It's Time For Medicare (whether I want it or not)

[KennyG]

3 Reasons You're Better Off Claiming Social Security at 70 | The Motley Fool

Reason #3 was new to me SS info.

That's good information, but a poorly written article since Bullet Point #3 is actually No. 2 in the text. But in any event, that's one of reasons I delayed until 70 since my wife is 11 years younger than me. One confusing point that most articles don't explain is that the spouses benefit, while you are alive is only 50% of your full retirement age benefit, not the delayed benefit. It steps up to your delayed benefit amount only as a survivor benefit.

If the spouse had higher earnings, this reason doesn't have much importance.

 

[buckeyefarmer]

What year? A couple of years ago I found a check stub from my first job out of college, after I'd been there for 2 years. (1982)
I pay more in taxes now than I brought home back then.

I hear ya, I paid more in just federal tax this year than my first years pay as an engineer, not a job while in college.

 

[buckeyefarmer]

Nothing new in that article, but do like motley fool.

You can easily calculate your break even age, mine is around 85. So, will I even see 85? If not, retire early, take it and stop worrying. If you take it early, it’s reduced but you earn it for a longer time

It’s a shame the government plays all these games to make it confusing, but I guess it gives us choices.

 

[Gale Hawkins]

"Recent studies revealed your odds of ending up with more lifetime Social Security income are higher if you delay claiming. Specifically, just 6.5% of people who start getting checks before turning 64 end up with more lifetime benefits, while 57% of people who delay until 70 find themselves with more total benefits.

There's a simple reason you have better odds of ending up with more money if you wait. Social Security was designed to equalize out lifetime benefits regardless of claiming age, with early filers getting more small checks and late filers getting fewer large ones. But the formula of early filing penalties and late retirement credits was based on life expectancy at the time of the program's design, and it hasn't changed despite life expectancies getting longer since then.

As a result, more people than in the past end up living long enough to get so many higher checks, their lifetime benefits more than make up for income they passed up by putting off receiving them until age 70."

Moving the Max realized benefits odds from 6.5% to 57% on average does financially appeal to some. There's no game bring played. Some don't have 35 years of earnings by full retirement age so working to 70 can boost monthly SS deposits. Then there can be income tax considerations due to retiring before 70. Different people need different opinions.

Being a special snowflake my annual SS is $18K more by signing up at 70 vs 62. In our case since the wife had hit her FRA when I signed up she can draw off of me until she turns 70 next year and starts drawing off her account. I have to live to 75 to be in the black vs signing up at 62.

At 62 the math showed me to make a run for 70. I had a friend with health risks who signed up at 62 and lived another 3 years.

When it comes to Social Security staying alive has more impact on how much one draws than anything else.

 

[ovrszd]

When it comes to Social Security staying alive has more impact on how much one draws than anything else.

Truth.

 

[Williy]

By the same token people wait until their are
70 and make like a frog an croake before they
can file. I have been collecting SS for 20 years
and 22 years for regular retirement. Filed when
I was 62 and not sorry I did!

willy

 

[dmccarty]

There are times when one needs a good attorney. That's one time he needed one, the family farm was HIS family's not hers. A good attorney should have worked out an equitable settlement based on her contribution to the marriage. Something could or should have been worked out.

Not really. The land was THEIRS because of marriage. When they split up, they split the assets of the marriage. He had to sell the land to split the assets since he did not have the money to buy her share of the land.

Later,
Dan

 

[Fuddy1952]

I'm in Virginia.
I bet it differs by state.
Virginia:"When Virginia couples divorce, their marital assets and property are divided based on a number of factors, and each spouse may not receive an equal share."
So again, he should have had a good attorney especially with something as serious as selling off the family property!
Here it's based on many factors. The fellow you know could have borrowed against the property (worse case), paid her off then repaid the loan.

 

[dmccarty]

..
You can easily calculate your break even age, mine is around 85. So, will I even see 85? If not, retire early, take it and stop worrying. If you take it early, it’s reduced but you earn it for a longer time
...

Exactly.

The problem with taking Social Security later is when you have a decent retirement fund of your own and you want to keep as much of your money as possible. If we take Social Security early, that is money that we do not have to spend from OUR retirement accounts. We can't pass on our Social Security benefits to children and/or grandchildren but we can with our retirement funds. If one looks at the Social Security actuarial tables you can see one's life expectancy. We are planning to live to age 85, though the tables say I won't get to 85. My expectation is I will live passed 85 due to current health and family history, but one does not really know.

I would rather get Social Security ASAP to minimize taking money out of our retirement funds. Also to allow us to start taking out more money from the retirement finds to reduce taxes later on due to required withdrawals. That last part is a balancing act.

Later,
Dan

 

[Gale Hawkins]

By the same token people wait until their are
70 and make like a frog an croake before they
can file. I have been collecting SS for 20 years
and 22 years for regular retirement. Filed when
I was 62 and not sorry I did!

willy

Glad it worked for you. I didn't prepare as well as you and needed the extra $18,000 annually for retirement expenses in my case. For me I still work so I can max fund my IRA and for the fun of working and the social aspect.