Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Delay Social Securiy
I am wondering if it makes sense to utilize my investments when I retire at 62, then take SS when I turn 70 for the maximum payout, versus taking SS at 62 or 66.
I welcome any opinions. |
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#2
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I took mine at 62, also, after doing some math. I got less money per month if taken at 62, but more money over my lifetime. Did calculations up to age 75 I believe....it's been a while since I did the math, but it worked out better for me and for Mike to take our SS at age 62.
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#3
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It turned out I would be at least 76 years old until I broke even, and then I would at that point start getting ahead by a few hundred dollars a month. I figured I'd take the money while I'm young enough to enjoy it.
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"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." -- Benjamin Franklin, Historical Review of Pennsylvania (1759) |
#4
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I chose to take my deceased husband's SS when I retired at 62, and at 70, switched to my SS to get the higher rate. Worked out fine for me.
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Lexington MA, Chelmsford MA, Nashua NH, The Villages, Florida Most people walk in and out of your life, but FRIENDS leave footprints in your heart. "Being kind is more important than being right." By Andy Rooney |
#5
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I will collect half my husbands SS until I am 70 and then take the max on mine, for an increase of 64%. It's an 8% increase every year.
Edit... My husband is still alive.... Now......
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#6
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When to start SS
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Can your investments at say 3% return provide enough money to provide you the income you will be foregoing? Do you know how much you need? There are so many variables. My advice is to find a good retirement simulator and feed in your data and start SS at different ages. Social security website will provide the info you need for your expected benefits for each age. Good Luck. By the way, the president of the US should not influence your decisions... |
#7
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ARE VILLAGERS OLD OR ARE THEY RECYCLED TEENAGERS At my age rolling out of bed in the morning is easy. Getting up off the floor is another story. "SMILE... TOMORROW MAY BE EVEN WORSE!"
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#8
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#9
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same decision for me. I took mine at age 63. If I waited until I was 66 there would be a 20 year payback. I have no guarantee I will live until 83 so I took it immediately. I figure if 90 bucks a month is going to make a difference in my life 20 years from now, then I'm in trouble anyway!!
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#10
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Now I am not 62 yet but I read this somewhere a couple of years ago and will ask SS if I can do at the appropriate time. I will take SS when I turn 62. When my wife turns 62 she will take the spousal benefit (half of my monthly benefit while I still take my full SS monthly benefit) she will suspend her SS benefit and it will continue to grow. At the appropriate time she will take her higher SS benefit. I have heard that if a spouse has not worked a day in their life they are eligible for this spousal benefit. There are lot's of ways to manipulate your SS benefit. Like I said I haven't tried this yet but it may be worth looking into. You may wish to start reading SS benefits on the net under AARP. Good Luck!!
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Kansas City Mo, Palatine Il, Mt. Prospect Il, Lake Summerset Il, Rolling Meadows Il, Mt. Dora Fl. Tamarind Grove. |
#11
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#12
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Nova Water filters |
#13
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Lots of avenues and things to consider - everybody's personal situation with drive some of their decisions. Bill |
#14
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I've heard he's walking a very tight line at present......
Bill |
#15
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I do the math! Lucky for him... I'm bad at math!
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Closed Thread |
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