Individual claims Social Security at 64 instead of waiting until 70
Updated
Updated · MarketWatch · May 11
Individual claims Social Security at 64 instead of waiting until 70
6 articles · Updated · MarketWatch · May 11
A teenage daughter's eligibility for two-thirds of his benefit for five years pushed his break-even age from just over 80 to about 86.
He said Social Security would provide only 20% of household income, making earlier payments more valuable, and most of his daughter's benefit was invested in a 529 plan.
The account underscores that claiming decisions depend on family benefits, longevity estimates and retirement resources, even though waiting until 70 can raise monthly payments by roughly 24% to 30%.
Could using your child's benefits to fund a 529 plan be the best Social Security move you've never considered?
Facing a 2033 shortfall, is taking less Social Security now a safer bet than waiting for a larger benefit that may be cut?