Posted on 09/01/2014 7:52:57 AM PDT by shove_it
Summary
When should I start Social Security? How will I receive the highest annual income? How will I receive the highest cumulative income? When will I be able to retire?
Every year, more than 2 million people turn 62. Many of those people will wonder, "When should I start receiving Social Security benefits?"
The earliest age of eligibility is 62. The benefit increases each year you delay starting, until age 70, after which point there is no additional increase.
When should I start - age 62 or age 70?
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(Excerpt) Read more at seekingalpha.com ...
If you are putting $20k into a 401k it would be well worth your while to pay a for fee planner to get the correct answer for your situation.
Agree, I don’t care if the nursing home gets a bigger check.
A lot of my friends are opting for the earlier benefits - mostly because of the Obama economy but also because they fear they’ll either die before full benefits or the benefits won’t be there by the time they’re 65 or 70.
...ping....
So are you saying “a bird in the hand beats two in the ‘lock box’”?
My wife and I were advised by our CPA to start at age 62. Part of my early retirement pay was based on me starting getting SS payments at age 62. So the day I turned 62, the company deducted the monthly amount I could get from SS from my monthly retirement check that was basically at the end of a year. Our CPA closely monitored my consulting pay the next year due to penalties if I made too much. In April, the next year, she told me to pull the plug early in May to avoid penalties.
My wife and her boss went on a 3 day work week to avoid the penalties, and she started getting her SS at age 62. Her monthly amount went up each year due to her contributions the year before. She continued the part time work until a year ago. She continued to max out the % she could take out for her 401k, and we upped that after she turned 70 to meet the new/higher % allowable 401 k deductions.
The long story, summarized, is we are thousands of $’s ahead, taking the SS at age 62.
The sooner they bankrupt this country the sooner we can get rid of Socialist Security.
Pray America wakes up
The article is incomplete without factoring in your spouse and whether or not (s)he is still working, the annual income if so, and your tax rates.
It is, as with most things, more complicated than simple math. Get a good financial advisor.
I waited, it requires registration, don’t need to know anything else.
I’m starting at 62. Easy decision. I’m getting back some of my money as soon as I can. The kids are going to raise holy heck before they fold to the taxes that will be required to keep this alive. They won’t support old folks plus all the takers on welfare and everything else. They will either quit work or become slaves by choice.
I expect that the first move will be means testing. That will mean, once more, that the most successful who paid in the most will get the least.
I’ve also run the time value calculations... it pays to start early from what I can tell. My intention is to take as much out of what I put in as soon as possible to defer harvest of that part of what I have saved until later. I’d really like to just consider it a bonus and use it for mad money but I don’t think that would be wise.
Health insurance premiums before medicare will probably rise to near 20,000 a year from the 13,250 the wife and I pay now and then I expect that medicare will be broke and means tested as well.
I do believe the system would have worked but they raided it early on and bankrupted it. SS on disability benefits and medicare is killed by medicade and abuse.
They let you read for a few minutes then block.
“So are you saying “a bird in the hand beats two in the ‘lock box’”?
It did for my wife and I.
Seeking Alpha is really only worth signing up for if you desire alerts on a certain investment or stock; for that purpose, I have enjoyed their timely updates on certain oil and gold investments. Cheers
Get yourself a free gmail account for spam.
Who cares what they send then...
Looked like google+ (before I closed the page).
Yes. I was thinking those same points.
SA is primarily a stock traders site.
They have a paid membership section, and a free side.
Since contributors are paid for their contributions, they do count clicks and do ask for registration data. But they don’t spam. (unless you ask for it)
I have been a reader and registered member for several years. There is nothing to worry about on SA, in regard to registrations, however, if you add a bunch of personal interests by clicking the (send me info) buttons, they will do exactly that.
Article requires registration. No thanks.
well I just tried to login and it let in and let me read whole article. so even though I had aborted during the endless list of questions I did get registered. I will check it out. Thanks
I started SS at age 62 because Mrs Spokeshave received half of my SS as her spousal benefit....which was a bit larger then if she had applied SS for herself.
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