We've all heard that taking Social Security out at 70-years-old versus 66-years-old will result in a 32% increase in Social Security benefits. However, financial analyst, Mark Hulbert, believes taking out Social Security at 66 may be more beneficial now.
He states in MarketWatch, "If you take at face value some of the proposals being given serious consideration in Congress and in President Trump's administration that reduce future Social Security benefits, then the financial planners could be giving the wrong advice to wait until age 70."
Mick Mulvaney, Trump's budget director, wants to increase the Social Security eligibility age to 70. With the national debt increasing by the minute, financial advisor, Richard Band, believes it is likely to not even see your SS benefits until you turn 70 anyway. The Social Security Administration even stated that "By 2034, the payroll taxes collected will [only] be enough to pay 77 percent of scheduled benefits."
So why is taking out your benefits at 66 instead of 70 a good idea? Well, to put it in the simplest of terms, you may not have time to wait. Considering the Social Security Administration does not have enough money to continue paying out benefits, you should take advantage of the program while its still in existence. A decrease in benefits could happen sooner rather than later. Speak with a financial planner before deciding when to begin withdrawing Social Security.