I am retiring in Jan 2017 at age 65 would it be more beneficial to wait until Oct 2017 when I turn 66 to start collecting my SS which would be $190 more a month? If I wait until then I would have to take out $20K from my 401K to get me through the 10 months.

Hi,

Well, first of all, those aren't your only two options. You could wait until age 70 to start your Social Security benefits, at which point your monthly rate would be 32% higher than if you take it at age 66. Furthermore, depending on your past and present marital status, you may be able to get spousal or divorced spousal benefits at age 66 while still letting your own benefit rate grow until age 70.

I'm not an economist, so I'll refer you to this column by Larry discussing the relationship of 401Ks and when to start Social Security benefits: http://www.forbes.com/sites/kotlikoff/2014/03/26/economic-magic-pulling-....

You may also want to run the maximization software available on this website for a full analysis of all of your filing options.

Best, Jerry