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Started By
Message
Taking Social Security early vs. later
Posted on 1/20/25 at 12:58 pm
Posted on 1/20/25 at 12:58 pm
I will be full retirement age (66 and 8 months) in one month. I can start collecting $3,100 monthly now or wait until I’m 70 and collect $4,100 monthly.
I will miss out on $125,000 of income by waiting until 70. It would take 10 years to recoup the lost income.
I’m considering taking the $3,100 monthly now to pay off some debt.
Anyone have any experience on the benefits of waiting to collect?
I will miss out on $125,000 of income by waiting until 70. It would take 10 years to recoup the lost income.
I’m considering taking the $3,100 monthly now to pay off some debt.
Anyone have any experience on the benefits of waiting to collect?
33
Posted on 1/20/25 at 1:00 pm to TigerBR1111
Do an Excel spreadsheet to determine the exact break even point.
Posted on 1/20/25 at 1:04 pm to TigerBR1111
I can do the calculations for you. Just answer one question.
When do you plan on dying?
When do you plan on dying?
Posted on 1/20/25 at 1:05 pm to ItzMe1972
quote:
When do you plan on dying?
Right. That’s the big variable
Posted on 1/20/25 at 1:07 pm to TigerBR1111
I would take it now most likely if your income isn't very high.
What is your annual income? I think there's a cap on what you can make.
Asking because
How much debt and what kind?
What is your annual income? I think there's a cap on what you can make.
Asking because
quote:
pay off some debt.
How much debt and what kind?
Posted on 1/20/25 at 1:24 pm to Billy Blanks
Once I make full retirement age, there is no cap on what I can earn from my job and Social Security.
I’m talking about a $25,000 debt with 11 1/2% interest
I’m talking about a $25,000 debt with 11 1/2% interest
This post was edited on 1/20/25 at 1:25 pm
Posted on 1/20/25 at 1:40 pm to TigerBR1111
My suggestions is don't look at SS in a vacuum. Total up all your retirement assets and projected spending by year and taxes you will pay and examine this question in terms of which choice gives you the most wealth for the rest of your life expectancy and also your wife if you have one.
For me, I retired early so I am already spending my assets. I will have more total wealth at any age I am likely to reach if I take SS sooner. If I were still working, the math would come out differently.
Also, there is an article floating around about a guy who waited until he was 70 and regretted it. His wife died at 68, so they never did their travel plans and never drew her SS. Not to be a killjoy, but stuff like that happens.
For me, I retired early so I am already spending my assets. I will have more total wealth at any age I am likely to reach if I take SS sooner. If I were still working, the math would come out differently.
Also, there is an article floating around about a guy who waited until he was 70 and regretted it. His wife died at 68, so they never did their travel plans and never drew her SS. Not to be a killjoy, but stuff like that happens.
Posted on 1/20/25 at 1:41 pm to CharlesUFarley
Posted on 1/20/25 at 1:44 pm to CharlesUFarley
quote:
My suggestions is don't look at SS in a vacuum. Total up all your retirement assets and projected spending by year and taxes you will pay and examine this question in terms of which choice gives you the most wealth for the rest of your life expectancy and also your wife if you have one.
I don’t have a wife so that makes my decision a little easier to figure out
Posted on 1/20/25 at 2:10 pm to TigerBR1111
No matter what, take it at 67 and pay off your debt.
A lot of things could happen between now and you aged 80. Take the sure thing and run.
A lot of things could happen between now and you aged 80. Take the sure thing and run.
Posted on 1/20/25 at 3:00 pm to TigerBR1111
quote:
Once I make full retirement age, there is no cap on what I can earn from my job and Social Security.
I'm going to fully retire somewhere between 67 1/2 and 68. I will start taking SS at 67 and bank the money while I continue to work with no limitations on what I can earn. My wife started take SS at 64 1/2 because her business keeps her just under the amount she can make without her SS being reduced.
Our combined SS will be a little over $70k a year and coupled with my 401k, IRAs and investments will allow us to live a comfortable lifestyle and travel. We'll also have enough so that we won't ever be a financial burden to our kids which is important to me.
Posted on 1/20/25 at 3:11 pm to VABuckeye
There’s another. Take it now and invest it in VOO and QQQ and then at 70 your come out ahead
Posted on 1/20/25 at 3:16 pm to TigerBR1111
Following.
I am about two months behind you.
I am tempted to take the money and enjoy it while I can.
I am about two months behind you.
I am tempted to take the money and enjoy it while I can.
Posted on 1/20/25 at 3:16 pm to tigerbacon
quote:
There’s another. Take it now and invest it in VOO
Exactly what we're doing with my wifes SS. If I take it now I won't get anything. I make too much. Gotta wait for FRA.
Posted on 1/20/25 at 3:18 pm to TigerBR1111
Not to be morbid but no guarantee you’ll live to be 70
You’ve paid into it all your life. It’s time you start getting it back . Enjoy it while you can.
My dad just turned 65 and is drawing on day 1. Didn’t even consider another option.
You’ve paid into it all your life. It’s time you start getting it back . Enjoy it while you can.
My dad just turned 65 and is drawing on day 1. Didn’t even consider another option.
Posted on 1/20/25 at 3:55 pm to TigerBR1111
I've done this many times over the years for the guys who are retiring form the power station. Take it now. You are not guaranteed to live to 76/77 to break even. Also, quality of life to spent it now vs 76 to 80. Meaning travel, vacation hobbies and etc.
Posted on 1/20/25 at 3:56 pm to TigerBR1111
Take it and don’t give it a second thought! If you don’t need it, invest it and you will then have more than if you wait until 70.
Posted on 1/20/25 at 4:27 pm to TigerBR1111
You likely end up with the same amount of money whether you take it early or later.
Hard to know when you are going to die.
Hard to know when you are going to die.
Posted on 1/20/25 at 4:52 pm to TigerBR1111
Take it now.
What other investments do you have?
What other investments do you have?
Posted on 1/20/25 at 5:37 pm to TigerBR1111
Take SS as soon as you can. None of us are guaranteed tomorrow
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