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Old 10-23-2016, 08:40 AM
 
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I would hazard a guess that there could be some difference between what you would get at 63 and 66 just based on 'inflation/COLA' alone so don't discount that either.


I have a slightly different situation in that I am a 'survivor' so I didn't get any added bonus if I waited till 70 to claim (I would get the same .. plus any additions for inflation - if I waited). I was eligible to claim at 62 however and at that time was told that if I waited till I was 66, I would get approximately $2k a month (an increase of about $10 a month for every month I waited). I think had I claimed at 62, the amount would have been less than $1700 as I recall. I waited till I was almost 66 (1 month shy but I figured $10 a month loss would not hurt me) and when I claimed, the amount I was given was over $2400 month. So somewhere along the way there was $400 a month added that was not due to my husband making any more money in that period because he was dead.


According to the government the last couple of years have really not had any inflation (umm sure - funny how their figures and mine don't always tally) so most of that must have come from the first couple of years I was waiting, but, $400 a month is quite significant - so I am glad I waited that long. And that number will probably continue to rise over time too - though perhaps not by that much as I doubt it will keep up with 'real inflation'. The point is it is not static.

Last edited by Aery11; 10-23-2016 at 08:51 AM..
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Old 10-23-2016, 09:55 AM
 
Location: The Berk in Denver, CO USA
14,035 posts, read 20,355,620 times
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OP,
This is a huge decision.
Go to https://maximizemysocialsecurity.com and spend the $40 for the service.
Spend a few hours going thru various scenari so you fully understand the results of any decision.
,dave
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Old 10-23-2016, 10:12 AM
 
Location: equator
3,442 posts, read 1,535,055 times
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Full Retirement Age, I'm guessing.
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Old 10-23-2016, 05:52 PM
 
7 posts, read 4,468 times
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Quote:
Originally Posted by davebarnes View Post
OP,
This is a huge decision.
Go to https://maximizemysocialsecurity.com and spend the $40 for the service.
Spend a few hours going thru various scenari so you fully understand the results of any decision.
,dave
Thank you Dave for the website, I'd check out for the service. Since my other option is wait until I reach 70, but like everyone else I don't know I'd get that far . I guess we all play by ear.
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Old 10-23-2016, 07:11 PM
 
Location: The Berk in Denver, CO USA
14,035 posts, read 20,355,620 times
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Default Pay for advice

Quote:
Originally Posted by phonam View Post
Thank you Dave for the website, I'd check out for the service. Since my other option is wait until I reach 70, but like everyone else I don't know I'd get that far . I guess we all play by ear.
I was going to hold out to 70.
Changed my mind and am taking it next month at 68.
Maximize was very helpful in making that decision.
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Old 10-23-2016, 11:02 PM
 
Location: Planet Woof
3,139 posts, read 3,509,293 times
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NOLO.com also has some enlightening articles on SS considerations.
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