Quit working at 66 but wait till 70 to tap into SS. Smart or dumb? Consequences?

Question

We can afford to not need Social Security during those 4 years. Since the longer you wait till you apply the more you get would this be a smart move? Or would having not worked during those 4 years have a negative effect on how much you would receive?

Answer 1

If you expect to live a fairly long time (until mid-80s or longer), waiting to take Social Security may well be a good idea. If you think you don't have many years left, then starting now may be better. Not working between 66 and 70 won't reduce your benefits; your benefits will increase because you've waited. Working those years might increase benefits a bit, but that would depend on your employment history and how much you make.

Answer 2

???
In UK, at 66, you would be above State Pension age, so you are not entitled to Job Seekers allowance ... and assuming you already have (I believe) 30 years of NI contributions, you are entitled to the full Sate Pension (not means tested) anyway.

However from Apr 2007(I believe) they chnaged the rules so you can get an enhanced State Pension if you wait untill 70 before taking it, although that may not apply to you as you are already over 65 .. you need to look that up == see second link below ...

Answer 3

first of all you're working the place you're working when you consider which you utilized for the pastime and have been given it. you've theory approximately your IQ previously employing for the pastime. not this way of sensible flow? in the journey that your IQ is one hundred forty+, bypass hit upon a activity which will project you and make you strengthen. do not sit down there and write questions approximately Yahoo, judging your co-workers. Use it slow properly and hit upon a real pastime employing your one hundred forty+ IQ.

Answer 4

Take it Now. You would get more in the long run.