Signing Up For Social Security

[Rez Exelon]

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.

Sounds more like he didn't plan correctly....

 

[Pstmstr]

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.

If the money is invested it will do better than the government keeping it for you.

 

[rickm]

Thanks everyone.

The last time I tried creating an account it booted me off because it couldn't verify my address. Maybe I'll have better luck this time.

Yeah i tried to create a account once online and it showed i lived in Calif and owned 3 big houses and 6 Mercedes I told them to sell it all and mail me the check still waiting on the check and that was 4 years ago but finally did get a account set up.

 

[rickm]

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.

They want you to start drawing early at a lower rate and hope you dont live long so they dont have to pay out as much.

 

[O4L]

Thanks everyone.

The last time I tried creating an account it booted me off because it couldn't verify my address. Maybe I'll have better luck this time.

Same roadblock. Can't verify my ID. On hold with Help Desk.

 

[Shadowrider]

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.

Practically every financial advisor I've ever seen write on the subject said to grab it at 62. I was looking at the website and it said even if you continue working they'd maybe reduce your benefits but the extra years working income would add to your benefit amount as it accrued. Or something to that effect... I don't really know as I just starting to look into it as I have a bit of time before I have to decide.

My ex is going to draw on mine and she's pushed me to get on it at 62. I'm inclined to wait until I'm about 98...

 

[okcBob]

If the money is invested it will do better than the government keeping it for you.

It’s 8%/yr increase the longer you wait to withdraw, how can you get a better guaranteed return? The stock market historically only gives around 7% average. What investment gives >9%?? I’d love to get in on that

 

[okcBob]

Practically every financial advisor I've ever seen write on the subject said to grab it at 62. I was looking at the website and it said even if you continue working they'd maybe reduce your benefits but the extra years working income would add to your benefit amount as it accrued. Or something to that effect... I don't really know as I just starting to look into it as I have a bit of time before I have to decide.

My ex is going to draw on mine and she's pushed me to get on it at 62. I'm inclined to wait until I'm about 98...

Grab at 62 if you plan on dying before 83. Otherwise 62 gives you less money if you live past 83. Also working while getting early benefit at 62 will cut your SS payment amount after a set amount.

 

[Shadowrider]

Grab at 62 if you plan on dying before 83. Otherwise 62 gives you less money if you live past 83. Also working while getting early benefit at 62 will cut your SS payment amount after a set amount.

I'm probably gonna wait until 67 if I can keep working. I kinda enjoy the work I do anyway.

 

[bigred1]

Grab at 62 if you plan on dying before 83. Otherwise 62 gives you less money if you live past 83. Also working while getting early benefit at 62 will cut your SS payment amount after a set amount.

I believe that they told me $10,000.00 was the max you could make extra.