cover of episode Should I Take Social Security Now or Later?

Should I Take Social Security Now or Later?

2024/11/18
logo of podcast Jill on Money with Jill Schlesinger

Jill on Money with Jill Schlesinger

Chapters

Barry, aged 67, seeks advice on whether to start taking Social Security now or wait until he turns 70. Jill provides a detailed analysis of the financial implications and recommends waiting to maximize benefits.
  • Barry's wife is still working and contributes significantly to their income.
  • Waiting until age 70 to claim Social Security can increase benefits by almost 8% per year.
  • Jill suggests pulling money out of pretax accounts before required minimum distributions kick in at age 75.

Shownotes Transcript

I’m 67 and have reached my full retirement age. Should I start taking Social Security now or dip into my 401(k) and wait until I turn 70?

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