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Re: Taking Social Security at 63 or 66

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Message 31 of 72

I have a question about "double dipping." If I take SS at 62, then spousal benefits at 66, can I then take my benefits (based on my record) at 70?

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Re: Taking Social Security at 63 or 66

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Message 32 of 72

If you delay taking your social security payments it will extend the "run out of money" date that Social Security goes bankrupt so that is good for Social Security, but is it good for you?

 

Plus if you die before you start drawing it will save Social Security a bunch of money.

 

Also which would you rather have $5.00 now when you can spend it or $7 later when it all goes to the nursing home you are vegetating in?

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Re: Taking Social Security at 63 or 66

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Message 33 of 72

I am a retired federal employee under the old civil service retirement system (CSRS).   I also have 40 + quarters (28 years) under Social Security.  I still work part time with more Social Security taken out.

 

Since the social security Windfall Elimination Provision (WEP) reduces my Social Security benefits so is there any benefit from waiting or should I sign up to get what I can before the law changes again and totally eliminates any benefits?

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Re: Taking Social Security at 63 or 66

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Message 34 of 72

I remember this deduction from my first paycheck that took out taxes called " FICA ". I owned a business with 30 employees and paid matching " FICA ". I have paid in so much " FICA " - that I am going to start taking back some " FICA " before it quits paying back.

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Re: Taking Social Security at 63 or 66

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Message 35 of 72

"...My question:  Are you willing to bet you're going to live 8 1/2 more years?  Are you feeling lucky?...".

 

    This subject is always sooooo subjective. It really depends on your finances, aside from SS. Average lifespan for males is now 76. But 'average' is a pretty useless number.

 

     ".....By age 65, U.S. males in average health have a 40% chance of living to age 85 and females have a 53% chance of living to age 85. If the couple is married, there’s a 72% chance that at least one of  them will live until age 85. But if these same folks are “healthier” (25% healthier than the average person), then their chances of living to age 85 bump up to 50% for the male, 62% for the female and 81% for at least one of them....".

   

   Do I feel lucky? Yes.


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: Taking Social Security at 63 or 66

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Message 36 of 72

Age you take Soc Security depends on need and life expectancy.  Heres the math: Figure the amount you are foregoing by waiting til a later age, including upward annual adjustments and earnings on the accumulation.  This is a negative amt since it hasn't been received.  Project how many months at the higher age rate including upward adjustments before you get back to "even", earn the amt you opted not to receive.  This is the age you will have to attain to benefit for waiting.

 

Say you're eligible at age 62 for 1,000 a month, 12,000 for the year.  Let's say you can put that away and earn 3% annually through interest and cost of living adjustments. Your balance at the end of 5 years is 65,621.

 

Let's further speculate that you can now get 1,500 a month or 18,000 a year because you're 66.  Let's be really generous and add on another 3% for cost of living adjustments. Roughly, you're talking about 3 1/2 years until you get back to "even" (make up for the payments you didn't take early).  You're about age 70 1/2.

 

My question:  Are you willing to bet you're going to live 8 1/2 more years?  Are you feeling lucky? And what if Social Security Privatization comes along and you're at the mercy of your own investing prowess?  All bets are then off.  And are you going to enjoy having the spending power of the Social Security income for 5 more years?  This takes you to age 75 1/2.  

 

My recommendation:  Take the money at the earliest age even if you're still working and have to give some of it back--just factor this into your calculation--because none of us have a written guarantee we will attain a certain age.  Also you may be in better physical shape to enjoy the extra income in your sixties than in your mid seventies.

 

Good luck! 

 

 

 

 

 

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Re: Taking Social Security at 63 or 66

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Message 37 of 72

"by age 66 will have collected over $78,000 not including my personal retiremen which drives this amount to $98,000.  My break even point is 86 years old. "

 

Sorry,   not getting you.     What do you mean by personal retiremen (t)   ?  What Part of social security is that?   How did you arrive at such a high break even point,   86 years old?   Not aware of any calculators that would compute the age that high. 

 

Splain,   Ricky !   

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Re: Taking Social Security at 63 or 66

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Message 38 of 72

Re: Taking Social Security at 63 or 66

 

Delaying social security benefits until full retirement age has significant financial benefits. You want income that will not run out in your lifetime. This requires comprehensive planning to ensure a smooth transition.

-----------------------------------------------

Not so....  I took SS at age 62 and by age 66 will have collected over $78,000 not including my personal retiremen which drives this amount to $98,000.  My break even point is 86 years old. 

 

If you think SS will be available in the future???  Pleae explain how so, since America has a debt of  over 17 trillion dollars... which it can not pay back....

 

Most do not understand how large a billion is much less a trilion dollars.  If you count a billion one dollar bills, one every second... it will take over  31.7 years non-stop to count the billion dollars. 

 

The US financial system will collaspse as will the world's financial system....  The only unknow is when....

 

Take your SS payments as soon as you can and pray that the US financial system stays intact as long as it can.... 

 

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Re: Taking Social Security at 63 or 66

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Message 39 of 72

The actual break-even time is approximately 11.5 years. So someone taking Social Security at 63 instead of 62 would catch up at age 74.5 and then pull ahead of someone who collected at 62. The extra credits for waiting until 70 actually decrease the break-even time so that you would begin to pull ahead at age 78.6. 

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Re: Taking Social Security at 63 or 66

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Message 40 of 72

"....To be precise,  yh5104,   the amount is  exactly  25% less.   Maybe to some that would be considered   "not much" difference.   Others may think otherwise.   Very,  very highly subjective....".

 

   Yup!  And I would add, for yh6104, you can go out to the SS website, put in your social, and see what your benes would be at 62, or waiting until 66.


"...Why is everyone a victim? Take personal responsibility for your life..."
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