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Bronze Conversationalist
Posts: 22
Registered: ‎03-14-2013

Re: Taking Social Security at 63 or 66

Message 1 of 62 (2,894 Views)

I think most pundits also share the informaiton below.  I got this table from the Retirement Income Blog

 

Because there is more to life than your life expectancy and discount rate, here are the other factors to consider:


Issue

This would argue to….
If you think you can earn more than 6% annuallyTake the money now
If people in your family tend to outlive the average life expectancyTake the money later
If you need the money to live on nowTake the money now
If you are married and your spouse is also dependent on the paymentsTakes a lot more figuring – call us on this one
Your tax bracket will be lower laterTake the money later
Will you have earned income prior to your full retirement age forcing you to forfeit some of your social security benefitTake the money later
Valued Social Butterfly
Posts: 1,690
Registered: ‎06-25-2013

Re: Taking Social Security at 63 or 66

[ Edited ]
Message 2 of 62 (2,936 Views)

ret traveler,   somehow I don't think our friend has the inclination to go to the trouble of setting up an SSA online account for that,  do you.     Um,  I just sorta got that,  er,  feeling.....

 

Anyhooo,  he doesn't have to,  he has all the required information he needs right now.  

 

We know his full retirement benefit at 66 is $2,347 because he told us so.   (75% of $2,347  = $1,760 ) 

 

Now,  We told Him that the difference between age 62 and 66 represents 25%.    Or,  breaking it down,  it is  6.250000 % per year.   Meaning,  his benefit rises by that percentage for every year he waits to 66. 

 

Now,  if he wants to get down to dollars and sense (sic)  he knows that 6.25000 per cent rise represents to him  $146.75   ($2,347 - $1,760  = $587  divided by 4 = $146.75) 

 

So,  if he wants to know his monthly benefit when turning 63 it would be $1,906.75.  

 

At 64,  $2,053.50;  

 

At 65,  $2,200.25,  and,  viola ! 

 

$2,347 at 66 ! 

 

Easy as Pi,   isn't it?  

 

Now,  if he comes back and wants the monthly breakdown for when he is 63 years and one month old,  or 65 and 7 months,  I won't be anywhere to be found.   

YOU can help him then,   LOL.

Trusted Social Butterfly
Posts: 6,154
Registered: ‎02-14-2008

Re: Taking Social Security at 63 or 66

[ Edited ]
Message 3 of 62 (3,036 Views)

tuckem03 wrote:

understand. but say you would receive   $1760  if you take at 62  what would be the amount

if you take it  at  63  64 65  and 66  in dollars amount.


  You go to the SS website and it will tell you. We used to all get an annual SS statement that gave you all the numbers. I think (?) that ended. But the site will give the numbers specifically for you.


If you really want change, vote Libertarian
Info Seeker
Posts: 3
Registered: ‎11-23-2013

Re: Taking Social Security at 63 or 66

Message 4 of 62 (3,046 Views)

understand. but say you would receive   $1760  if you take at 62  what would be the amount

if you take it  at  63  64 65  and 66  in dollars amount.

Valued Social Butterfly
Posts: 1,690
Registered: ‎06-25-2013

Re: Taking Social Security at 63 or 66

Message 5 of 62 (3,059 Views)

If you were born between 1943 and 1954 your FRA (full retirement age) is 66. 

 

The percentages  of your PIA (primary insurance amount) your benefit is based upon are easy to figure:  

 

At age 62 -   You get 75% (25% penalty)   

 

At age 66 -   You get 100% 

 

At age 70 -   You get 132%  ( DRC's of 8% per year are added to PIA)    

 

 

Info Seeker
Posts: 3
Registered: ‎11-23-2013

Re: Taking Social Security at 63 or 66

Message 6 of 62 (3,068 Views)

can someone tell me  how much percentage your amount will increase from  62 to 66 if

you hold off from taking your benefits. i just retired from my job at 62.

Conversationalist
Posts: 10
Registered: ‎01-09-2016

Re: Taking Social Security at 63 or 66

Message 7 of 62 (3,208 Views)
It is ideal to take social security as late as possible – it is very difficult to get a guaranteed 8% return in the market which is what you get when you delay your social security.
This may incredibly help you - www.retirement-income.clickfunnels.com/cheat-sheet-ss
Let's say I offered you an annuity that paid a guaranteed 8% for life, would you take it? If yes, then you want to delay your social security benefits until age 70, if you can.
Conversationalist
Posts: 8
Registered: ‎01-02-2016

Re: Taking Social Security at 63 or 66

Message 8 of 62 (3,185 Views)
It is ideal to take social security as late as possible – it is very difficult to get a guaranteed 8% return in the market

which is what you get when you delay your social security. Let's say I offered you an annuity that paid a guaranteed 8%

for life, would you take it? If yes, then you want to delay your social security benefits until age 70, if you can.

This may incredibly help you - www.retirement-income.clickfunnels.com/cheat-sheet-ss
Conversationalist
Posts: 8
Registered: ‎01-02-2016

Re: Taking Social Security at 63 or 66

Message 9 of 62 (3,185 Views)
It is ideal to take social security as late as possible – it is very difficult to get a guaranteed 8% return in the market which is what you get when you delay your social security. Let's say I offered you an annuity that paid a guaranteed 8% for life, would you take it? If yes, then you want to delay your social security benefits until age 70, if you can.

This may incredibly help you - www.retirement-income.clickfunnels.com/cheat-sheet-ss
Bronze Conversationalist
Posts: 22
Registered: ‎03-14-2013

Re: Taking Social Security at 63 or 66

[ Edited ]
Message 10 of 62 (3,268 Views)

Financial advisors use life expectancy into the 90s becaise it is so probable.  This is the table I looked at https://retirement-income.clickfunnels.com/joint-life-calculatorvtwhgz8a

 

A single female who has reached at 66 has a 30% chance lving to age 90 or above. In a married couple, one of the parties has a 42% chance of living to age 90 or better.  These figures do not account for the potential life-elongating science that is quickly progressing.