? Work till age 70 then collect social security or start collecting at 66.5 (FRA) and continue to put at least 5% of my salary which my employer matches into a my 403b? I may also cut back to part time at 66.5. Currently, 5% equals approximately $4400/year. Thank you. Sincerely, Sue
Hi Sue,
Ideally, those shouldn't be mutually exclusive options. The best option may well be to do both, that is continue to work and contribute to your 403b plan, and wait until age 70 to start drawing your Social Security retirement benefits. If your full retirement age (FRA) is 66 & 1/2, your retirement benefit rate would be 28% higher at age 70 than it would be if you started drawing at FRA, and that higher rate would continue for as long as you live.
You may want to strongly consider running the maximization software available on this website. That way you can explore all of your filing options in order to be sure that you choose the best strategy.
Best, Jerry
Category:
Posted:
February 19, 2017