Social Security

Bob received his annual report from the Social Security Administration.

Bob will soon be 59. The report shows the monthly expected Social Security check if he should take it at 62, three years from now. It also gives the amount at 65 and at 70.

I'm not sure how to decide when to take Social Security. I have several questions like can he continue to work and get a SS check? How does one make a wise decision between 65 and 70.

It probably depends on expected life expectancy. Bob's dad died in 1990 at 73 and his mother in 1998 at 81. His brother died in 2004 at 59. I don't think we can determine much based on these numbers.

Meanwhile, he'll keep doing what he's doing as long as he enjoys it. Since he works for himself, it's an easy thing. He can always take on less projects.

'til later