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I still have a few years until I'm eligible for Social Security, but based on my recent SS benefits statement, if sign up to receive SS at age 62, I will get approximately $800 per month LESS than if I wait five years at 67 at full retirement age (FRA). Is that extra $800 per month worth working an extra five years?
Most of the discussion about delayed filing still has people retiring at the same age. Working to 67 is not required to delay filing for SS. If you want to retire 5 years earlier and live on $9600 less per year tax free for that privilege, that is your decision. Whether I retire at 60, 62 or 70, my SS stays exactly the same (within a few bucks a month) whether I work or not. ( because at 60 I already have more than 35 years of maxed SS earnings) So that is not even part of the decision process for me. Every year I work past 60 just adds to SS coffers with no real benefit to me, commensurate with the $9k they get from me each year.
BTW, if you are in your 30s or 40s the SS estimates are pretty useless. Mine is significantly higher than the estimates were at those ages. FWIW, mine goes up $1000/month from 62 to 67.
I still have a few years until I'm eligible for Social Security, but based on my recent SS benefits statement, if sign up to receive SS at age 62, I will get approximately $800 per month LESS than if I wait five years at 67 at full retirement age (FRA). Is that extra $800 per month worth working an extra five years?
So how long will it take you at that extra $800 a month to make up for 5 years of not drawing the age 62 benefit? FYI, it takes 14 years to start losing money by drawing at 62 vs 67. You have to ask yourself if you're going to live 14 more years. Chances are you won't.
Just had a friend die at 69 of pancreatic cancer, 9 months from date of diagnosis to date of death. Had she waited until 67 to start drawing, she would have lost all that money from age 62 to 67 only to gain a few hundred $$ a month from age 67 to 69.
Personally I started at 62 because, darn it, I paid in from the time I started working at 17 and I want all that I'm entitled to. Family history is rampant with cardiac problems and I'd hate to be lying there dying thinking about all that money I missed out on just to be greedy at age 67 or 70 or whatever.
Depends, if you plan to die at age 63 then no. If you plan to die at age 80 that extra $800 a month could come in handy.
Your month to month income is what you will live on. More important than a total payout computation. Live expectancy is around 80 these days.
Quote:
Originally Posted by FloridaHappy
I'd hate to be lying there dying thinking about all that money I missed out on just to be greedy at age 67 or 70 or whatever.
Seriously? On your deathbed and you’d be thinking about SS money missed??? Wow,wow and wow!!! Some people need to get their priorities straight
Last edited by Mr5150; 05-11-2018 at 09:05 PM..
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