SS payments

[dennishoddy]

If, 4 years ago someone said something along the lines of a flu was going to screw the world .. One would have called BS . If, 10 years ago it was said boys can be girls and girls can be boys ??
BS, we're swimming in it.

Just a few....the vast majority are calling BS.

 

[dennishoddy]

Damn and I was looking forward to getting my first check next month when I turn 70!!

Should have started at 62.5.

 

[OKCHunter]

Should have started at 62.5.

My financial plan has me starting at 70 but I’m beginning to question that. A conversation with my financial advisor seems to be in order.

 

[mtnboomr]

Been getting my SS checks every month since I turned 62 (a requirement to keep my GM pension). Just got my Medicare card today. It will start later this year when I turn 65.

 

[dennishoddy]

My financial plan has me starting at 70 but I’m beginning to question that. A conversation with my financial advisor seems to be in order.

It's easy math and my financial guy agreed. The math told me I would have to be almost 90 years old before recouping the extra money made while starting at 62.5 if waiting until full retirement age.
As I've heard a lot of financial people are backing delaying the payments as they know the government was screwing the SS system by "borrowing" from it while never paying it back. They don't make any money from SS.
The government alone, congress in specific has screwed the SS system. They will fix it eventually, it's too big to fail.

 

[OKCHunter]

It's easy math and my financial guy agreed. The math told me I would have to be almost 90 years old before recouping the extra money made while starting at 62.5 if waiting until full retirement age.
As I've heard a lot of financial people are backing delaying the payments as they know the government was screwing the SS system by "borrowing" from it while never paying it back. They don't make any money from SS.
The government alone, congress in specific has screwed the SS system. They will fix it eventually, it's too big to fail.

My planning is to live until 91 years old (I'm almost 61 now and retired). Considering the way the bond and stock markets have performed over the last year, I'm thinking it might be better to keep my savings in those markets and to supplement my income with SS at 62.5 instead of 70. That way I can let my money work longer.

 

[GIJROB]

They pulled the same s@#& with Veterans benefits years back. Trash people!

 

[OKRuss]

It's easy math and my financial guy agreed. The math told me I would have to be almost 90 years old before recouping the extra money made while starting at 62.5 if waiting until full retirement age.
As I've heard a lot of financial people are backing delaying the payments as they know the government was screwing the SS system by "borrowing" from it while never paying it back. They don't make any money from SS.
The government alone, congress in specific has screwed the SS system. They will fix it eventually, it's too big to fail.

Dennis, can you share with me the "easy math"? Here's how I "thought" it would work. These are actual numbers from ssa.gov.

Early retirement(62) - $1,370/mo or $16,440/yr.
Full retirement(67) - $2,072/mo or $24,864/yr.
Delayed retirement(70) - $2,640/mo or $31,680/yr.

Hypothetical situation. You are going to live until 90. That's 28 years.
Early retirement(62) - $16,440/yr x 28 years = $460,320
Full retirement(67) - $24,864/yr x 23 years = $571,872
Delayed retirement(70) - $31,680/yr x 20 years = $633,600

Are you investing the early retirement $16,440/yr at age 62 until hit full retirement age at 67 in order to "recouping the extra money made while starting at 62.5..."??

Am I making some incorrect assumptions in how SS works? Wife will be eligible for early retirement in 2 years so need to better understand.

THANKS!!!

 

[turkeyrun]

Hey Pedo!

Instead of threatening Social Security, which WE involuntarily PAID into; stop CONGRESS and YOUR salary! Stop Ukraine and China pay outs! Stop welfare checks! Get rid of those 87k IRS new hires. Stop those stimulus checks. Stop the bank bailouts, caused by crooks and mismanagement. Stop politician retirement checks.

 

[turkeyrun]

Dennis, can you share with me the "easy math"? Here's how I "thought" it would work. These are actual numbers from ssa.gov.

Early retirement(62) - $1,370/mo or $16,440/yr.
Full retirement(67) - $2,072/mo or $24,864/yr.
Delayed retirement(70) - $2,640/mo or $31,680/yr.

Hypothetical situation. You are going to live until 90. That's 28 years.
Early retirement(62) - $16,440/yr x 28 years = $460,320
Full retirement(67) - $24,864/yr x 23 years = $571,872
Delayed retirement(70) - $31,680/yr x 20 years = $633,600

Are you investing the early retirement $16,440/yr at age 62 until hit full retirement age at 67 in order to "recouping the extra money made while starting at 62.5..."??

Am I making some incorrect assumptions in how SS works? Wife will be eligible for early retirement in 2 years so need to better understand.

THANKS!!!

The difference is your calculation on drawing to 90.
IF you only draw to 85? 80? 75?

At 70, she will have drawn for 7.5 years. At 67, 3 years and 70, $0

The key is; where is break even and do gamble on beating the "breakeven".

Social Security age was originally set at 65 because the majority of people didn't make it to 70.
As life expectancy was extended, retirement age was raised to 67 and 70.
Now, age expectation is coming down.