Tables are wrong, I took at 62 my benefit is above the highest in the table
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Ping.
“Depending on who you talk to, experts usually recommend budgeting for 70% to 80% of your pre-retirement income to cover expenses in retirement.”
Here we go with ‘experts’ again. For people planning retirement (and thus making more money than they’re spending), what COUNTS is not what one’s income level is, but rather what one’s EXPENDITURE level is. If you’re making twice what you’re spending, then you’d have to actually INCREASE your retirement spending to get to the 70 to 80% level.
Obviously, the above is possible, particularly if you plan to travel a lot, but I really doubt these ‘experts’ have that in mind. Much more likely is that your travel expenses stay about the same, but you downsize on clothing, housing, and cars...to some extent - so your overall cost of living goes down.
But, as usual, the math is too hard for the leftists who write these articles.
Take the money when you’re younger. What are you gonna do with the extra at age 90? You can host, but you can’t party.
As I was looking at SS options, there was an option that did not make sense. ( Feds since closed this option but grandfathered in those already on it and if you were born before 1954)
My first response was: Are we nuts ?
My second response was: Do I qualify ?
It’s called a “restricted”.
Read about it here. https://www.thebalance.com/social-security-rules-for-restricted-applications-2388915
My wife an I were born before 1954.
We are both about the same age.
She wanted to continue to work. I didn’t.
She robbed the cradle as she is a couple of months older than me.
I had her hold off filing until I filed.
I filed for full retirement benefits.
She filed a restricted application and got half of my monthly benefit.
Her own SS benefit is growing at approx. 8% a year.
When she turns 70.5 she needs to make a decision on how to file on her own benefit.
Until then, she will have banked approx 50k.
If any of all you all qualify, might be worth it to look into this.
It works best if you are close in age and both are at full retirement age.
This is NOT file and suspend. ( That has different rules )
This is a “Restricted” application.
Good luck...
If you take it before your full retirement age, it will be permanently reduced. You will be limited in the amount of money you can make to $17,040 (in 2018) without having your benefit withheld. If you plan to work and make more than the limit, reconsider.
If you are at or above your full retirement age, consider your life expectancy. The cross-over point where your total benefits received—lower amount for longer time vs higher amount for shorter time—is about age 81. If, based on life-expectancy, you plan to live longer than age 81, waiting is the way to maximize your benefit.
In any consideration... if you need the money, take it.
Medicare and Social Security are separate programs with separate rules. Generally, you apply for Medicare at 65 without variation and independent of Social Security decisions.
The answer is as early as you can. There is no guarantee of tomorrow.
It depends on what you are using Social Security for.
If Social Security is to be your primary source of income, take it as early as you can.
If Social Security is to be a backstop, to make sure you never outlive your money, but you are going to be living on accumulated savings or pensions, take it as late as you can.
66 1/2 Nov 2019. Can’t wait.
“You can get help from your state paying your Medicare premiums. In some cases, Medicare Savings Programs may also pay Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) deductibles, coinsurance, and copayments if you meet certain conditions.”
There’s also the possibility of going on SNAP benefits to delay having to go on Social Security, often for another year or even two.
62, because there’s no guarantee you’ll make it to 66 or 70.
Bkmk
I’m taking it at 62. Wait at your own risk. I’ve known too many people who’s only benefits were the $ 255 burial benefit
I’ll be filing three months before62. All the rest of the essay assumes you trust SS for anything....
Socialist Security is a crime against the “blessings of liberty”, and the enslavement of our posterity.
If you are black or hispanic you should take it early.
This chart is missing lifespan by race.