Posted on 08/24/2020 5:15:42 PM PDT by rintintin
A SS retirement at age 55 the person will live an average of 15 years or more; taken at 65 the average life span is 18 months.
This article from Forbes seems to say the widow gets whatever the husband would have been eligible for up to age of 70 ( ie the husbands full retirement age — FRA - amount plus additional delayed retirement credits for years after that Up to age 70):
Situation 6: The husband passed away after age 62 but had not claimed Social Security retirement benefits. If the husband died before his FRA, the widow will receive the benefit he would have received at his FRA. If the husband died after his FRA, the widow will receive what he would have received had he applied for retirement benefits on the day he died, including delayed retirement credits.
No, at the press briefing at Bedminster on August 8th he said that his intention, if reelected, was to make the payroll tax cut permanent. You can check out the transcript from the White House website - Link
HA HA yeah gonna take the money in 2021 and drive off into the Hawaiian Sunset.
Exactly. Take it early and run with it.
As a military retiree since ‘91, 6-figure contractor to the same service I retired from, family history of living into the mid-90’s, in top shape and health, my goal is comfort level while staying “in the fight”, serving the armed forces as a contractor. Taking SS at 70 for me and dear wife will take spousal on her 66th birthday (full age), will set us up with a burst of extra income for several years (for projects and toys) while I continue to work, because I want work. 2026 the contract will be up and I’ll be out at 73, 55 years of mil service. That’ll do but I’ll feel I owe my country until my last breath.
I would say que Captain Obvious, but there are likely a lot of low-info types that are unaware of this fundamental aspect of SS.
$2,107 a month for the time period of age 62 to 67 nets you $126,420. The increase at age 67 would be $900 more a month. It will take 14 years for that extra $900 to add up to 126k. You’d be 81 by then. Ditto if you run the 70 numbers. Take it yearly, you of all workers seem to have earned it.
I took it early because of a no-kidding crippling injury. Couldn’t work at all. Took SS Disability and slipped automatically into regular SS when I turned 65.5.
The number one reason to take it early is if you don’t need it. No question financially about it.
Thank you. Good points.
The above is from the Social Security website. The "basic" amount would be the amount at full retirement age (FRA)in the scenario we are discussing. What is meant by the delayed benefit credits in the Forbes article is the bump up of the "basic" benefit at FRA (67) over the three years of delay. I did this option because I didn't need the money at 67 and wanted to bump up her survivor benefit by waiting three years.
I know from discussions with the SSA that her benefit will based on my "bumped up" credits delay from 67 to 70 that increases the FRA or basic amount, and not the age 70 amount that I draw. I'm also still working.
If you live to 81 it almost evens out, ya pays yer money and take yer chances.
$2,107 x 12 x 19 years = $480,400
$3,007 x 12 x 14 years = $505,200
$4,000 x 12 x 11 years = $528,000
Your sum total will be the same until age 79.
At age 80+, though, there would be a big difference.
So that is why you have to consider _your_ life expectancy.
There are no guarantees in this life, but the best predictor of that would be the lifetime length of your parents (or grandparents if your parents are still alive).
There have been some interesting psychological tests (confirmed on this thread) that show that a dollar now is worth a lot more to most folks than two dollars a year from now.
;-)
Historically they live longer
Recently not so much
Being a provider is a stresful job, and responsible for the shorter male lifespan
Now that women work more they are biger and fatter and stressed out more and wil enjo the shorter lifespan of men as well, as they dont handle that stress as well
Why do men die before their wives?
Because they want to.
Bkmk.
No, not quite right.
It is a annualized net present value calculation based on an expected rate of return.
If you have enough to live on, outside of Socialist inSecurity, just bank the SS money. The return on it, if you wait the extra years, added to the what you are getting equals the amount you would get at the later date.
The difference is, the amount you banked goes to your heirs. If you wait to collect the SS at a later date, there is no principle in the bank for you.
I started taking mine at age 62. I was diagnosed with metastatic prostate cancer when I was 61. There is no cure, but I am responding extremely well to treatment; far,far better than most guys. I’m 67 now. As well as I am doing, making it to 79 is a very optimistic outlook.
My CPA son said I’d have to live until I am 79 to break even plus not having the money for the next 5 years. The decision was a no-brainer for me.
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