social security

[randy41]

I advise people on this for a living and giving you advise based on what you've mentioned would be malpractice. Like drilling your teeth without X-rays or surgery without an MRI.

Statistically the average man approaching SS age will live into the early 80s. So the average man will be ahead waiting. Without knowing your health and family history can't say how your odds change.

taking the benefits earlier locks in lower annual adjustments not only your base benefits.

As an advisor I would want to know what you would live on if you don't take SS benefits early? What return can you expect? Each year you delay you get a guaranteed return on your SS. can you say that for your current investments or a specific portion of them.?

I suggest sitting down with an advisor. Someone may be giving SS seminars in your area. Yes some of these people will be selling something, but a good advisor will be helpful.
Good luck
RoN

i agree that waiting means getting more money overall (assuming living to 80) but when you break it down annually it only comes to $750/year more for me over that 15 year stretch.

 

[wroughtn_harv]

Curious as to why?

I'm still working.

 

[beppington]

I advise people on this for a living and giving you advise based on what you've mentioned would be malpractice. Like drilling your teeth without X-rays or surgery without an MRI.

Statistically the average man approaching SS age will live into the early 80s. So the average man will be ahead waiting. Without knowing your health and family history can't say how your odds change.

taking the benefits earlier locks in lower annual adjustments not only your base benefits.

As an advisor I would want to know what you would live on if you don't take SS benefits early? What return can you expect? Each year you delay you get a guaranteed return on your SS. can you say that for your current investments or a specific portion of them.?

Seems common to hear specific dates as to when SS will be broke, or at least only be able to pay out partial benefits, & even the annual SS statements received by this non-retired person include statements like 'benefits will be lower the way things are going' (sorry, it's at home, I'm at work). This sounds like the opposite of a guaranteed return to me, more like guaranteed it's not going to be as much as you thought & planned for.

I suggest sitting down with an advisor. Someone may be giving SS seminars in your area. Yes some of these people will be selling something, but a good advisor will be helpful.
Good luck
RoN

 

[beppington]

i agree that waiting means getting more money overall (assuming living to 80) but when you break it down annually it only comes to $750/year more for me over that 15 year stretch.

I just logged in to ssa.gov and had it estimate my benefits. Found this:

"As a general rule, early or late retirement will give you about the same total Social Security benefits over your lifetime. If you retire early, the monthly benefit amounts will be smaller to take into account the longer period you will receive them. If you retire late, you will get benefits for a shorter period of time but the monthly amounts will be larger to make up for the months when you did not receive anything."

 

[newbury]

The one main thing I see about collecting early is that you will collect.
My wife suffered 2 strokes, she's fine now but at one point there were funeral discussions. A friend who was a health nut got leukemia and passed away. You can't take it with you.

 

[JDgreen227]

The one main thing I see about collecting early is that you will collect.
My wife suffered 2 strokes, she's fine now but at one point there were funeral discussions. A friend who was a health nut got leukemia and passed away. You can't take it with you.

My point exactly, the longer you wait to collect the greater the odds you will collect less or nothing at all.

 

[Redbug]

Here you go...Life Expectancy Calculator...
Retirement & Survivors Benefits: Life Expectancy Calculator

 

[foggy1111]

My financial adviser told me: "If you can tell me when your going to die....I can tell you when to take SS".

I don't plan to die anytime soon....but I took SS beginning at 62. A bird in the hand is worth 2 in the bush.

 

[JDgreen227]

Here you go...Life Expectancy Calculator...
Retirement & Survivors Benefits: Life Expectancy Calculator

It says that at my age of 60 years and 8 months I can expect to live until 83...but the disclaimer about current health, family history, lifestyle, etc. throws their calculations right out the window.

 

[JDgreen227]

My financial adviser told me: "If you can tell me when your going to die....I can tell you when to take SS".

I don't plan to die anytime soon....but I took SS beginning at 62. A bird in the hand is worth 2 in the bush.

As I will...look at it this way....would you rather collect $1000 a month at age 62 or $1400 a month at age 66?