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If one is eligible for spousal survivor bennefits, they should claim that before age 62. That way you can draw that untill 66 or 70 and then draw on your own SS. Once you turn 62 you are locked in on you own.
bkm and hoping something not requiring registration appears in comments.
Did you get paid to post this? Why the registration to read the entire article?
If one starts SS at 62 then one is receiving fewer dollars per month but those dollars will buy more goods and services than the higher greater of dollars he will receive each month if he waits until a later time. Real inflation , reflected in the prices of goods and services is running at 6-10% per year. Social security cost-of-living increases are rather less than that.
When 61 I ran the numbers and clearly it’s to your advantage to take it early for multiple reasons.
Waiting until 65 did not benefit until I reached age of 75, and then only marginally so. You have to live well into your 80’s for it to really pay - and who has that guarantee? No one.
If you are very active, which I am, you will need more income in late 60’s/early 70’s than in your 80’s.
Add to all that the chance that SS will either become worthless because of inflation or a complete failure of the SS system itself, and one takes a huge risk to wait instead of taking what you can at 62.
There is no guarantee of tomorrow, and the instability of our SS system’s sources of funding say - take it sooner rather than later. There may be no “later”, or “later” could be a mess.
Just my opinion, of course.......
Can’t read the article unless you “register”. That is BS!
Nothing is “free”, you get their spam for life if registered.
not registering - this looks like spam to me.
Get it while you can and while it’s still available, that’s what I did and after five years I harbor no second thoughts.
...ping....
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.
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Interesting discussion over here. I’m a bird in the hand type myself.
Don’t post this crap, please. I suspect that whomsoever posted this originally was commercially involved in the site
95% of all financial advisers recommend DELAYING taking SS till you reach 70. Why? Every year you wait, you get 8% return on your money. That’s a great return with almost zero risk.
I chose to start SS at aged 62. One of my reasons was that it would be more difficult for the government to take away my social security benefit than to think up new reasons why I shouldn’t be eligible to get benefits. Downside is that there are limitations on your income if you continue to work. Thanks to Bill Clinton your social security benefit is taxable. I am glad to get social security as I think soon many baby boomers will be denied benefits because the program is going bankrupt or means testing will be implemented.
Some readers are saying that registration is required to read the article. I found it depends on the browser and ad blockers and script blockers you are using or not using.
I use a Mozilla type browser with ad blocker and “no script” thus, no registration required.