So, it's basically a gamble on how long you'll actually live. IF you did live to 90, would my scenario be accurate?
You should DEFINITELY wait on taking your SS until 70!!
IF those are your actual age based benefits; then yes, those totals would be accurate.
I don't remember the actual payment, but mine calculated out to a break even at 83yo.
My Granddad passed at 51. Dad passed at 57, His brother at 52, His sister at 51.
I have lost 5 cousins in their 50s. 4 others before 62.
I am 66 and can't say my seeing 84 is a good bet.
It is all gamble, do the math, flip a coin, make your decision.
The other wrench, fly in the ointment; is spousal benefit is 1/2 of your benefit.
IF YOU don't make it to 90, but Wife does. Her benefit will have to support.
Which adds to the gamble. As with my Wif, her family has all seen 90 and some beyond 100.
Looking at these figures here is the way I look at it. If you wait until 67 years old you lose $8424 a year for 5 years ($42,120) if you don't go at 62 years old. So, you would have to live to almost 69 years old to regain the $42,120. Myself, I waited until full ss retirement age because I was still working making a 6 figure income and didn't need the ss then. Also, the men in my family usually live a long life. Everyone's factors are different, and you have to evaluate what works for you.
If you are at least 62-years old and were married for at least ten years prior to divorcing your wife/husband, when she/he reaches 62-years of age, she/he can start receiving monthly Social Security payments equal to 50% of your monthly Social Security payment for life, as long as she/he remains unmarried.
Before anyone in .gov starts thinking about taking away or reducing my Social Security, they would do well to kick the x-wife/husband off the dole first.
https://blog.ssa.gov/ex-spouse-benefits-and-how-they-affect-you/
Before anyone in .gov starts thinking about taking away or reducing my Social Security, they would do well to kick the x-wife/husband off the dole first.
https://blog.ssa.gov/ex-spouse-benefits-and-how-they-affect-you/
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.
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.
Thank you for your service
