Your 3 biggest Social Security questions answered

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Old 02-12-2015, 08:12 AM
Certified Financial Group Certified Financial Group is offline
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Default Your 3 biggest Social Security questions answered

Do you think today's 50-year-olds can count on getting their Social Security benefits when they retire?

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Old 02-12-2015, 08:59 AM
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dewilson58 dewilson58 is online now
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62, 65, 67, 70..................When to start SS???

For years I've been told......"Wait, Wait, Wait, you will get more. It increases 8% by waiting. Etc, etc., etc."

But, if you do the math and take SS at age 62 and take less funds out of your retirement savings...........the breakeven point is out to the mid-90's age range. Mid-90's!!!!, not low to mid-70's.

Taking SS early appears to be a better solution if you take into account your retirement savings balance(s).........letting your funds (more funds) earn 6%, 7% or 8%.
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Old 02-12-2015, 09:22 AM
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George Bieniaszek George Bieniaszek is offline
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I crunched the numbers and it seems like the breakeven point for myself and my wife regardless when we start collecting is between 78-80 years of age. My wife is 62 and I am 61 and we decided to wait till we hit 67, but these numbers work for us and may be totally different for everyone else with differing financial responsibilities.
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Old 02-12-2015, 06:49 PM
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As long as USA can keep printing money and borrowing from our kids that 50 year old is in great shape. If we have to face up to an imaginary SS Trust fund and do some basic arithmatic I hope they have some savings.
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