delta1
  • delta1
  • Herf-A-Holic Topic Starter
7 years ago
I'll be 66 this year: full retirement age for Social Security benefits...

should I start collecting at 66, or wait a few more years and get the maximum benefit?
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dstieger
7 years ago
I thought nearly everyone can max by 67. At least that was my target....I crunched numbers a couple years ago. I seem to recall that waiting past 67 would mean any bump wouldn't be worth waiting
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Mr. Jones
7 years ago
You can....and it will be the full amount...
Most boomers are full bene's at 65 1/2...

I on the other hand...
Was almost murdered by the FBI-SSG DIVISION OVER 8 DIFFERENT TIMES & GANGSTALKED...FROM 2013 (@57)- 2018 (@62)...
AND THEY STILL WILL WONT LET ME GET ANY NORMAL JOB W/O "WORKPLACE MOBBING" MY SORRY & BROKE $ AZZ...
SOOOOO.
I OPTED TO COLLECT AT 62 1/2...
THE way I figured it is...
I PAID INTO THE SYSTEM AND I NEED THE MONEY...
HAD I BEEN MURDERED , I WOULD NEVER HAVE GOTTEN ANY $$ S.S. MONIES.,,

F**K THE U.S GOVT. AND THE FBI...
I'M COLLECTING AT 62...
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Palama
7 years ago

I'll be 66 this year: full retirement age for Social Security benefits...

should I start collecting at 66, or wait a few more years and get the maximum benefit?

delta1 wrote:



Al, you should try to calculate your “break even” point, that is, if you started to collect this year vs. waiting till you’re 70 and the culumative amount you would have for both until they’re even. At this point in time it may take you only 4-5 years to break even, maybe even less. At any rate, I guess you gotta ask yourself if you can use the extra income now and being able to spend it or wait a few more years.

When I did mine a few years ago, collecting at 62 vs. 66 and 2 months, I would be 69-ish when the two amounts were equal (...or close to...). Given that my oldest brother had passed away at 62 and I’ve had h.s. classmates suddenly die before they hit 60, my goal was always to retire at 62 and collect SS. I mean, heck, I could drop dead at 65 and get nothing. But, that’s just me.

One thing to note, it takes approximately 4 months to process your SS application so keep that in the back of your mind. You can also rescind your request but no more than one time.

Anyway, just my 2 cents.
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KingoftheCove
7 years ago

I'll be 66 this year: full retirement age for Social Security benefits...

should I start collecting at 66, or wait a few more years and get the maximum benefit?

delta1 wrote:


Depends on several factors, including, in no particular order, or ranking:
-do you need the $
- does your spouse still work, and how much does she make, and what will her socsec amount be
- will you keep working some once you start collecting
- how is your current health.....think you’ll make it to your early 80s?
- how much faith do you have in the present socsec system? Think “they” might reduce benefits?

And so on...
For me, waiting until 70 adds 32%........significant........so I’m planning on waiting.......but things can change.
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rfenst
7 years ago
Unless you truly don't need it, take it earlier. Who knows if you will even be alive at the break-even point.
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MACS
7 years ago

Unless you truly don't need it, take it earlier. Who knows if you will even be alive at the break-even point.

rfenst wrote:



My thoughts. You paid into it. Get back what you can until you can't.
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ZRX1200
7 years ago
How does this effect your cigar buying?
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Burner02
7 years ago
#6 & #7

+1
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KingoftheCove
7 years ago

Unless you truly don't need it, take it earlier. Who knows if you will even be alive at the break-even point.

rfenst wrote:


Are you saying take it once you hit full retirement age?
Or, even sooner than that?
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delta1
  • delta1
  • Herf-A-Holic Topic Starter
7 years ago

How does this effect your cigar buying?

ZRX1200 wrote:



had to lol on that one...

I'll be able to afford what you smoke...hah...

Thanks for all the input guys...I was leaning towards Palama's thoughts, since my Dad and all my brothers died at ages younger than I am now...and it would be nice to have more spending money to enhance an already comfortable, for us, lifestyle...

but I took a health survey on the Kaiser Permanente personal health manager website that considers all the personal health factors, risks and benefits I have, and it concluded I'd live to 87, which is almost 7 years beyond the break even age of 80 yrs + few months...

If I waited to age 70 to start collecting my SS, my annual benefit would be about $10K more, meaning I could leave as much as $70K on the table...

but because my wife worked as a public school teacher and did not pay into SS, and she is collecting a retirement pension which is greater than my SS benefit, she will not get any survivor benefits from me due to the Govt Pension Offset...

but I do appreciate all the advice about murky and unpredictable futures...guess I'll apply on my 66th BD...thanks all...
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delta1
  • delta1
  • Herf-A-Holic Topic Starter
7 years ago

Are you saying take it once you hit full retirement age?
Or, even sooner than that?

KingoftheCove wrote:




for my birth year, SS deems 66 years old to be "full retirement age"...if you start collecting before then, you'd be getting a smaller monthly early retirement benefit, but I've passed that point...
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frankj1
7 years ago
just repeating what I've been told, but I thought 66.5 was when one gets the max.
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DrafterX
7 years ago
it was raised to 72 a few years ago... Thanks Obama.. 😠
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frankj1
7 years ago
better snopes it, just to be safe.
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DrafterX
7 years ago
well, i heard he thought about it.... 😟
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frankj1
7 years ago
I shoulda raised your bluff instead of just calling.
could use some extra cash about now.
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Gene363
7 years ago

Unless you truly don't need it, take it earlier. Who knows if you will even be alive at the break-even point.

rfenst wrote:




Exactly, take SS before any retirement savings. SS essentially evaporates when you die except for your spouse getting a little bit. Your 401K or other retirement funds can live on for your family.
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KingoftheCove
7 years ago

Exactly, take SS before any retirement savings. SS essentially evaporates when you die except for your spouse getting a little bit. Your 401K or other retirement funds can live on for your family.

Gene363 wrote:


:-k
Pretty sure if I make it to 83, my spouse will get 100% of my socsec.....one of the reasons , at least for now, that I’m leaning towards waiting until 70.
She’s 13+ years younger than me.
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Gene363
7 years ago

:-k
Pretty sure if I make it to 83, my spouse will get 100% of my socsec.....one of the reasons , at least for now, that I’m leaning towards waiting until 70.
She’s 13+ years younger than me.

KingoftheCove wrote:




https://www.ssa.gov/planners/survivors/ifyou.html 


Social Security for Widowed Spouses in Retirement

Survivors Benefit Amount

Your survivors benefit amount is based on the earnings of the person who died. The more they paid into Social Security, the higher your benefits would be.

The monthly amount you would get is a percentage of the deceased's basic Social Security benefit. It depends on your age and the type of benefit you are eligible to receive.

If the person who died was receiving reduced benefits, we base your survivors benefit on that amount.

These are examples of the benefits that survivors may receive:

Widow or widower, full retirement age or older — 100 percent of the deceased worker's benefit amount;
Widow or widower, age 60 — full retirement age — 71½ to 99 percent of the deceased worker's basic amount;

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