Posted on 08/24/2020 5:15:42 PM PDT by rintintin
As of June, the average retired worker was bringing home $1,514 a month from Social Security. This works out to all ost $18,200 a year. All things considered, this isn't very much -- but for 62% of retired workers receiving a Social Security benefit, their monthly payout will account for at least half of their income.
The critical role Social Security plays during retirement for so many elderly Americans demonstrates just how important your claiming decision can be.
Claiming age plays a big role in determining your Social Security payout
Although there are more than a half-dozen factors that can affect how much you'll receive and get to keep of your Social Security retirement benefit, there can be an up to 76% difference in monthly payout, all things being equal, between claiming your benefit as early as possible (age 62), or waiting until age 70. That's because benefits increase by as much as 8% annually for each year a worker holds off on taking their payout until age 70.
Statistically speaking, a majority of seniors would be better served by waiting until age 70 to begin taking their Social Security retirement benefit. But this doesn't hold true for everyone.
In certain instances, an early claim can make a lot of sense. For example, a person with one or more chronic health conditions may not live to see the average life expectancy in the U.S. of nearly 79 years. Thus, an early claim -- even at a rate reduced by as much as 30% per month -- can still lead to a retired worker maximizing what they receive over their lifetime from Social Security.
But there are also many scenarios in which claiming Social Security benefits early would be a terrible move.
Here are five such cases. .... :
(Excerpt) Read more at google.com ...
You are quite the wife and friend.
Thank you for being you.
Agree. What we decided.
If I'm not mistaken, they only do that until you reach full retirement age, and then you can make as much as you want and not be dinged by SS. But I could be wrong.
$$$$$$$$$$$$ bttt
Take the money and hobble.
I took it 7 years ago at 67. Worked for me.
Exactly correct.
A risk they never mention, is the risk of Socialist inSecurity being lost due to crashed or replaced government.
Thin a BLM government is going to worry about paying Socialist inSecurity to old white guys? Think again.
That's a huge swing. $48K per year vs barely $25K a year (or $36K at FRA). And that's not including my wife's Social Security or my 401k.
If I live to be 90 or more, I'll be happy I waited. If I die earlier, I won't care about missing out on the money because I'll be dead.
Guess it depends on how healthy I am when I turn 62 (depressingly just four years from now).
Wrong! He wants a payroll tax holiday, Which I Oppose!
I would rather see a loan or withdrawal option for a limited amount over a limited basis. Helps immediately those who need it and still not bankrupt the whole thing.
I am the oddball around here—but for me waiting until 70 is a no-brainer.
I am 68 and in excellent health, retired and have enough income coming in now that I don’t need it now.
Both my parents are alive and in excellent health—good genes. (One of my grandmothers made it to 106.)
My wife made a lot less than I did so she benefits from my waiting....
So, yeah, I could keel over tomorrow—but you gotta play the odds...
Yes, sort of. Her survivor benefit is based on your benefit at your full retirement age (67 or thereabouts). By delaying to 70, the full retirement benefit for age 67 will increase over those additional three years, but her survivor benefit is NOT figured on your benefit amount taken at age 70, but at the 67 age level.
Collect at 62. 79 years of age is the break even point.
I couldn’t have said it better Sam.
Much depends on how much you enjoy your job.
I had a good career, and overall felt productive.
As the bureaucracy aged, and became more burdensome, the job became less enjoyable.
I got out at 62 and started doing what I enjoyed and was passionate about.
I would not trade that time. It has been wonderful.
If you started at 62, by the time you hit 70 you would have already accumulated $201,600 in SS payments.
I’m getting it as soon as I can while I can.
Everyons situation is different. So, there is no right or wrong. I waited until I was 70 (6 years ago) on purpose to get the maximum amount plus if I predecease my wife she gets half of my amount (not hers which is much less today). My wife and my SSI Is slightly less than the average household income in our state. If I had taken it early (65). It would be one-half of my current amount.
So, just so I have it correctly...the total amount is just divided over the months (from 62, 65, or 70.). So by the time you hit 79, your sum total will be the same?
Well, then why wouldnt you take it the day you are eligible?
.
There’s certainly a value in quality of life as well. If I did not like my job, taking Social Security earlier would be more of a choice. Currently I like my career and would like to stay in it so long as I stay healthy. But that could change rapidly. This year, with the pandemic, it remains to be seen how viable my industry will be over the next 10 years.
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