Navigating Retirement: Expert Advice for Maximizing Social Security and Investment Growth

A person who is turning 67 and still working full time wonders whether to start collecting Social Security now or wait until retirement at 70. While some suggest taking benefits early and investing the funds, experts advise waiting until 70 to receive higher monthly payments and avoid paying Social Security tax on earnings. Factors to consider include longevity, income, marital status, and cost-of-living adjustments. Research recommends that most workers wait until after 65 to draw Social Security, with over 90% advised to hold out until age 70. Delaying benefits until 70 allows for a higher retirement benefit and potential tax advantages. Ultimately, the decision depends on individual circumstances and financial goals.