re: Taking Social Security early vs. later

I’m inclined to take it early and invest the money. I think you’ll come out ahead in most mathematical formulas. However, life expectancy is the unknown.

This will do the calculations for any scenario you can dream up… OpenSocialSecurity.com

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I will take social security the second it's available. What good is extra money when I'm too old to enjoy it.

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Yea thats me too

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I will miss out on $125,000 of income by waiting until 70. It would take 10 years to recoup the lost income.

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Longevity-wise, do you see yourself reasonably healthy at 83? 85? 88? The more "yes" answers you would give would push more of a "wait" decision.

The more "no" answers (and who knows you better than you and, maybe, your doctor), the more likely it is I would pull the trigger.

For my own analysis, I'm waiting until Mrs. Midnight reaches full retirement age, then we will both take benefits. While I would have a similar analysis to yours - waiting 10 years to get a payback on my own benefits, missing out on Mrs. Midnight's spousal benefit would be non-recoverable until almost 100. If we do make it to that point, I'll be just as glad that I didn't wait for such a low percentage play.

If I start drawing SS at
62=$1,982


63 $2,111
64 $2,251
65 $2,439
66 $2,627
67 $2,814
68 $2,983
69 $3,208
70 $3,490


i will start when I turn 62 in a few months

Be careful listening to the posters telling you to take without asking any questions. My guess is most of them don't have much money. Good financial decisions usually involve being thoughtful and some research.

There are tax implications if you are still earning money.

“For every $2 you earn above $22320 your annual SS is decreased by $1”

But when you reach full retirement age your benefit is increased above what it would have been.without the deductible amount so it’s not like you lose it forever.
That being said if one makes $72,000 I don’t think I would draw SS.

It’s kind of a crap shoot trying to decide when to take it.I waited until 70 but I’m in good health,take no meds,and have lots of relatives that live to 80’s and 90’s.
Then you never know what might happen.In Sept at 74 I got stung by bumble bees,went into anaphylactic shock and passed out.If my wife hadn’t been here to stick me with Epi-pen I might have died.

Then I had a neighbor up the road died at 64 last year when a drunk driver hit him head on.
In retrospect I think I should,have started taking it earlier.

So many other factors here.

Standard of living.
Other assets.
Health (do you work and plan to continue to work).

Personally, I plan to take SS very early because I have a simple life and 2000 a month would plenty to support my lifestyle.

Read this book by Bob Carlson called Where’s My Money? He explains the pros and cons of taking early SS. Easy to read