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Should I start taking my scial security now at age 66 or…

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Should I start taking...

Should I start taking my scial security now at age 66 or wait until I'm 70? I'm still self employed.

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I'm still working full time. Is it better to start taking my social security benefits now or wait until I'm 70? I'll get 2214/month now and 3000/month at 70.

Submitted: 9 months ago.Category: Social Security
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Answered in 10 minutes by:
9/19/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 9 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,393
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

...

If cash flow isn't a problem, you'll receive an 8% Delayed Retirement Credit (as it looks like you know) for very year you wait (up TO age 70).

...

However, there IS economic value in receiving the benefit as well.

...

So the REAL answer depends on longevity.

...

I do this analysis for clients all the time, and can tell you that, for those that have a life expectancy that's a little shorter (say age 85 or younger) the break even point is to start taking the benefit at age 68 or so.

...

If you expect to have a longer than average life expectancy, waiting until age 70 becomes a no-brainer.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 9 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,393
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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