Posted on 05/16/2020 9:47:35 AM PDT by rintintin
The coronavirus pandemic is wreaking havoc on Americans’ financial situations, which may cause some older Americans to consider collecting Social Security benefits before they had planned to.
About 33 million Americans have filed for unemployment since mid-March. Considering one-third of the U.S. labor force is 50 or older, some older Americans may be forced out of the labor force years earlier than they had anticipated.
Social Security is a tool that is available to people who have worked for a sufficient number of years: For most Americans who haven’t started collecting, the full retirement age will either be between ages 66 and 67. Age 62 is the earliest you can begin collecting, while 70 is the latest.
While delaying when you collect, if possible, can actually increase your benefit by as much as 32 percent, some reasons that people may need to file early include paying for health care or paying for other immediate living expenses, particularly in light of job loss.
Chad Parks, founder and CEO of Ubiquity Retirement + Savings, told FOX Business that given the circumstances, collecting benefits early could be “the right move,” even for people who were planning to wait until age 67 or 68.
“It’s a very personal decision,” Parks added.
(Excerpt) Read more at google.com ...
RouxStir wrote:
“I’m trying to make a decision now. I just turned 63. I am thinking of taking SS at 63-1/2...using COBRA from then until 65, when I can get Medicare.
COBRA will run me $1250/month with $1000 deductible/$2000 max out-of-pocket for both me and my spouse...problem is my spouse is 8 years younger...guess I’ll be filing for divorce at 65... ;^)”
$1250 a month ????? Yeouch!!!!
$1000 deductible & $2000 out of pocket max, per year, correct?
What will you do for health insurance between 59-1/2 and 65?
DEPcom wrote:
“Considering Coronavirus likes to kill people in their 70s, Overweight, diabetes high blood pressure and other conditions. If you have other heath insurance coverage to hold you over until you 65, pension, and a 401 still, it might be a good idea to retire and enjoy those Golden Years.
All my Aunts and Uncles are not in good shape in their 70s and would be vulnerable to Coronavirus. Considering that I am thinking about retiring at age 59 ½. I can make it to 70 with no cash issues. Will take SS at 62 because we are not promise tomorrow.”
$265/month
You’re never going to have this opportunity again. If you start collecting now, you can put much of it in the bank. Or you can live off your SS and put the maximum of your pay into your own private 401K. Yes, by waiting 10 months you’ll add maybe $50/month more to your SS. Maybe less, maybe more. But let’s say you’d make $2000/month on SS right now. In one year’s time you’d have collected $24,000. Of course, you’d have to pay taxes but perhaps no state taxes depending on your state. It’s something to think about. You’re in a very unique situation.
Yeah, but that’s $625 for each of us....not bad considering what you get on the open market right now...it would be at least $1000/month for each of us...if we could find a deductible that low.
Most of the doctors that I work with only get $8000 deductible, $12,000 max out of pocket with the insurance that their partnership offers...that’s really only “catastrophic” insurance....but then the MD’s make a whole lot more than I do so they can afford a few catastrophes.
I can’t go that route because I have a lot of medical issues and have had hospitalizations that lasted for months and bills over $500,000 for a single “incident”.
If someone was single, would it be $625 a month ? Or more?
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