Posted on 05/03/2020 8:49:19 PM PDT by SeekAndFind
I delayed mine until 68 as at that time they would penalize you if you still worked but That has been changed now. I will be 87 soon...
Not long. Maybe about a month, and they pay the catch-up amount also. I’ve found SS to be scarily efficient.
Yes, but my wife is considerably younger than I am, so she will get more survivor benefits for a longer period of time if I hold off until 70.“
Yes, and if you are still living you’ll get more benefits yourself if you wait till 70. But the point is that we might not live that long, which is why govt prefers we wait.
In my household, 53. But I’m disabled. The process took 2 and a half years. And if anybody says it is easy tell them for me they’re full of shit.
CC
But I get your strategy. If you don’t need the money, and your widow would need it, let it grow (and her survivor benefit also) by not taking it.
Husband took it 62 and got money for minor child for a year. I waited til 65.
I will never break even...and never see one dime I placed in.
I took mine at FRA - 66.
At the same time, my wife who was 66 and is still working, filed a restricted benefit under my SS.
She got half of my monthly and deferred her own until she turned 70. For each year deferral, she gained 8%.
When she turned 70, she claimed her own at a 32% increase over what she would have gotten had she filed for her own SS @ 66.
What she saved banking her SS check from 66-70 paid off our first mortgage.
The FEDs closed this “restricted” benefit in 2015.
However, they grandfathered in anybody born prior to 01/02/1954.
When I was ready to file, I had to look twice at this.
We couldn’t be this stupid, could we? Yes, yes were.
Thank you, Bill Clinton.
It works best if both are at Full Retirement Age.
https://www.thebalance.com/social-security-rules-for-restricted-applications-2388915
as always...check things out for your self...
Author states....”It’s interesting to see that so many are claiming benefits early, especially considering monthly benefits are reduced by at least 25% depending on your full retirement age”.....
Because at 62 you can continue to work part-time for a short period and thereafter can work full-time as well. Therefore you’ll be making a lot more than the 25% loss ones SS esepcially if you invest it.
I at 66 still work 2 days a week...I decided to put in for SS at 65 and 1/2...they deduct a lot if you are still working but now, I'm getting my SS and my paycheck with no deducts.....and its coming in very handy to have all they extra income...
Complete BS.
I claimed at 62 and have been spending the government's money for many years while saving my own money.
When SS goes belly up I will still have my own. I invested mine in stocks -- there is no break even point. Even if I live to 200 I will be better off for having my money invested instead of living on mine and counting on the government for "more later".
I was diagnosed with metastatic prostate cancer when I was 61. I just turned 67, but would have to live to 79 just to break even if I waited until I was 65 - 66. Thats not likey to happen. My response to treatment has been outstanding a day I expect to be around for the cure.
Do the math....if you retired early you can still work a certain number of hours/$$$ weekly.....I think it’s for 6 months or a year.....thereafter you can work as much as you want.
So depending on what your salary could be then you can potentially make more money by ‘collecting and working’ than what she stands to gain........... Set aside the 25% out of your pay and invest it.....
This analysis assumes SS will stay solvent.
I applied on my 66th birthday in January received my first payment in March it was 3 months, however I received payment for 3 months!!
Excellent.
“........... Set aside the 25% out of your pay and invest it.....”
Invest it? At the opening stages of a multi-generational historic bear market?
Actually there are some great buys out there right now IF Trump gets re-elected the market will get right back up there and the investments made now will ge very beneficial!
Invest it? At the opening stages of a multi-generational historic bear market?
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Just a general comment to anyone wondering about investments:
You should invest when there’s blood in the streets—ie everything is cheap. Like 2008, when I bought ford for $3.00. When it doubled in price, I sold half-that returned my principle and the rest was free to go up further.
Bull Markets don’t last forever, and neither do Bear Markets. Just don’t buy when it’s expensive. Have a balanced portfolio-stocks, bonds(when interest rates are high), real estate, precious metals for example.
First get 6 months salary in an emergency fund. Then don’t invest in the market what you are not willing to lose. That way you’ll sleep better. Buy stock in companies whose business you understand.
As Peter Lynch wrote in beating the street, the individual investor who is willing to do the research, and invest in what he knows can out do the “professional” money managers-and it’s simple enough that 6th graders can do it as several classes run by a certain Nun has shown.
Finally, as you get older(5-10 yrs before retirement) adjust your portfolio to be less risky and have more liquidity.
But its not lost. It sits there until you turn 66.5 and then you get that back too.
Waiting past 62 is betting you will live to be 100. My break even is 81 years old. I'd rather have my money now and invest it in fast old cars and some hot girls college education.
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