Delaying Social Security

Q:

I'm retired, but planning to delay taking Social Security until 70. (I'm 63 now). What value should I put into Retirement View - what Social Security says my benefit will be at 70 or do I need to adjust if for inflation manually to reflect what the expected benefit will be when I actually start taking in?

 

A:

To be conservative, enter what your SSA letter says you will get at 70.

There is some debate as to whether that value on the letter is in today’s dollars

or is an estimate of what you will get at age 70.

 

I had an advisor recently say it is in today’s dollars.

If so you would need to inflate that by say 2% a year from 63 to get the real age 70 value.

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