Is It Too Risky To Wait?

Category: 
Dec 18 2016 - 2:00pm

I am 66 and am not currently receiving my social security benefit although I am getting a spousal benefit from my 62 year old wife's work record. I will stop work June 30, 2017. I have been planning to defer taking my full benefit on my work record until age 70. Given the recent election and the influx of crazies into the political system (today's NYTs has an editorial about attempts to 'slash' benefits) is it too risky to wait?

Hi,

No one can say for sure what the future holds, but the most recent amendments passed by Congress last year grandfathered you from the new regulations on deeming based on your date of birth (https://www.ssa.gov/planners/retire/deemedfaq.html). As a result, you are still able to follow what is likely your best strategy of drawing spousal benefits only at full retirement age, while allowing your own benefit rate to grow until age 70. I've seen nothing in the proposed, or even rumored, changes to Social Security indicating that you might be better off by changing your present strategy.

Best, Jerry