Retirement-Age Money Issues: Planners Weigh In on Your Questions

Should my race figure into my Social Security decision?

Adrienne Ingrum of New York City asked: Life expectancy for Black people is lower than for white people. I wonder whether that advice, to wait to take Social Security, is wise for Black people?

Ms. Ingrum, 69, started taking Social Security when she was 66, which, based on her birth year, is her full retirement age for that benefit. But she has long wondered when the best time to begin collecting it actually is. A book editor who has lived in Harlem since 1980, Ms. Ingrum said this question had been on her mind after she saw the experience of a close friend, who was Black: He worked until 70, anticipating the 8 percent bump in benefits he would receive from Social Security for having done so, but he wound up struggling with work in his last few years on the job.

“Those last couple of years while he was waiting to collect the Social Security were hard for him,” Ms. Ingrum said, but, she added, he’d believed the extra payments would allow him to cover all of his basic expenses. “It might have been better if he had started collecting it earlier and then had worked in a more limited way to fill in the gaps.”

Soon after he retired, and finally collected his desired higher Social Security benefits, he died — something that still troubles Ms. Ingrum, who is also Black. “I’m reminded of a guy I was dating who said, ‘Adrienne, Black men in Harlem don’t live to be real old,’” she said, “and it really hit me.”

Ms. Ingrum said bringing in regular income right away from Social Security became more important to her than holding out for a larger payout. To her surprise, she found a new, rewarding job in 2021 as a senior book editor. She doesn’t see herself retiring from it. But despite the income from that job, Social Security gives her confidence.

“It really gave me security so I could choose what I want to do,” Ms. Ingrum said.

Preston Cherry, the founder of Concurrent Financial Planning, in Green Bay, Wis., responded to Ms. Ingrum’s concerns. Dr. Cherry, a certified financial planner, said the question of timing Social Security benefits required a close look at individual circumstances. He rejects the idea that there is one ideal age at which to claim the benefits. (The earliest anyone can claim is 62.)

“There’s a lot more meat on the bones to answer this without race,” said Dr. Cherry, who is Black. “There is a perception of personal preference and longevity.”