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Re: Taking Social Security at 63 or 66

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Message 51 of 73

@nyadrn wrote:

@everettbaker wrote:

None of the options presented by the pundits asking us to wait to receive our benefits attributes anything to health situations. Actuarial tables exist for those of us with many health situations such as diabetes, chronic high blood pressure, atrial fibulation, etc... These need to be accessible to make a good plan for accessing information to make a good choice of when to ask for benefits.

 

I think that we need much more information than just being told to wait by the so-called experts.

 

I am afraid that these articles are merely exploiting our ignorance when trying to convince us to wait regardless of our health situations. And what the Actuarial tables actually tell us about our life expectancy.


Not sure which particular articles you are referring to, but you are your own determining force in making the uptimate decision of when to retire. 


 I guess people should apply for a term life insurance policy when determining the age when they should retire - earlier or later.  The (amount of) the term life premium quoted after a health evaluation & questionaire should indicate what risk category you seem to be in actuarially. 

 


* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Taking Social Security at 63 or 66

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Message 52 of 73

@everettbaker wrote:

None of the options presented by the pundits asking us to wait to receive our benefits attributes anything to health situations. Actuarial tables exist for those of us with many health situations such as diabetes, chronic high blood pressure, atrial fibulation, etc... These need to be accessible to make a good plan for accessing information to make a good choice of when to ask for benefits.

 

I think that we need much more information than just being told to wait by the so-called experts.

 

I am afraid that these articles are merely exploiting our ignorance when trying to convince us to wait regardless of our health situations. And what the Actuarial tables actually tell us about our life expectancy.


Not sure which particular articles you are referring to, but you are your own determining force in making the uptimate decision of when to retire. 

Life's a Journey, not a Destination" Aerosmith
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Re: Taking Social Security at 63 or 66

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Message 53 of 73

None of the options presented by the pundits asking us to wait to receive our benefits attributes anything to health situations. Actuarial tables exist for those of us with many health situations such as diabetes, chronic high blood pressure, atrial fibulation, etc... These need to be accessible to make a good plan for accessing information to make a good choice of when to ask for benefits.

 

I think that we need much more information than just being told to wait by the so-called experts.

 

I am afraid that these articles are merely exploiting our ignorance when trying to convince us to wait regardless of our health situations. And what the Actuarial tables actually tell us about our life expectancy.

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Re: Taking Social Security at 63 or 66

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Message 54 of 73

My perspective is certainly not applicable to all, but likely of some interest to many.  I am a retired Federal Government Civil Servant having worked full time for the FEDs for over thirty years, retiring as a CSRS annuitant. While I did not contibute to Social Security during the bulk of my employment with the FEDs, I did however, pay into Social Security through many years of private sector employment, including 12 years with USAF as both a regular service member and with the Air National Guard.  Additionally, I also contributed to a mandatory 7% of annual income requirement for the purpose of securing an annual Civil Service Retirement eligibility while working for the FEDs.  Consequently, provisions of the 'Windfall Protection Act', significantly reduced the Social Security expectations I had expected to recieve in return for my private sector contributions... by virtue of the fact that I was already recieving the Federal Pension that I contributed to as a full time Federal employee.  In short...  my earned Social Security benefits are being significantly reduced simply because I opted to make government service a career.  Further, when my spouse passed away at the age of 61, I was denied spousal Social Security earnings because my earned (Civil Service only) benefits exceeded her own.  So what does this have to do with claiming your benefits at an earlier age (in my case 62)?  Simple.  Get your contributions (deminished as they might be) while (and as soon) as you can.  I've discovered that what you have voluntarily given to the government is not what you can realistically expect to receive in return for it.  Not now, nor likely in the future.

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Re: Taking Social Security at 63 or 66

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Message 55 of 73

@brooker50 wrote:

My husband and I both took our SS at 63 and have been retired for a year. We also have pensions so have not had to touch our 401K's. I feel that no one knows how long they will live and if one or both of us die the survivor  or our kids will at least get the 401k money.  SS end at death.

 


Being able to retain the 401k funds untouched it great...  did it change your decisions of life insurance?

Life's a Journey, not a Destination" Aerosmith
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Re: Taking Social Security at 63 or 66

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Message 56 of 73

My husband and I both took our SS at 63 and have been retired for a year. We also have pensions so have not had to touch our 401K's. I feel that no one knows how long they will live and if one or both of us die the survivor  or our kids will at least get the 401k money.  SS end at death.

 

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Re: Taking Social Security at 63 or 66

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Message 57 of 73

I think dj5891 has to be talking about either a survivors benefit or even disability when there are young children still dependent - There is nothing under the Old Age SS Benefit that causes an adjustment for SS. 

 

 


* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Taking Social Security at 63 or 66

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Message 58 of 73

dj5891 said:

_________________________________________________________________________________

If you file when you have children in highschool under age 18 you get money for them also.  However, if you wait to file you will lose this benefit if they are now older than 18 when you file; .  Thus, I took mine early it was Much better than waiting!

___________________________________________________________________________________

You have got me confused now.  I am familiar with survivors benefits for children under 18 (or until they graduate from H.S.) if a parent dies.  Also,  children of all ages can receive disability benefits if they are disabled,  either physically or mentally.  

But if a worker is filing for benefits under the old age fund (retirement) I have never heard of receiving additional benefits if he/she has children under 18.  Or children of any age,  for that matter.     

Could you please elaborate on this?   I am sure others here would like to know.   

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Re: Taking Social Security at 63 or 66

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Message 59 of 73

If you file when you have children in highschool under age 18 you get money for them also.  However, if you wait to file you will lose this benefit if they are now older than 18 when you file; .  Thus, I took mine early it was Much better than waiting!


@Richva wrote:

I am planning to retire this year after my 63 birthday.  I could forgo social security and use  dividends and maybe dip into savings to make up the difference between expenses and pension.  It would allow a bigger check at 66 I have to believe this was already discussed but what is the thought here?

 

Thanks


 

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Re: Taking Social Security at 63 or 66

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Message 60 of 73

@jp6340 wrote:
I'm using easy numbers to make things comprehensible only.
@SAY your ss$ per month is $1000.taken @ 63 rather than 66.
The 36 pmts come to $36,000. Do what ever you want with
This money. FOR 3 YEARS!
At 66 you would get approx. $1430,or $430/mo.more if you had waited.
Divide $36,000 by $430= 84 pmts for you to catch up even with early(age63)
Payouts. 84 divided by 12= 7 YEARS. THATS A LOT OF YEARS TO WAIT.
TO BRAKE EVEN! And remember you enjoyed 3yrs of control of YOUR $$$!
As simple as this seems it is a good example. If you invested that $36K and
Made $,you would even be better off to take the $ at 63yrs!

Gotta tell ya, I love the way your mind works.  I am starting to think I should take it at 63 anyway but one thing to consider is taxes. My wife will still be working until I hit 65 anyway so Uncle Sam will get more of my checks. Still, I like your logic. 

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