Most people are highly advantaged if they delay SS retirement benefits till age 70 anyway, so a change from 65 to 66 to 67 would be irrelevant to many.
..... Well ... Isn't part of the plan also to move the maximum payed out age to 72 ... possibly higher instead of the current 70?
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“Most people are highly advantaged if they delay SS retirement benefits till age 70 anyway, so a change from 65 to 66 to 67 would be irrelevant to many.”
I think for me the optimal time is my full retirement point of 66 years and eight months.
I think you get about an 8% decrease for each 12 months taking SS early, but only a 5% increase for delay past the full retirement point.
That’s what I had heard, but considering my health, the economy, the corrupt government, their plans on nuking SS, I decided that I’d rather take what I can get now while I can still get it than wait and be cheated out of it by the government.
I would like not having to touch investments until 75...
The trick in that equation is living that long. Many if not most are in poor health or dead by 70. They're definitely not as mobile as in their younger days. Me, probably take it at FRA.
Maybe people with soft jobs. Mine was manual.
If you happen to die before age 67 you get nothing.
Social Security payments are calculated so that regardless of what age you start receiving social security, everyone’s lifetime payment is the same.
That is not true generally. It takes 12-13 years to make up for the loss of income caused by delaying receiving benefits. And by that time, you're too old to appreciate it. IMHO
For the most part, people that can wait until 70 don't really need the money anyhow. Of course, I have no problem with them taking it then, as they paid into it all those years.
For most people, FRA is the logical choice (which is 67 for most). That is when your benefits are no longer penalized for earning a large income on the side.
I highly recommend not claiming before FRA unless you are truly out of full time work and earning less than $20K a year on the side. Otherwise, you are going to be giving much of it back in penalties.
The wife and I did the math and opted to start at 62 - if we make 83, we will then be losing money - plus, the money we already took out can’t be denied us if they decide to cut
benefits” (we paid for them over a lifetime of working).
The break even point between early and full retirement is 78. I am going to take early.