I Like Guarantees – Part I


Don’t believe the media hype.  Social Security will be a source of guaranteed income for the rest of your life. But when do you start taking it?  Everyone has a different need and different timing.  It looks like the longer you wait the higher the monthly income and that is true.  For their part, Social Security doesn’t care when you start.  It is all based on actuarial math.  You could start at 62, 65 or 70 and Social Security believes that they will pay you the same lifetime amount.  Actuarial math is calculated on life expectancy.   Your first step is to find out how much you will  receive every month.  I recommend that if you have not done it yet, set up your own account at Social Security.  The website is ssa.gov.  It takes a little while to set up, but it is very easy to use.  Double check your work history to make sure that it is accurate.  In Part II we will go deeper into timing.

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