Signing Up For Social Security

[Chief Sapulpa]

Unless you’ve got some underlying health conditions, I’d recommend you wait until your full retirement age. If you can wait until you turn 70. Each year you wait beyond full retirement age you’ll get an additional 8% In benefit dollars.

 

[okcBob]

Agree. I think the break even point is 83 yrs old. That’s the point where you get more money for waiting until full retirement age. I waited until I was 67, but I’m in good health. If I had a cardiac history or have diabetes, etc., 62 would be a better time, money wise.

 

[Biggsly]

Unless you’ve got some underlying health conditions, I’d recommend you wait until your full retirement age. If you can wait until you turn 70. Each year you wait beyond full retirement age you’ll get an additional 8% In benefit dollars.

I’ve heard this too, but I had a financial advisor tell me to draw as soon as I could. He said if I waited, I’d be lucky to live long enough to make back the difference.
At least living a good lifestyle where I could enjoy my retirement.
I still have a long time to go, before I need to worry about it.

 

[KOPBET]

IF you made a lot of money in 2022, more than previous years, then it may behoove you to wait until 2022 income is reported to the SSA. The more money you made, thus the more your 30 year average will be to calculate your benefits. You can check your reporting to the SSA on your statement on the SSA website.

 

[Chief Sapulpa]

I’ve heard this too, but I had a financial advisor tell me to draw as soon as I could. He said if I waited, I’d be lucky to live long enough to make back the difference.
At least living a good lifestyle where I could enjoy my retirement.
I still have a long time to go, before I need to worry about it.

If it was me I’d fire that financial advisor.
My greedy BIL started collecting at 62 and within 6 months he had to go back to work and he didn’t have much of a nest egg to draw from.

 

[bigred1]

As ya'll know I'm computer dumb so I went down in person and didn't have any problems that I'm smart enough to know about.

 

[Timmy59]

That was my plan as well but joe wanted me to stick around another 4 years. ☹

 

[bigred1]

That was my plan as well but joe wanted me to stick around another 4 years. ☹

Damn him...

 

[Timmy59]

Damn him...

LETS GO BRANDON.

 

[THAT Gurl]

I’ve heard this too, but I had a financial advisor tell me to draw as soon as I could. He said if I waited, I’d be lucky to live long enough to make back the difference.
At least living a good lifestyle where I could enjoy my retirement.
I still have a long time to go, before I need to worry about it.

Same here. AND I've read more than a few articles here and there which have said the same thing. I started drawing at soon as I had my 62nd birthday.