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06-06-2020 01:40 PM - edited 06-06-2020 01:43 PM
06-06-2020 01:41 PM
If you wait and die before 66 will anyone, i.e. your husband, benefit from what you paid in?
If the answer is no that I would start at the early age.
06-06-2020 01:52 PM
I started taking mine at 62, and haven't regretted it for a moment. I looked at it this way, I'm here now, later, who knows ?
06-06-2020 02:09 PM
If you wait you get more $$. I'd wait as long as I could. 8% a year is a good return. Multiply that by all the years you miss and it adds up.
06-06-2020 02:11 PM
I agree about looking at the numbers. Then, contemplate how much more in dollars you would end up with each way.
For example, the guy at SS showed me the basic numbers and, sure, it looks appealing to wait and get more per month. But then he showed me the number of dollars MORE I would end up with if I started earlier. I went ahead and did that.
That was my choice. Yours is yours, of course. Just be sure to look at the entire picture and see which way is better for you.
06-06-2020 02:19 PM - edited 06-06-2020 02:20 PM
@bonappetit wrote:If you wait you get more $$. I'd wait as long as I could. 8% a year is a good return. Multiply that by all the years you miss and it adds up.
Nope!!! It really doesn't! (just sayin)
06-06-2020 02:22 PM - edited 06-06-2020 07:01 PM
I took mine at 62. I retired from my job at 56 and did have a retirement from there. I did the math and figured that for 3 years no medicare taken out it would have taken me nearly 15 years to show any benefit by waiting and maybe I wouldn't live that long. I also was able to buy a new vehicle and to save half of my SS each month so that was earning money for me. I know too many who never made it to collect the higher amount for any length of time to make out better.
Like others stated it is a decision you need to make for your own reasons.
06-06-2020 02:22 PM
I feel sorry for those who take it early because they think they may not live to collect it later. I think it's sad to live thinking that way.
06-06-2020 02:23 PM
FYI:If you start receiving benefits at age 66 you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase. ... 70, you'll get 132 percent of the monthly benefit
because you delayed getting benefits for 48 months.
06-06-2020 02:24 PM
@Pook wrote:I took mine at 62. I retired from my job at 56 and did have a retirement from there. I did the math and figured that for 3 years no medicare taken out it would have taken me nearly 15 years to show any benefit and maybe I wouldn't live that long. I also was able to buy a new vehicle and to save half of my SS each month so that was earning money for me. I know too many who never made it to collect the higher amount for any length of time to make out better.
Like others stated it is a decision you need to make for your own reasons.
This is another reason it also worked out best for me to start earlier. During these years I have not needed to use it and because I don't think we have enough for actual retirement (if HE stops working), I've been saving like crazy to try and get to a point where I feel secure. I'm only 65 right now and have managed to stash away a good chunk.
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