Take the money! Anyone who Waits for 8 years without an ironclad guarantee from God that they’re going to live to make up what they will have lost if they died the day before the 70th birthday is nuts.
Even if you don’t need the money take it and invested the stock market historically goes up two days out of every three and the average return is 8%. No one with a brain ever refuses money unless it is a critical tax situation which in most cases this would not be since most States and the government exempt social security income at least partially.
I thought 85%of social security income is taxable income?
Everyone’s situation is different. Not trying to advertise for a CPA or retirement planner, but the help of someone who knows all the permutations of one’s situation is key here.
Take the money as early as you can get it.
A friend and co-worker who was 73 and retired January 1 of this year(2017) had multiple pensions from prior jobs and waited until 70 to take SS. He was diagnosed in end of January with small cell lung cancer and died in back in October.
He was not hurting for the money but he could have used it to set up a college fund or whatever for his grand kids. He could have taken it and retired earlier and lived his life.
My great grandfathers both died in their early 60s, my father at 69. I'd be foolish to wait.
I took a personal finance class in college and the instructor was big on taking everything, SS, pensions etc., the first day you can get them.
The government is NOT interested in helping you make "wise" decisions.
The government is interested in seeing if they can get you to put a hold on what you are owed, and then hoping that you die before your number comes up.
btt
“Take the money! Anyone who Waits for 8 years without an ironclad guarantee from God that they’re going to live to make up what they will have lost if they died the day before the 70th birthday is nuts.
Even if you don’t need the money take it and invested the stock market historically goes up two days out of every three and the average return is 8%. No one with a brain ever refuses money unless it is a critical tax situation which in most cases this would not be since most States and the government exempt social security income at least partially.”
I agree 100 %. Both my wife and I took it at 62 and now 15 years later are just approaching break even point. Mother in
Law adamantly refused to take it until full retirement age. Said she didnt need it. Begged her to take it and build portfolio. No dice. Died at 73. She was screwed as were heirs.
If I die early, it won't matter how much Social Security I didn't get because I waited!
"Getting what's coming to me" with regard to Social Security is just not a motivator for me. So long as I'm healthy, I intend to keep working and will wait for Social Security as long as possible. I loved every job I ever had going back to when I delivered papers, bagged groceries and washed dishes almost 40 years ago.
I just looked up the maximum Social Security payout as of 2017 (it appears to be $3,538). That's only about $42K a year which is practically nothing. I assume it will be more when I retire but with inflation taken into account, it probably still be a piddling amount.
So I can wait and if I do ever collect it (instead of paying into it), whatever I get will be a bonus.
“Take the money! Anyone who Waits for 8 years without an ironclad guarantee from God that they’re going to live to make up what they will have lost if they died the day before the 70th birthday is nuts.”
EXACTLY! My husband retired at 62 and died 2 years later. I’m glad he had two work-free years and was able to enjoy it. He worked and paid into SS from the time he was 16, as did I. I hope I live to 90+ to receive what we both should have gotten.