Social Security Decision Bigger Than Life Expectancy Alone
Social Security, like PSERS, is largely a life expectancy game. If you have a history of longevity in your family, you may be better off waiting until normal retirement age (age 66 for most) or even age 70 before you begin receiving benefits. However, you need to be careful not to limit your thinking to only life expectancy. If you need the extra income early on to pay for living expenses, remember, the money might have to come out of savings if you delay receiving benefits. So, be sure to look at the big picture before you make your election – thousands of dollars are at stake.