So one note Clark has talked for years about why it makes sense for people approaching retirement age to
delay as long as they possibly can taking social security and large numbers people take social security at
age 62 thinking.
Hey, I got to get the money while I can don't know how long I'm going to live blah blah blah blah blah and
What happens is that you have been set yourself up to have a smaller Social Security payment for the rest
of your life, which is fine.
If you don't live as long as you might like but gets ugly if you live longer than you would expect.
because what you get upfront is a much smaller monthly payment when you take it at 62 or 63, whatever and
then the rest of the way all your adjustments happen off that much lower base and that's what I've talked
about through the years and they've been people have been very unhappy with me obviously because almost
nobody waits till the last possible date which is age 70 right now with what's going on with interest rates
in the economy.
Waiting to take Social Security is the most brilliant idea.
It's ever been unless you know, you're not in good health.
Your lifespan expectation is very short.
You want to wait as long as you can.
Between a 62 and 70 as you possibly can here's why with interest rates as low as they are right now.
You would be better off delaying Social Security and spending whatever money you have in savings.
Then it would be to preserve those savings.
By taking social security early.
The reason is is that the increase you get every year you delay taking social security is so valuable and
is much more than the effective amount that your money can earn that you have right now and savings or CDs
that it's better for you to deplete some of those savings if you need to rather than To go ahead and take
Social Security now that is an additional.
Factor that makes the argument even stronger for delaying when you take Social Security because of the
Federal Reserve artificially holding down interest rates.
Now, I know that for the most part, well nobody's really going to listen to me about this, but I can
certainly try because the return you get By waiting effectively the imputed return on your money is much
higher than your likely earning on your money right now particularly if it's in savings are CDs with
stocks.
Well, who knows in terms of what the return would be like over the years between age 62 and 70 by delaying
Social Security though.
It's a sure thing.
And by the way, if you've already started taking payments 62 and you say why didn't you tell me this before
now if you're early and doing so and you can afford to you can take money you do have earning basically
nothing in savings payback Social Security what you've received and then pick it back up later at a much
larger benefit.
That's possible strategy you could use to turn back.
The clock on having accepted Social Security at an early age.