:: the investment gurus tell me to wait until 70. Trump won’t be president forever and there’s no telling what the leftists and RINOs will do to SS once they regain power. ::
Yes, 70 is max payout but until then, you (a) keep working at a job you are fatigued with or (b) lean on your IRA/401K to pay bills (me).
My long-game is that the upcoming budget will pass with NoTax included (not sure about the CR).
A short recession will give way to a robust industrial economy.
Then MAGA gains unassailable majority in both Houses.
That is when the REAL fun starts (criminal-wise) and the tax plan will become secured in on-going law, regardless of the party in power.
Rescinding the 16th is not out of the question and the process can go to the States before the end of Trump’s term.
I hope the recession is not too severe nor too long.
If the recovery is as robust as I think it will be, JD Vance will follow Trump and the Congress will take a small step backward.
If that doesn’t happen, I’ll be content to be sitting at home, playing tennis (and golf) and fishing.
I’m still an optimist.
Bully for America!
Don't know why...
I know everyone is different, age, earnings history, savings, pensions etc. But if you just use raw numbers from this year, max SS payout for 62 = $2,831, 70 is $5,108, it takes about 9 years to catch up.
Back several years ago when I first considered retirement, it actually calculated to be 14 years to catch up.
Interesting.
When I realized it was going to be tough to get hired at my age - (my last interview resulted in a rejection for lack of health claims payment\processing experience - for a system i helped develop. I paid health claims for 10 years, then went to a software house where we specifically developed front end and back end health claims processing systems - lasted in that type of IT business environment for 31 years until I decided to retire.)
I took advantage of the Social Security Jan 01 1954 and earlier spousal rule (Thank You Bill Clinton - how nutz were we for this rule ?).
I claimed full SS on my FRA(66). My wife - also @ 66(still working) filed under that spousal rule where her benefits were set aside earing 8% a year and she got half of my monthly benefit to boot. This went on until she turned 70, when she filed for her own full SS.
She’s kept working and her SS was adjusted every year upward (only the highest 35 earning years are considered for the pay out)and she received an additional adjustment check every year because her increased salary raised her allowance. The SS COLA for coming year was applied to the upward adjusted amount. - America - what a a country !
My Social Security provided more spendable dollars than my take home pay.
This afforded me the luxury to burn my 401k to pay off all the debt - house\cars\credit cards.
It worked out nice. Debt free and my wife is set up for life.