QUESTION:

Rule of thumb for when to take Social Security

An associate of mine suggested the following rule of thumb for when to start taking Social Security:
1) Don't take it at 62, unless you have a very short life expectancy due to illness.
2) If you think that you'll pass away (die) before 80 then start taking it at your full retirement age ~65-67.
3) If you think that you'll live beyond 85, then wait until 70.

There are many women in their 80s that wish they had waited to take Social Security and have a lower income because they took it earlier.
asked by SilverSurfer, 11/8/2006
Categories: Social Security, Delaying Retirement
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