Not affiliated with the US Social Security Administration
1. Social Security will cover my income needs
2. It's better to take Social Security benefits early
3. I'll receive full benefits at 65
4. Once I start benefits, I can’t work anymore
5. I won't pay taxes on Social Security
6. Once I start Social Security, I have to continue receiving it
7. My divorce will reduce my benefits
Noted financial adviser Suze Orman says most folks should begin Social Security retirement benefits at age 70.
However, this is poor advice if you're in poor health or if you're a notably lower-earning spouse relative to your husband or wife. Ideally, the spouse with the substantially higher lifetime earnings will let their benefit accrue at 8% per year until age 70.
A Heritage Foundation study shows three cases where a low, middle and high income worker would have a much higher monthy retirement benefit by investing in a personal savings account versus a Social Security retirement benefit.
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