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re: At what age did you / do you plan to start taking social security?
Posted on 3/25/25 at 4:16 pm to Fat Bastard
Posted on 3/25/25 at 4:16 pm to Fat Bastard
quote:
So one of us may draw early and the other late to max out the benefits per strategy below.
Do it man. Look you paid in right? take some out.
0
Posted on 3/25/25 at 4:17 pm to Artificial Ignorance
Throw the analysis out the window and take the cash while it’s still there and worth something.
Posted on 3/25/25 at 4:19 pm to Artificial Ignorance
If i'm going to get anything out of SS then will probably wait until 65 to 67. Hopefully will only be a small piece of my retirement money.
Posted on 3/25/25 at 4:20 pm to deathvalleytiger10
quote:
There is no household limit on SS. Each individual will get whatever they have earned.
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that is not what my statement says
did i misunderstand it? maybe i was thinking about max drawn off of one person in a single family. my statement confused me.
LINK
yup. my bad. thanks for clarification
This post was edited on 3/25/25 at 4:27 pm
Posted on 3/25/25 at 4:25 pm to beaverfever
quote:
Throw the analysis out the window and take the cash while it’s still there and worth something.
This is the way.
Posted on 3/25/25 at 4:28 pm to Lakeboy7
many i know took it early and said f it.
Posted on 3/25/25 at 4:30 pm to Artificial Ignorance
62. I’m taking it as soon as eligible because I’ve prepared for retirement by maxing all my retirement accounts and who knows what changes will be made? On average it takes 10 years for someone who starts drawing at 70 to catch the payout amount of someone that started drawing at 62. I’m 45 I seriously doubt you will even be able to draw at 62 by time I get there it will probably be 70 as minimum by then. Social Security is essentially a Ponzi scheme.
Posted on 3/25/25 at 4:40 pm to Fat Bastard
quote:
many i know took it early and said f it.
The model has changed. 15 years ago, waiting as long as you could made sense, more money and the funding source was secure.
Not anymore. I think now its take what you can get while you can get it. Insolvency, politics, means testing all add up to no or less money for you.
So I'm drawing at 62 and "retiring". Still will have an income but retired right.
Posted on 3/25/25 at 4:48 pm to AlteriorMotive
quote:
62.
Not worth it to gamble on extra years of life for a few extra bucks, imo
Posted on 3/25/25 at 5:05 pm to Artificial Ignorance
62.
Have to live to 87 to make it if I wait.
Have to live to 87 to make it if I wait.
Posted on 3/25/25 at 7:13 pm to Artificial Ignorance
It all depends on if you are still working or not. If you are retired, take it at that point. If still working, put it off until you retire hit age 67.
The reason, at age 67 you are not penalized by having other income.
If you are retired and cannot decide, it really does not matter. Actuaries got it figured out that it’s a wash on the amount you receive at life expectancy.
Since you do not know when you are going to die, just start taking it as soon as you retire, or age 67 at the latest.
The reason, at age 67 you are not penalized by having other income.
If you are retired and cannot decide, it really does not matter. Actuaries got it figured out that it’s a wash on the amount you receive at life expectancy.
Since you do not know when you are going to die, just start taking it as soon as you retire, or age 67 at the latest.
Posted on 3/25/25 at 7:21 pm to Skippy1013
Was planning on drawing at 62. Major back surgery got me to SSDI at 59. I draw full amount like I’m 67. Not a good price to pay.
Posted on 3/25/25 at 7:48 pm to AlteriorMotive
quote:
Not worth it to gamble on extra years of life for a few extra bucks, imo
Outside of a really poor health situation or family history, drawing early is the gamble.
Posted on 3/25/25 at 7:51 pm to Fat Bastard
quote:
SS strategy calculator below. your household can only get so much anyway. My wife and I cannot each MAX it out. It would be over the household limit. So one of us may draw early and the other late to max out the benefits per strategy below.
You both can’t max it out on just one person’s earnings record, but it’s different if she has her own record on which to draw.
ETA - I see it’s been covered.
This post was edited on 3/25/25 at 7:53 pm
Posted on 3/25/25 at 7:52 pm to makersmark1
quote:
Have to live to 87 to make it if I wait.
Where do y’all get your numbers?
Posted on 3/25/25 at 7:57 pm to slackster
I discussed with a financial guy.
I guess they use a “present value” versus “future value” calculator.
The big problem is nobody know when they are going to die.
I’m not depending on SS for income so I’d just invest that check. Finance guy said that would likely be better.
Full disclosure: his wife died at 64 so he is a “take it early advocate.”
I guess they use a “present value” versus “future value” calculator.
The big problem is nobody know when they are going to die.
I’m not depending on SS for income so I’d just invest that check. Finance guy said that would likely be better.
Full disclosure: his wife died at 64 so he is a “take it early advocate.”
Posted on 3/25/25 at 8:08 pm to makersmark1
quote:
I guess they use a “present value” versus “future value” calculator.
Most financial software would consider all kinds of things, including your decision to invest it. With certain assumptions I could see a scenario where drawing early leaves you with a larger nest egg until 87, hence the “breakeven”.
Posted on 3/25/25 at 8:15 pm to slackster
quote:
including your decision to invest it
This is what we are doing. My wife started taking hers and it goes straight into an investment account. Yes, we have to pay taxes on 85% of it but by maximizing other investments that reduce our AGI it doesn’t hurt us. Zero tax obligation on April 15.
This post was edited on 3/25/25 at 8:17 pm
Posted on 3/25/25 at 8:25 pm to slackster
quote:
Most financial software would consider all kinds of things, including your decision to invest it.
We have pensions, 403b/SEP/457/Roth/brokerage account. I also probably will keep my SEP business open after drawing SS.
SS monies are not currently required for us to have a decent standard of living.
People need to sort through what is best for them.
Posted on 3/25/25 at 8:33 pm to Artificial Ignorance
Initially 62 - reversed that decision - returned amount disbursed - drew at 65
Wife drew at 62
Wife drew at 62
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