BS article. Everyones situation is different.
They left out a very important one. You are in poor health. You get one payment then die. Your nonworking spouse gets the same lower payment for the rest of her life. Happened to someone I know.
Off topic, but why wrap a Fox Business url in a Google wrapper? Why not just use:
I retired at 58 so we could go cruising on the boat. Moved our residency to Florida, so, no state income tax. Pension pays for everything we need (not that much) and my wife is taking early SS soon, me, not too much later. Gonna have fun and adventure for as long as we can. Hoping to go to Europe and the South Pacific, but, we’ll take what we can get.
Congress can stop paying any day they pass a law.
You know who will stop getting paid.
I’m taking dollar 1 on day 1.
I’m sure it wouldn’t be too difficult to come up with 5 scenarios where waiting to claim SS would be a terrible move.
Can you predict the future?
I would lose about $700 a month if I claimed at 62 instead of 66.7 years. I can afford to wait.
Well I took SS at 62. I get 1847 mo and wife get 1157 mo.. I am 73 now... Plus I get monthly pension of 2015.57 We are doing okay!!!
Almost everything I read about SS says “wait to take it.”
Now I want all you people to think about something. When every single article says “wait” doesn’t that tell you this is what is in the government’s best interest, not your personal best interest.
Me, I took it at the first possible opportunity — I spent Uncle’s money while I kept my nest egg intact and growing. Best decision I ever made.
Every year you wait is money that has passed under the bridge. I retired at 64 and began taking SS immediately. We could have survived without it, but it made things much easier with the extra income.
Besides, when was the last time the Federal government did something that benefited you - and not them? They know the longer you wait to get it (the 8% bait) the less likely they will have to pay you. It is all about them - not us.
Also, remember if your family history points to people dying before 65. Take the $$$ at 62. My dad died at 60 and all that $$$ went poof !!!!
Well, they didn’t get deep enough into the weeds. They wrongly make it sound like benefits are reduced. Yes, the current payout is reduced. But, future payouts are increased in the same way beginning payments at an older age increase payments. The better wording would be payments are DEFERRED, not WITHHELD.
My closest Childhood Friends both died at Age 61. They got NOTHING from S.S. or Medicare after a Lifetime of Work.
I was diagnosed with Leukemia when I was 52. Since my estimated “Sell By Date” at the time was ten to fifteen years, I took Social Security at Age 62.
I just turned 67, but there was a time I thought I would never live to be this old. The choice was easy for me.
Pfl