Posted on 11/16/2019 3:43:24 PM PST by 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.
(Excerpt) Read more at fool.com ...
My BIL died at 61. Another BIL is 64-65 and is at home on hospice. The first never drew a dime. The second has been medically retired for several years, probably on disability.
The wife takes the husband’s SS after his death.
Right now, I'm still planning to not file until I'm 70 or at a minimum my FRA of 67. Both my wife and I are looking at close to $3,500/mo each - $84k a year - if we can hold off until 70 as we both worked a similar amount of years at similar income.
I just became aware of those numbers recently and was pleasantly surprised as I spent most of my life thinking Social Security would be insolvent by the time I came of age. So I never figured on ever getting it and socked a ton of money into 401(k) and Roth IRA.
I know a lot here are saying take it at 62 but there is quite a delta between taking it at 62 and taking it at 70 in my case.
Just did the calculations for each retirement age. If you live until 80, there is only about a 3% lifetime difference between taking it at 62 and waiting until 67.
3% for 5 yrs,,,
Hmmmmmm.
There are 2 great reasons to take SS early.
1: You need it.
2: You don’t need it.
That simple. Especially if you don’t need it.
“Just did the calculations for each retirement age. If you live until 80, there is only about a 3% lifetime difference between taking it at 62 and waiting until 67.”
What if (God forbid) you die at 72? Most of the analyses dont consider early deaths.
Honestly I’m not sure how it would work for you and your situation. I would think that if you are going to retire from a job that is going to provide retirement benefits and a company health insurance carrier that could make a difference? I think I would also talk to SS and find out their side of the story with this depending on your particular situation. They are usually honest about it and helpful. :)
“The wife takes the husband’s SS after his death.”
But I’m pretty sure it is only 50%?
As I’ve understood things, you do have to ‘sign up’ for Medicare, when you turn 65. It doesn’t cost you anything - in fact, it will probably save you money, if your experience is like mine, on your routine visits to your primary care physician. (I don’t know what/if the penalty is, if you don’t. It could be that they ‘automagically’ sign you up...)
Later, if you actually retire, there will be an ‘open enrollment’period during which you can choose other parts of Medicare to meet your needs.
No.
Not true.
Surviving spouse can receive the highest SS amount of the two.
If you file at age 62 and getting $2000 per month your accumulative amount is indeed $480,000.
If you wait five years to 67, you actually would be getting closer to $2700 per month for 15 years which would be $486,000.
Ok, it looks like if you do not sign up for the minimal medicare at 65 you will forfeit your other SS benefit income...
https://www.verywellhealth.com/why-am-i-being-forced-into-medicare-at-age-65-1738542
And keep in mind that the 2000 a month will also be getting some increases during that 5 years. Especially if you are still working paying in and earning credits.
What happened was that I started out very small, working as a teenager, and then ended up making quite a bit more per year, so the money I put in in my early years was peanuts and then later on my employer was paying half.
I’m actually still paying in and but I’m drawing on it at the same time. Nutso. And what they give with one hand they take away with the other, if you make over a certain amount. They give the the “social security” and then tax it (thanks, Bill Clinton). Like when you get unemployment because you lost your job and then they tax it (thanks, Ronald Reagan).
“If you wait five years to 67, you actually would be getting closer to $2700 per month for 15 years which would be $486,000.”
Basically there is little difference if you live to 80. If you live past 80 it is better to wait. If you die earlier its worse.
I’ll have to take time to read all of that.
But, why would you fail to sign-up for Medicare at 65, since it costs you nothing?
If you want to change a law with which you don’t agree, by all means, Go for it.
But, as the law stands, it would be useful here if you explained your objection.
Wow, I always thought it was only half, that is all a few older friends got but this was years ago.
“I was kind of impressed at how fast and easy the process, and how good the communication, were.”
My husband and I agree.
“Keep All This in Mind!”
.
Ouch,
I’ll read it Again,
Later
Thanks.
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