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To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity.
Job - Plant - Supervisor - Social - Security
I’m 64 and like my job as a plant supervisor. I plan to continue working until I am 70. Is it better to begin drawing full Social Security at age 66 or wait until 70 and get the higher amount? I am getting conflicting advice.
You ask a loaded question because none of us know how long we’ll live! So, setting aside the unknown factor of our actual lifespan vs. our expected life span, I will provide some input to your question.
Social - Security - Administrators - Income - Choice
Although Social Security administrators have incentivized us to wait until 70 by providing us a larger monthly income, it is not necessarily the best choice as I will attempt to show. No doubt, it is a complicated equation with a number of variables including your health, financial condition, lifestyle and retirement plans. I will cover the basics here.
The Social Security Act was passed by Congress as part of the New Deal in 1935. It was our government’s attempt to help the elderly, unemployed, widows, orphans, and impoverished impacted by the Great Depression. Today, Americans associate it with retirement income. In fact, a survey from TransAmerica reveals that most seniors expect Social Security to be their primary income.
Retirement - Concern - Report - Google - Questions
Retirement is a major concern among many because they are not saving or have not saved enough. In a recent report, Google revealed the 10 most asked questions about retirement:
1. How much do I need to retire?
3. When can I retire?
4. What is the retirement age?
5. How much to save for retirement?
9. What is the full retirement age for Social Security?
Social - Security - Benefits - Years - History
Social Security benefits are based on the top 35 years of earning history...
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