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Old 01-24-2016, 10:53 AM
 
Location: Florida
4,376 posts, read 3,714,793 times
Reputation: 4116

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If you can afford to wait I would do it. The reason is you get a higher monthly check for life. I am not worried about trying to get the max dollars from SS by starting early, paying taxes on the SS, investing the money and paying taxes on it and then dying at an early age to get the most from SS. In addition you have to be able to pick good safe investments and that might be too big of a risk if you are counting on the money for retirement.
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Old 01-24-2016, 12:46 PM
 
Location: Ohio
19,953 posts, read 14,260,675 times
Reputation: 16133
Quote:
Originally Posted by selhars View Post
It makes no sense to take it early --
It does make sense if you need it.

Too many people are obsessed with punishing the government and maxing out their Social Security benefit instead of living and enjoying their retirement.
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Old 01-24-2016, 12:53 PM
 
Location: Pennsylvania
16,370 posts, read 10,361,162 times
Reputation: 28583
The OP isn't asking for a recommendation as to when to file or retire. He is asking for fact about 'what happens if…
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Old 01-24-2016, 01:24 PM
 
Location: Florida
4,376 posts, read 3,714,793 times
Reputation: 4116
Quote:
Originally Posted by PAhippo View Post
The OP isn't asking for a recommendation as to when to file or retire. He is asking for fact about 'what happens if…
But additional information maybe helpful to the OP or to others that read the posts.
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Old 01-24-2016, 01:30 PM
 
6,894 posts, read 7,300,512 times
Reputation: 9791
Escort, I'm tearing my hair out here!

13 answers and only two that are pertinent.
Mindboggling. Perhaps it shouldn't be -- but it is.
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Old 01-24-2016, 02:34 PM
 
Location: Los Angeles area
14,018 posts, read 17,759,876 times
Reputation: 32309
Quote:
Originally Posted by selhars View Post
Escort, I'm tearing my hair out here!

13 answers and only two that are pertinent.
Mindboggling. Perhaps it shouldn't be -- but it is.

Reading comprehension seems to be in short supply. Don't tear your hair out though; it's just the way things are.
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Old 01-24-2016, 02:38 PM
 
Location: Florida -
8,767 posts, read 10,862,335 times
Reputation: 16645
The break-even point for taking SS at 62, versus 67 is about 12-years. After that, one starts reaping the benefit of waiting. (Calculate the amount of SS at 62 x 5-years, divided by the amount of SS at age 67). Of course, there is also the 5-years spent in retirement versus working, but, that's another issue.
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Old 01-24-2016, 02:42 PM
 
71,797 posts, read 71,896,917 times
Reputation: 49350
it is really far more then that .

by the time you count the checks you didn't get , spending down invested assets which will be gone forever , no kickers added in spousal benefits until at least fra and the fact you are not exempt from medicare increases if they are more then colas pushes , break even out anywhere from 22-24 years depending on invested returns .
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Old 01-24-2016, 04:00 PM
 
Location: Sierra Nevada Land, CA
8,409 posts, read 9,160,010 times
Reputation: 13120
Why bother with all the paperwork until you need to?
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Old 01-24-2016, 05:24 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,177,266 times
Reputation: 6696
It amazes me how many people either did not read what the OP had to say or just don't understand what they read.

As for the OP's co-worker. He clearly is one of the people who take some information and exstrapolate it into false truth.

For the people who say if he needs the money he should take it, UM, if he makes 100K a year at his JOB then he would get almost if not actually ZERO money from SS it would all be taken back. So even if he gets some or all of it back later, he will still be collecting at a reduced rate for the rest of his life.

Now if as the co-worker seems to thing you could get all that money at 62 and beyond without the take back, then yes it would be great you could invest it all. BUT that is not how social security works.

To the OP I suggest you go to the ssa.gov site, find and print all the relevant info and give it to the co-worker.
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