Bkmk
Correction: For people born in 1954 (not 1953) and before FRA is age 66
SS was a sweet deal for Ida Mae Fuller!
bkmk
Another thing to watch out for....we had a one time income bump in 2017. Just received a notice yesterday from SS that they are deducting a total of $395 each month in 2019 from my SS benefit. $325 IRMAA against Medicare part B and $70 against part D.
I’m 61. From what I can tell, it looks like age 64 is a reasonable time to start collecting. I figured it out, and you have to live past 80 for you to draw more by waiting for FRA.
At least that’s true for me.
They didn’t figure for the break-even point; if Soc sec is taken at full retirement age, it takes a good number of years to recoup the money that would have been earned had the recipient taken soc sec at 62.
Retirement plans,,,
Thanks.
Geeesh, if a person is born in 1958, say April 1, 1958, they can not draw until they are 62, which is in 2020, not 2019 as the article says. Only if they were born on January 1, 1958 - could they draw in 2019 because they would be deemed to be eligible the month before.
Geeesh, if a person is born in 1958, say April 1, 1958, they can not draw until they are 62, which is in 2020, not 2019 as the article says. Only if they were born on January 1, 1958 - could they draw in 2019 because they would be deemed to be eligible the month before.
Correct link
https://www.fool.com/retirement/2018/11/26/3-social-security-mistakes-to-avoid-in-2019.aspx
I could care less about the break-even point and too many people focus solely on that. My wife and I both have significant pension income and have no need for additional income at this time. We’re delaying so the last person standing can get as much SS as possible to make up for the lost pension income. If I don’t “break even”, I’ll be too dead to care.
Social Security is probably the single biggest factor in killing off the birthrate in the West...which may very well kill off the West.
It was INGENIOUS, a program designed to only ‘help people’ winds up accomplishing everything the Left ever dreamed of.
Does anyone know the unquestioned experts to consult with ref AS? Anyone out there with a undisputed good reputation? And not just someone trying to sell an annuity.
Social Security must be repealed and completely dismantled. It is destroying our society by making us all into dependents to the state.
JoMa
We were born in ‘50 and ‘52 - both started SS at age 62 vs waiting because the lower amount still put us ahead of the power curve until our mid 70s...I wonder how many wait to get the bigger amount, then die early enough that they haven’t collected as much as they would have if they hadn’t waited.
Of course we do ... that's exactly what it is. It could also be described as a fraud, and as a Ponzi Scheme.