Gordon said there’s also a ton of uncertainty surrounding the Social Security program itself. Because of this, there will likely be reduced benefits in the future to keep the program solvent.
Couples who wait until the higher earning spouses max their benefits at age 70 face additional issues.
I can’t help but note that Newsweek didn’t even attempt to discuss the prospect of increasing payments to Social Security from upper income earners or requiring Congress to payback the “loans” they took from it to pay for military expenditures.
This is the best summary I could come up with:
With inflation standing at 3.2 percent, many retirees are feeling guilty if they dip into their Social Security benefits early.
But Sylvia Gordon, JD, the money expert behind the TikTok account @TheMedicareFamily, is telling Americans to ditch the conventional wisdom and draw their benefits early.
“Almost every financial planner will advise to wait to max out benefits at your full retirement age,” Gordon told Newsweek.
Gordon told a specific story on a recent TikTok video about a woman whose husband was waiting until age 70 to get his maximum benefits—she said it isn’t a good gamble due to life expectancies.
The financial ramifications of delaying your spousal benefits can make a considerable impact on your quality of life during retirement, but the government has reason to suggest you wait.
“If you’re in great health and want to maximize the amount you receive wait until 70,” Mark Chen, the founder and CEO of Billsmart, told Newsweek.
The original article contains 709 words, the summary contains 155 words. Saved 78%. I’m a bot and I’m open source!