Excuse me, but when I’m 95 I plan to be dating Jennifer Aniston. Sure, she won’t be looking so good by then. But also my vision won’t be so good. So I’m guessing it will all even out.
Posted on 05/09/2020 1:23:54 PM PDT by rintintin
If you’re laid off in the COVID-19 economy and you’re an older adult, you might be wondering: Am I going to have to take Social Security earlier than I planned? How much will that reduce my monthly benefits in the long run? What happens if I get a new job?
For many older adults, claiming Social Security early would be a big mistake — a mistake made by many older workers who lost jobs in the Great Recession.
“In 2008/2009, the jobs just were not there for older workers, and they had to claim Social Security early. The bad part about that is it locks you into a low monthly benefit,” says Alicia Munnell, director of the Center for Retirement Research at Boston College. In 2009, one year after the stock market plummeted, 42.4 percent of 62-year-olds signed up for their benefits, up sharply from the 37.6 percent of 62-year-olds who signed up in 2008, Center researchers found. (Sixty-two is the youngest age at which you can claim Social Security retirement benefits.)
If you do go down the road of taking Social Security early, keep in mind that you can start Social Security early and stop it later to mitigate the damage to your income stream. We’ll explain how. First, consider these options if you need cash.
(Excerpt) Read more at forbes.com ...
You will receive cost of living increases with SS... suppose to offset inflation. But the basket of goods they use to to determine the increase contains things older Americans don’t spend their money on... also it’s only adjusted once a year.
I took it early, but I have Leukemia. Had no idea if I would make it to 66 and the break even is 73 anyway if I had waited.
My closest two Childhood Friends both died at age 61. They got nothing and they “contributed” at least $250,000 each during their Working Careers.
Excuse me, but when I’m 95 I plan to be dating Jennifer Aniston. Sure, she won’t be looking so good by then. But also my vision won’t be so good. So I’m guessing it will all even out.
My wife worked most of her life so the two of us will have over $70K / year in SSA income if we can wait until FRA - which is just 10 years away for me and eight for her. Compared to 52K a year if we take it at 62. That's way more than a cable and electric bill!
If we can last until 70 to file, it will be almost 90K in income. But yes, the actuarial tables are against us on that one. Most likely we'll start taking it at 67.
When I was 62 there was that mandated Obama care. I took my ss just to cover the cost of an individual plan. There were hardly any jobs after I had been laid off so going back to work and getting benefits was little chance. Health insurance premiums were very high for anything half decent. So about 85 percent of my total check covered the insurance invoice every month til I turned 65 and went on Medicare. So I live the rest of my life getting less due to Obama.
If you can go four years without eating or paying rent, by all means, you should wait for full retirement.
Same here at 63.
A year at $2,000 per month is $24,000.
If you wait and go up $200 per month, you’ll have to go 120 months, or 10 years, before you break even.
But then, you’ll be winning!
Same here, I wondered why when I was signing up to draw SS at age 62 the clerk asked me if I had any minor children. So what if I had them, what has that anything to do with my SS benefit?
As it turns our 2nd child was born when I was 53. So I had a 9 year old and a 11 year old at home. Both of them received benefits until reaching age 18. I never knew this and all the retirement seminars I attended at my large employer’s (5000+ employees) I never heard about that benefit.
My family tree says I should make it well into my 80’s.
Could probably use that extra $200 come that time in my life.
Exactly my point about getting YOUR money back quickly. Does anyone on this thread trust the Fedgov NOT to reduce SS payments? As stated above, it would take me to about 73 to lose the benefit of applying at 62. I'm 70 and at 73, I still get my original payment, providing it's not reduced or changed into some other pyramid scream by the Fedgov.
Take it as soon as you can. It's your money, and with the Trillions for Covid, I suspect the Feds will be looking at ways to counter those costs.
wow, you must be getting a hell of a lot more social security than i am to be able to keep jennifer in the lifestyle she’s used to, even at 95!
and
(3) if you experience a crippling injury and can no longer work, losing your paycheck, receiving SS Disability is a good option.
> wow, you must be getting a hell of a lot more social security than i am to be able to keep jennifer in the lifestyle she’s used to, even at 95! <
You’ve got it backwards. Jennifer is going to have to worry about keeping me in the lifestyle I’m used to. After all, my old car burns a lot of oil. And motor oil ain’t free. She’ll have to pitch in.
*
Yep - and a lot of folks who hold off for higher payments don’t live long enough to break even...we both started at 62 so we could do more while we’re still upright....
Social Security payments are figured so that, regardless of what age you start social security, 62, 66 or 70, your lifetime payment, statistically, is the same. So, if everybody is going to statistically get the same amount of money you might as well start early.
“She’ll have to pitch in.”
yeah, i can see that ...
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