For every year that you postpone Social Security benefits, your total Social Security Benefits will increase by 8% (pensions, retired)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
How long your going to live is a crap shoot. The return you get from investing is a crap shoot. Your S.O. outliving you is a crap shoot. Inflation and C.O.L. are crap shots.
Until somebody shows me a double or nothing I'll exhaust my considerable savings and max the monthly SS, being 70.
You're results may vary. Going fishing now.
The people I know that are waiting till 70 are wealthy.
Ah the concept of wealth. Is it really money in the bank? Is it about who has most businesses? Most assets? Or are we all just about equal?
A man standing without money in the bank beside another man with money in the bank are both breathing the same air. The wear the about same clothes, drive the about the same car, have the about the same house. Who's to say one is wealthier than the other?
Maybe when the man with the money in the bank starts spending his money, that will mean he is wealthier because it is something the other man does not have. But in this case, the man is not spending his money. He refuses to spend it and just go by taking little by little living as frugally as one can. The money in the meantime grows more and more. But he does not spend it. Maybe the body is weak already to spend it. Or maybe the lifetime of frugal spending is just too hard to overcome psychology.
Ah the concept of wealth. Is it really money in the bank? Is it about who has most businesses? Most assets? Or are we all just about equal?
Uh no, we are very much NOT equal, whether the measure be in wealth, talent, intellect, education, skills, or time left on earth.
A man standing without money in the bank beside another man with money in the bank are both breathing the same air. The wear the about same clothes, drive the about the same car, have the about the same house. Who's to say one is wealthier than the other?
Uh, here's a wild-ass guess: the one who has more money?
Maybe when the man with the money in the bank starts spending his money, that will mean he is wealthier because it is something the other man does not have. But in this case, the man is not spending his money. He refuses to spend it and just go by taking little by little living as frugally as one can. The money in the meantime grows more and more. But he does not spend it. Maybe the body is weak already to spend it. Or maybe the lifetime of frugal spending is just too hard to overcome psychology.
So only 'stuff' counts as an asset, not money? You really believe that a few million dollars saved vs. ZERO or makes NO DIFFERENCE at all? And if you get lots of stuff but are deeply in debt you are 'wealthier' than the frugal multi-millionaire?
Both men died. Who is wealthier?
Really? THIS IS ALL YOU GOT?
I gotta get a hobby instead of kicking around on these cockamamie threads..
I try to be understanding when new people join and start a thread topic that has been beaten to death....for YEARS! (and YEARS!) I was new to CD at one time myself. And over time some rules and situations do change.
BUT, what I did was -- and what I wish new posters would do is -- use the search function to read back over thread topics to see if the topic had been discussed before.
I just can't with the "delay taking Soc. Sec." topics anymore. I just can't.
For every year that you postpone Social Security benefits, your total Social Security Benefits will increase by 8%
I cut and pasted this from one of the countless articles about the advantages of waiting until you are 70 to collect Social Security.
If someone who did not understand money and retirement would read this, they would assume that their lifetime Social Security income will be at least 64% higher if they wait until they are 70 vs 62 to collect Social Security Benefits.
This is false. What is true is that by waiting until you are seventy to collect, your monthly Social Security Check will be at least 64% higher. What most people don't intellectualize is the reason the SS check is higher if you wait until 70 to collect is that you did not get ninety-six (96) SS checks from 62-70.
If you actually get more Social Security money by waiting till you are 70 is a wild card based on how long you live and what you lost in interest, dividends, and returns by raiding your portfolio to cover your lost money because you waited to collect SS from age 62-70.
I'm still waiting for the point (age) at which the curves intersect and the higher monthly check overcomes all the lost income from age 62-70...
I'm still waiting for the point (age) at which the curves intersect and the higher monthly check overcomes all the lost income from age 62-70...
If I'm not mistaken that would be somewhere around age 78-79, then you start "raking in" the difference.
For how long....? As someone once said, that's a crap shoot. My position, is my life is not going to be measured as the monetary difference between age 62 and age 70 Social Security even if I do end up with more S.S. by waiting. I mean, how much dinero can that be in the scheme of things, especially when you're running the final tally the day after you die? Plus, your personal stash, regardless of what your investments do in the mean time, is undiminished or less diminished due to using the other guy's money all those years. And let's face it, yes investment returns are uncertain but really, we're taking like 20 or more years here. The odds, if you're thinking "crap shoot", are in your fav' by saving the money and letting it grow.
P.S. I do realize with couples there are more options regarding the timing of these things. But that doesn't apply to me
if you consider spending down invested assets to live or money that could have been invested , spousal , uncapped medicare and the checks it can take 22 years or more .
however if even 1 in a couple lives to 90 which is about a 50% chance the ss equals the return on a balanced fund under average conditions with no market investment and no market risk ,
so the real deal boils down to more market risk or more longevity risk . if returns or inflation are worse than average then delaying ss beat taking ss early and investing . the check is just about 70% bigger with colas at 70 than 62 . so you are that much less dependent on markets . but you are more longevity dependent
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
