SS payments

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dennishoddy

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For those that want to wait on the SS until full retirement age, I would assume that you have enough investments to carry you through to that age comfortably?
Why would you want to let the government sit on your money for 10 years? If you have enough income to retire on, why wouldn't a person take the draw at 62, and put it in the bank or CD's for a slight guaranteed interest rate to grow your money vs letting the gubberment waste it and have it possibly go insolvent before you try to take it?
CD's are up to 4.5% or higher currently. I danged sure wouldn't invest it in the stock market with this administration in office, but there are ways to grow the nest egg even if slightly.
When you feel you need to tap into it, just schedule a draw from your savings on a monthly basis to supplement your retirement income and the SS payments still coming in equal to or above what waiting for SS would bring in.
Here is the big question we had when approaching 62 and the option to take SS or delay.
We had plenty of money to comfortably retire but decided to take SS early as we are travelers. Always have been and always will be as long as the health stay good.
As one ages, your health rarely improves. We are all on the downslide health wise for the most part, and nobody gets out of this alive.
We decided to take it early while our health was good and not wait until one starts slowing down more and more approaching 70 yrs old so we could have the premium life experience during the early part of our retirement.
As we age and slow down, we won't need as much money so saw no need to wait for a few hundred bucks more a month from the SS by waiting.
That's just our thinking. Everyone has to consider their own situation.
 

foghorn918

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My SS is 66 & 8 months
I did the math on waiting until then or taking it at 65 when I go on medicare
I would have to live past 80 before the total of the money I get would be more than the total from taking at 65
None of the males on my father’s side have ever lived past 76 so I’m taking at 65 and won’t have to pay quarterly for Medicare, it’ll be deducted from SS payments at the start

I don’t need my SS to live on at the present so it will go into savings and CD’s as I accumulate it
 

punxsy

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I'm going to give all of you worried about retirement and Social Security some advice, although I know most of you won't take it.
Ray Dalio, Nassim Nicholas Taleb, and others have written about how it is more important to know when to get out than to time when to get in.
All of the historical signals are screaming red right now. Consider this a 6 month warning for a major negative financial event. You should be in full blown asset protection mode and moving hard into tangibles, I would say cash but the dollar is in for some stormy days. If you go precious metals, make sure it is physical metal that you control. Looking back at 1933, it might be wise to also cover your tracks as much as possible if you do go that route.
Don't worry about Social Security, with what is coming it won't be worth anything.
Before you totally reject what I just said, look up "normalcy bias" and reconsider.
That's it, I have satisfied whatever duty I feel I might have to provide a warning.
What?
 

John6185

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Some years back around age 66 I think, I received a notice from the Social Security Administration that if I would stop SS until I was 74 I could received a significant amount more per month. I declined.
 

rickm

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Use to be years back that if you waited til after 70 your check would increase 7% a year til a certain age before starting to draw.
 

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