When to take Social Security

[Harpy Eagle]

This seemed the best forum for this topic.

I really do not want to argue about if it will still be around or not ,just looking at the best time to take it.

I have to wait till I am 67 to get the "full" benefits.

But doing the math if I start taking it at 65 it is not till I am 77 that I would have made more money over all than if I took it at 65.

And even by the time I hit 80 , I would have only made just under 20 grand less total by waiting till 67.

But then there are work restrictions so one pretty much has to be done working in order to take them.

So many decisions.

 

[rightwinger]

You get the same amount regardless
It is just spread over a longer time period so you get less each month

 

[ReinyDays]

Do you have earning potential until 67? ... be sure to add that income to your calculations ...

 

[MarathonMike]

I took it at 62 and very happy with the decision. It isn't significant;y different taking it early or late.

 

[pknopp]

I'm taking it in Nov 2023. I turn 62 in Oct 2023. I believe the more you have when you are better able to spend it, the better for yourself.

 

[ReinyDays]

Party like we'll die young ...

 

[rightwinger]

I'm taking it in Nov 2023. I turn 62 in Oct 2023. I believe the more you have when you are better able to spend it, the better for yourself.

Good point

You need more money at 62 than at 90

 

[Harpy Eagle]

Do you have earning potential until 67? ... be sure to add that income to your calculations ...

I could still be working full time till I was 67, but not sure I want to be.

 

[Thunk]

I'll fudge the number just to make the math easy. I just did this for my brother.

He said he would get $1,000 a month starting at age 65...or $1,400 per month starting at age 70.

He would be missing out on $60,000 in payments if he waited until 70...and gains an additional $400 per month if he waits.

60,000 divided by 400 = so many months...multiply by 12 to turn it into years. And poof...he will hit the "break even point" at age 84 and a half. (where he finally makes up that 60,000 in lost payments).

Then I asked him "do you thunk you'll live to 84 and a half"?

He said probably not.

I said than take it at age 65.

Another thing I didn't factor in is INFLATION...which also favors taking it as early as possible.

 

[MarathonMike]

I could still be working full time till I was 67, but not sure I want to be.

Some people love to work and there's nothing wrong with that. I enjoyed my work but I enjoy not having a schedule a lot more.

 

[Harpy Eagle]

One other factor for me is my wife. I will not retire till she is ready to, and she is 3 years younger than me.

We plan to move out of the country when we retire so there is no good reason for me to quit working full time if she is still wanting to work.

 

[Harpy Eagle]

Some people love to work and there's nothing wrong with that. I enjoyed my work but I enjoy not having a schedule a lot more.

My job is fine, I like it because it pays me more than I ever thought I would make in a year.

 

[Harpy Eagle]

I'll fudge the number just to make the math easy. I just did this for my brother.

He said he would get $1,000 a month starting at age 65...or $1,400 per month starting at age 70.

He would be missing out on $60,000 in payments if he waited until 70...and gains an additional $400 per month if he waits.

60,000 divided by 400 = so many months...multiply by 12 to turn it into years. And poof...he will hit the "break even point" at age 84 and a half. (where he finally makes up that 60,000 in lost payments).

Then I asked him "do you thunk you'll live to 84 and a half"?

He said probably not.

I said than take it at age 65.

Another thing I didn't factor in is INFLATION...which also favors taking it as early as possible.

That is pretty much what I did. If I take it at 67 vice 65 I will not have made more money over all till I am 77

 

[Concerned American]

This seemed the best forum for this topic.

I really do not want to argue about if it will still be around or not ,just looking at the best time to take it.

I have to wait till I am 67 to get the "full" benefits.

But doing the math if I start taking it at 65 it is not till I am 77 that I would have made more money over all than if I took it at 65.

And even by the time I hit 80 , I would have only made just under 20 grand less total by waiting till 67.

But then there are work restrictions so one pretty much has to be done working in order to take them.

So many decisions.

Be greedy and take it at 70 and you can keep working without penalty too.

 

[leftwinger]

Nobody reads. You don't have to wait to 72 to keep working w/o penalty.

Geez. I'll delete all my posts above. You're welcome GG. Nary a thankyou?

Figure out your own situation if you're smart enough. But you did have to ask....

 

[Thunk]

That is pretty much what I did. If I take it at 67 vice 65 I will not have made more money over all till I am 77

OK...now look at your family history. Do most people make it past 77 or croak before hand?

 

[Harpy Eagle]

OK...now look at your family history. Do most people make it past 77 or croak before hand?

On both sides most make it past 77. My father just passed at 81, and he did not take good care of himself. My mother just had her 80th and she is still hiking in the Smokey mountains on a regular basis.

But will I enjoy the money more when I am in my early 70s than in my 80s, plus our 401ks will keep us funded till I am 91 if we are not wasteful, and I have my Marine Corps retirement

 

[Thunk]

That is the great unknown about retirement planning...nobody knows how long they're gonna live.

 

[sparky]

Nobody reads. You don't have to wait to 72 to keep working w/o penalty.

Geez. I'll delete all my posts above. You're welcome GG. Nary a thankyou?

Figure out your own situation if you're smart enough. But you did have to ask....

SS has a site, one can get in , see all one's personal data , and find out how much one can make per year w/out penalty

~S~

 

[sparky]

That is the great unknown about retirement planning...nobody knows how long they're gonna live.

yup
all i figured out so far is the tired part......~S~