The Most Important Social Security Chart You'll Ever See

The Motley Fool ^ | Nov 16, 2019 | Kailey Hagen

[Openurmind]

One of the most important decisions you'll have to make as you approach retirement is when to start Social Security benefits. The soonest you can begin claiming is 62, which remains the most popular age to start. It's not necessarily the wrong choice -- you'll still get a sizable amount of money over your lifetime -- but it might not be the best option if you're interested in maximizing your benefits. Here's a closer look at how the age you begin Social Security affects the size of your checks.

[firebrand]

Not true. It increases every time there’s an increase for everyone.

Plus you may start working again, part time or whatever. You never know.

[lizma2]

Thanks much for the info!

My mom volunteers as teacher daily at 84 y.o.!

I suspect I’ll be working for a long while, though moved to 4 days a week.

[firebrand]

I got back everything I put in in less than three years. (Started at a low salary a long time ago.)

[TexasFreeper2009]

ss will NEVER go broke, everyone WILL get their money.

I HATE this lie.

No one in the government cares one whit about the national debt and benefits WILL be paid no matter what, because voters will never vote to end them.

So expect the debt to skyrocket to 100+ trillion while we continue to collect.

[Steve Van Doorn]

Thank you.
That graph put it in much better context.
the change over is 80 years old which you're not a spring chicken running around the world anymore anyway. Also at 95 years old it's $100,000 difference.

[madison10]

Was going to note the same about Medicare. Can take SS at 62, but Medicare not until 65.

[Paladin2]

“A three letter word”

J O B S

;-)

[Jamestown1630]

I guess it depends upon how complex your situation is, and what region you are in.

My ‘easy experience’ hasn’t exactly been the experience of some people I know; especially when they were dealing with disability issues, or taking early retirement and then going back to work, and trying to figure out how to pay them back. I know someone who is having a hell of a time getting consistent, reliable answers from the SS people.

Because of that, I was just surprised at how efficient the whole process was in my particular case. I guess I just didn’t throw any wrenches into the works :-)

[Repeal The 17th]

The formula is [some %] of [the average] of [the highest 30 years earnings].
Depending on how many years you had worked,
if you keep adding “zeros” to your 30 year average,
It may be advisable to draw it as soon as you can get it.
Your mileage may vary...
Objects in mirror are smaller than they appear...
Please do not try this at home...

[SuperLuminal]

I didn't start until I was 71 because I was still working & earning a fine income (building the SS credits) and having fun doing it... Even though I already had already been receiving an excellent retirement income since I was 53 (retired in 1986)...

I never "saved" money specifically for retirement... As soon as a bank account got extra money in it, I gave it to one or more of the kids, grand-kids, or great grand-kids... Always figured there's more joy in seeing it used by them rather than fighting the state over it when I get to ground temperature...

[Openurmind]

I think they have changed that from what I understand. I think you can make up to a certain amount before they start deducting?

[Linda Frances]

Good deal.

[xrmusn]

I know it can’t/won’t last forever
(Especially if they come up with more ways to waste it than what it was ‘designed’ for)
but I seem to recall that I-at 30- and other ‘experts’ were sitting around the bar convinced WE would NEVER see a penny of it.

That was back in 1969 and .........

I started early-14 and waited until 69 to file...

NO, I am not ashamed to collect what they had ‘stolen’ from me for 55 years.

And still ‘working’.

[Nailbiter]

flr

[Openurmind]

Absolutely my privilege. :)

[Jamestown1630]

You have to sign up for medicare when you are *65*, whether you are taking your SS benefit or not. If you are working and have insurance through your employer, or are insured under a spouse’s employment, all you are required to sign up for at 65 is the basic Medicare.

At least, that’s how I’ve understood it. It has taken away my need to pay for routine visits to the primary care doc. (I still have to pay the co-pay for specialists, under my employer insurance.)

[Openurmind]

I have some serious moral issues with how they spend the money they have stolen from me. I am going to take as much as I can back before they spend it on more dumb stuff I don’t agree with. :)

[Openurmind]

Yep. Unless for some reason you become disabled sometime in between, then you can take medicare with your disability.

[Brooklyn Attitude]

“Who’s collecting SS at 60?”

Way to focus on the technicalities while missing the point. Change the ages to 62 and 67 and the result is the same.

[Big Red Badger]

Hurts my Head FRiend,
I still work and have
Health insurance from
Work and turn 65 in January.
I’m still not sure if
I need to sign up
for a part of Medicare???
My finance advisor says No.