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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.
When Should I Start Taking Benefits?
1)Single 60 year old male.
2) Never married.
3)Parents dead.
4)No dependents in the past nor likely in the future.
5) Estimated monthly social security payment at 66 $1718.
6) Estimated monthly social security payment at 62 $1232.
7) Currently receive a $637 monthly payment for life with no adjustments for inflation.
8) Have not worked a full-time job nor much part time work since age of 48(2004).
9) $500,000 in savings with 80% in tax deferred accounts.
10) Estimated age of death 95.
Is the best plan to take a monthly check at full retirement age of 66+?
Hi,
If you live until age 95, you'll receive much more in total Social Security benefits by waiting until age 70 to file. Your monthly benefit will be close to 30% higher at that time than if you file at full retirement age.
Best, Jerry
Category:
Posted:
June 22, 2016