|
Should I take Social Security earlier than the full retirement age shown on my statement? I'm concerned they'll change the rules and I'll lose out if I wait. :-/ What is the likelihood the rules are going to change? In general, is it better to take Social Security benefits earlier, or later? I don't necessarily need the money sooner - I have other sources of income I can tap, and I might continue working part-time into retirement. |
||||
|
|
|
up vote
2
down vote
|
I think the chances of them changing the rules without grandfathering in people of retirement age (pun intended) are pretty small. The general rule of thumb on this issue seems to be to wait to get the full amount if you have sufficient resources that you don't expect to need the money earlier. That is, unless you have some reason to not expect much longevity (family history of dying young, current medical condition, etc.) Ultimately, however, this is a big financial decision that is best made with the help of a good financial adviser/actuary. There are a large number of variables to be considered. |
||
|
|
|
up vote
2
down vote
|
I read an amazing article on whenyou should take early and when you should wait. It really depends on your situation, but this article prodives information as well as examples. Hope it helps! |
||
|
|
|
up vote
1
down vote
|
http://www.socialsecurity.gov/retire2/agereduction.htm As a general rule of thumb on average you'll gain a similar amount of total money over time whether you start withdrawing early or not. Yes you get less money on each check, but you're also going to get more checks a whole since it's based on how long you live. I personally don't try and adjust how I manage my money based on what decisions the government MIGHT make, but I also am fairly young so don't quite have the heightened concerns regarding social security others might have. I've pretty much always lived and invested assuming it wasn't going to be there at all by the time I retire. |
||
|
|
