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Started By
Message
S/S - Do you plan to take at 62/67/70
Posted on 11/30/23 at 3:15 pm
Posted on 11/30/23 at 3:15 pm
Which one do you plan to choose - assuming you have thought that far ahead?
33
Posted on 11/30/23 at 3:20 pm to HeartAttackTiger
The sooner the better in my mind before the government changes it’s mind.
Posted on 11/30/23 at 3:22 pm to BabyTac
quote:
The sooner the better in my mind before the government changes it’s mind.
Should the government change their mind, I'm sure it would be retroactive to everyone.
Posted on 11/30/23 at 3:23 pm to HeartAttackTiger
I'm mid 40's, SS should be long since bankrupt and sliced apart by then. My guess is I won't be allowed to start at 62. I'll probably start as early as they let me. Not because I'll need it, because I don't trust the government to do the right things to fix the program.
That said, I typically encourage people that are already 60+ to hold out as long as possible bc until they can even start *talking* about fixing it, they might as well get the highest number they're capable of getting.
They should start talking about it right about the time it's a national emergency.
That said, I typically encourage people that are already 60+ to hold out as long as possible bc until they can even start *talking* about fixing it, they might as well get the highest number they're capable of getting.
They should start talking about it right about the time it's a national emergency.
This post was edited on 11/30/23 at 3:25 pm
Posted on 11/30/23 at 3:30 pm to UpstairsComputer
I'm 64 and still working. My plan is to wait until 70.
Posted on 11/30/23 at 3:59 pm to HeartAttackTiger
66 and 8 months which is full retirement for me. I’m currently 65 and haven’t needed it yet.
Posted on 11/30/23 at 4:12 pm to HeartAttackTiger
I have some financial savy friends.
One took it at 62, other at 70.
I waited till 66.
One took it at 62, other at 70.
I waited till 66.
Posted on 11/30/23 at 4:57 pm to HeartAttackTiger
It’s really a combination of math, health, and current working situation.
If you’re having to subsidize not drawing by taking IRA distributions, drawing SS instead typically makes more sense. It’s far more tax advantageous.
If you’re having to subsidize not drawing by taking IRA distributions, drawing SS instead typically makes more sense. It’s far more tax advantageous.
Posted on 11/30/23 at 5:05 pm to HeartAttackTiger
62. I’ll be damned if I die early and leave money on the table
Posted on 11/30/23 at 5:12 pm to HeartAttackTiger
I'm going to be defiant and not take it at all. Can't control me if you're not paying me.
Posted on 11/30/23 at 5:55 pm to slackster
quote:
It’s really a combination of math, health, and current working situation.
The health one can change abruptly.
I probably will take it early, but I’m not entirely sure.
Posted on 11/30/23 at 6:23 pm to HeartAttackTiger
I plan to take at 70 as I shouldn't need the money. I will revaluate based on health, financial situation etc.
Though https://opensocialsecurity.com/ says to take at 65 and 9 mos based on mortality tables.
Though https://opensocialsecurity.com/ says to take at 65 and 9 mos based on mortality tables.
Posted on 11/30/23 at 6:57 pm to HeartAttackTiger
My mother waited until 70, was quite healthy for 70…and only made it 5 years…you NEVER know what the future holds.
Why leave potential $$$ on the table.
A bird in hand…
Why leave potential $$$ on the table.
A bird in hand…
Posted on 11/30/23 at 6:59 pm to HeartAttackTiger
The two main determining factors are:
Health - if in poor health, take it early
Still working? - if you are, $30k or so is all you can make before your SS is heavy taxed
I also read once that the math is so precise regarding life expectancy vs. increases or decreases in benefits based on age, that the payout is remarkably similar in the end. Of course this is the population as a whole, may not be for you.
Health - if in poor health, take it early
Still working? - if you are, $30k or so is all you can make before your SS is heavy taxed
I also read once that the math is so precise regarding life expectancy vs. increases or decreases in benefits based on age, that the payout is remarkably similar in the end. Of course this is the population as a whole, may not be for you.
Posted on 11/30/23 at 7:57 pm to HeartAttackTiger
70 - maximize return and planning to a long life.
Posted on 11/30/23 at 8:02 pm to roadkill
Initially at 62; took one time reversal, was 65 and done. I followed income limits until I reached full retirement age - 66 and 6 months. No limits anymore and I hold 2 part time positions
Posted on 11/30/23 at 8:52 pm to Skippy1013
quote:
also read once that the math is so precise regarding life expectancy vs. increases or decreases in benefits based on age, that the payout is remarkably similar in the end. Of course this is the population as a whole, may not be for you.
Well yeah, it’s actuarially calculated. They’re pretty good at their job.
This post was edited on 12/1/23 at 8:48 am
Posted on 12/1/23 at 8:44 am to UpstairsComputer
quote:
I'm mid 40's, SS should be long since bankrupt and sliced apart by then. My guess is I won't be allowed to start at 62. I'll probably start as early as they let me. Not because I'll need it, because I don't trust the government to do the right things to fix the program.
SS is the epitome of "I'm from the government and I'm here to help". They didn't trust the serfs to save for their retirement because people mismanage their money. So what do they do? They create a public retirement fund, and they mismanage the money for us.
I'm 38, and I believe they need to find a way to do away with the program while still supporting those that are dependent on it. I don't know what the details are, and it will inevitably require printing more money, but the fund is raped all day every day by none other than the fed gov. Rob their retirement is a first step.
Posted on 12/1/23 at 8:53 am to WhiskeyThrottle
quote:
I'm 38, and I believe they need to find a way to do away with the program while still supporting those that are dependent on it. I don't know what the details are, and it will inevitably require printing more money, but the fund is raped all day every day by none other than the fed gov. Rob their retirement is a first step.
That’s not really the problem with SS. It’s not that the money isn’t there, it’s that the money isn’t coming in faster than it’s going out in the very near future.
Posted on 12/1/23 at 9:25 am to slackster
It depends on your situation at age 62. Our plan is to not have to work past 55 so we will take at 62. if i waited until 67 the increase amount over 62 takes like 12 years to receive more money overall vs taking at 62.
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