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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2983
Experience:  associate attorney
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I will be 66 in June 2016. I currently work and earn $180k

Customer Question

I will be 66 in June 2016. I currently work and earn $180k per year. I could work until I'm 70 if I stay healthy. I just don't know if I should collect and invest the $ or wait until 70. My benefits at 66 are $2600 per month. My benefits at 70 are $3500 per month.
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. I answer this question a lot and it is a fairly difficult one to answer. I normally make recommendations based on need, health, family health history and life expectancy. The average break even point between taking at 66 compared to age 70 normally comes out to between 84-87. So it is up to you regarding whether you think you will live past that point. If you think you can take the money now and invest it with a decent return then that break even point will occur even sooner. Sophisticated persons normally do better with the money in their hands as they can multiply the money at a higher rate than the increases you will receive. If you think you can beat an 8% return per year from ages 66-70, then the money would probably be best in your hands and you taking retirement at age 66. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq. replied 1 year ago.
Just checking back in, do you have any further questions?