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Old 03-26-2016, 11:47 AM
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yep , according to ss the tend is folks are filing later
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Old 03-26-2016, 12:11 PM
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Originally Posted by Westbound and Down View Post
That chart uptick lines up with the market crash of 2007-8 and probably explains it for people who saw the value of and income from their retirement funds drop like a rock.
It no doubt continued rising for the next few years as 62 year olds who couldn't find work applied.
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Old 03-26-2016, 12:35 PM
Location: Central IL
15,201 posts, read 8,504,300 times
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Originally Posted by Newporttom View Post
We made the decision to NOT take it at 62. Primarily to ensure my wife gets higher amount if I go first. Was $18,516 back then. Now at 64 and 9 months it's $22,884. At 70 it will be almost $33,000.

I track what our retirement income would be every month (I invest for income), so the first of every month I log onto our SS accounts and get the new total if we retire immediately. Most people don't know that if you are past 62 and not drawing, the figure gets updated every month. It's very satisfying to see the results of waiting each month.

So, yes. I am happy we have waited.
Yes - I think people tend to think "I'll take it at age 62" OR "...age (FRA)" OR "I'll take it at 70". We hear about so many calculations based on those particular cutpoints that you forget you can take it at any point. By waiting, you can change your mind at any time and get SOME benefit by waiting for as long as you did. It's not like you've lost your chance and have to wait until FRA or 70 before you can start collecting.

Also, I believe that you can start but then change your mind within 12 months to stop and that will allow your amount to keep increasing - you do have to pay back what you've already collected. But the point is to keep in mind the flexibility you have and not panic yourself into doing something not good in the long run.

Last edited by reneeh63; 03-26-2016 at 12:58 PM..
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Old 03-26-2016, 12:53 PM
Location: Albuquerque NM
1,655 posts, read 1,521,066 times
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Originally Posted by davebarnes View Post
Every month that I delay, my SS payment will increase by 50/day.
So, two months of delay means that I can buy a $1 menu item at McDonald's every day. (And, yes, I know about taxes.)

Current age is 67.3 and not collecting SS.
1. Parents are 94 and both alive.
2. Wife is 9 years younger. Likely to live until mid-90s.
3. Make more money per month than SS payment would be.
4. Don't need the SS money. And, where else do I get a guaranteed 8% annual return?
5. Contest with myself: can I hold out until 70? (It is what happens when you spend too much time on the Bogleheads forum.)
But would you make the same decision if #1 and #2 were not the case (i.e., single and parents died in early 80s)? I assume #3 just means that you have income from investments and/or pension, not that you are actually working. I agree that delaying SS is a good idea if you have a spouse or longevity genes or if SS will be your main source of income. But I'm single with a significant pension (not all that dependent on the stock market) so don't really see the point of waiting.
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Old 03-26-2016, 01:02 PM
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With defined benefit pensions pretty much gone for the late-Boomers and Gen Xers, Social Security is going to be the primary source of income for an awful lot of people. I think a lot of people will plan to defer as long as possible but they will have a "life happens" event where they have to start collecting. If you lose your job in your 60's, it's tough to find the next one.
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Old 03-26-2016, 01:03 PM
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Now being age 68 and still delaying to 70 I have no regrets about delaying. Even if I drop tomorrow my wife will still be better off with a higher spousal on my account then her current benefit on hers. As many have said each situation is different and nothing is certain and oh well we have to each chart our own way. As others have noted pensions can play a major roll in our decision making.
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Old 03-26-2016, 01:58 PM
Status: "Support the Mining Law of 1872" (set 5 days ago)
Location: Cody, WY
9,570 posts, read 10,909,082 times
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I waited to take mine until I was 70. I'm 72 now; I haven't retired and don't have any plans to do so. I work out of my home with my own business. I manage my investments as well. I enjoy making money; I can always find very nice things to buy. I have some collecting interests which are also solid investments. Having nothing productive to do would make life meaningless for me.

My eldest aunt worked until she was 86. She only stopped then because her employer went out of business and no one else would hire her. We convinced her to move to Colorado where we lived at the time since the rest of the family had all died. She didn't live far from us and liked to come over and talk investments, especially penny stocks. About ten years ago I had just scored on a stock I bought for CA$.90 and sold for fourteen dollars. I wish that I could have told her about that one. She and I had obviously inherited some of the same genetic material.
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Old 03-26-2016, 02:26 PM
Location: Mount Airy, Maryland
10,454 posts, read 5,917,794 times
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Originally Posted by Vision67 View Post
If you look at the statistics from SS only a small percentage (about 4%) of people wait beyond FRA to collect SS.

I chose to take SS at FRA because I get the max SS benefit and I looked ahead to calculate my tax situation that would result from taking RMDs from my IRA at age 70.5 It's called the "tax torpedo". Do a search. Bottom line, by waiting to age 70 to turn on SS you may get into a situation where your money from your taxed IRA at age 70.5 can have a huge marginal tax rate.

Do the math.

look here: Social Security tax torpedo: How to blunt it before you turn 71 | OregonLive.com
I like the part that says you are a candidate for the tax torpedo if you have between $200,000 and $2 million in retirement savings. I'm thinking just about everyone I know will fall in between those figures.
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Old 03-26-2016, 03:22 PM
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Originally Posted by funisart View Post
We retired 2 years ago and still have not taken social security -though we are at/past FRA. Our pensions and bonuses from husband's patents have been more than enough.
Same for us. I retired at age 63 in 2011, DH retired at age 62 in 2013, we plan to both wait until 70 to draw SS (DH will file for spousal on me when he reaches FRA next year). It's all good for us.
Financially, we could have retired several years earlier but we both derived a great deal of satisfaction from our careers so weren't ready.

My brother turned 69 last fall and is still working. His long-time employer doesn't offer a pension. He's content to work until 70 and is happy he'll then have a decent SS benefit, no regrets on his part.
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Old 03-26-2016, 03:41 PM
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i want to cut our dependence on markets and rates as much as i can . we rather self sustain a few years and try to hold out until 70 for a 70% bigger check plus colas on that difference .

that will cut dependancy by a few percentage points .
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