Hello, I will be 66 in November of 2017. My wife is only 51. (lucky me). I plan on working full time unitl 68. I do not have much in the way of savings. Just equety in my home. Should I take SS at 66 or wait until 68?

Thanks

Hi,

That's a personal choice, but it will likely be best for you to wait until age 70 to start if you can afford to. If you wait until age 70 to start drawing, your benefit amount will be 32% higher than if you start at age 66. If you start at age 68, your benefit amount will be 16% higher than at age 66, but 16% less than at age 70. Furthermore, these increases would carry over to what your wife could potentially receive as a widow.

You may wish to consider running the maximization software available on this website, which should give you a much better understanding of your options and their effects.

Best, Jerry