For every year that you postpone Social Security benefits, your total Social Security Benefits will increase by 8%
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Not for the older crowd. They are not going to cut for the older crowd, they may close some loopholes. But I hate these kind of articles. Only stupid people can write stupid story like that. Sorry to use the stupid word twice but the whole thing is just stupid.
Who knows what they'll do. I'm 66 and waiting till age 70 to collect on my own record; currently collecting Survivor benefits on my late husband's record. It's a crapshoot; my prediction is that mine will be eroded in some way or another (e.g., increased taxes on SS) because I have other income. So, it will become more needs-based. I could grab mine now (I was a higher earner than DSH) figuring I'll get less than promised after taxes in the future, but people in my family generally live to ripe old ages so I'm waiting to get the max benefit.
if anyone can guess correct on how long they expect to live i certainly would buy lottery tickets too .
that is one of those questions we can never answer until after the fact. both my parents were long gone at my age .
True but you can make an educated guess based on health history, weight, habits, etc....but still a guess. So for someone that is 200 lbs. overweight, chain smoker, drug addict, and has had 3 heart attacks by 55, probably wouldn't be advisable to wait until you're 70.
True but you can make an educated guess based on health history, weight, habits, etc....but still a guess. So for someone that is 200 lbs. overweight, chain smoker, drug addict, and has had 3 heart attacks by 55, probably wouldn't be advisable to wait until you're 70.
i would never judge by that ... life has a way of surprising us ... there are so many other factors that in a good plan that would be the least important since what is best for my spouse would be number 1
if anyone can guess correct on how long they expect to live i certainly would buy lottery tickets too .
that is one of those questions we can never answer until after the fact. both my parents were long gone at my age .
As we all know, there are people in perfect health with great genes.......who out of nowhere have a fatal incident. (heart attack, stroke, car accident, crime, you name it)......and there are those with health issues who live on and on.
Of course we can only make educated guesses as to timing. I do notice though, that in my parents' age group, 75 seemed to be a turning point as to health issues complicating enjoyment of life and quality of lifel
I notice more recently, that age turning point has moved up to between 80 and 85.
Still in all, who knows.
like i said , the bigger question is what if i or my spouse live ...dead is dead ....
i only delayed to 65 but that was because i was working a day and would have to give back .... but analyzing the big picture for us delaying was not a factor nor added or subtracted from the plan ... others who really really look at all the factors and not just what if i dies will have other decisions to make .....
in my opinion anyone who cannot layout their full draw day 1 if they delay and enjoy their full budget without waiting 8 years to first spend more is not a good candidate for delaying
i would never judge by that ... life has a way of surprising us ... there are so many other factors that in a good plan that would be the least important since what is best for my spouse would be number 1
Sure, for those of us married, the effect on spouse should also be a big factor to consider. While I agree that there are surprises when unhealthy people live on and healthy die young, I still think your health habits and history should be considered in determining when to take SS and projecting out which is more advantageous (just saying it's a factor, not necessarily factor #1).
For me personally, my social security will likely always be less than 20% of our total income in retirement so deciding when to take it is based on maximizing it within that context.
I will start my SS no earlier than FRA, assuming all goes well. I want the full benefit amount. Once I get to that age I'll then decide if I want to wait another year or more.
I will start my SS no earlier than FRA, assuming all goes well. I want the full benefit amount. Once I get to that age I'll then decide if I want to wait another year or more.
FRA and I am done!
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