U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-10-2018, 04:12 AM
 
2,443 posts, read 2,070,283 times
Reputation: 5690

Advertisements

A better chart would be assuming a person lives to be 90 what are the differences straight out on taking SS at 62, 65 and 70.

Let's assume just SS and no other assets being drawn from.
Reply With Quote Quick reply to this message

 
Old 12-10-2018, 04:16 AM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
no it would not be a better chart because it is inconclusive .

it is not realistic without considering the fact you need to either live on money that could be invested , or are spending down money that could stay invested . essentially you need to front yourself the ss money you are not getting .

that is where people skew their numbers and constantly get more dollars showing delaying . in practice though you need money to live while delaying . there is a big cost to that money in potential lost income and balance.

but if you want the numbers , here .

Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:20 AM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
no it would not be a better chart because it is inconclusive .

it is not realistic without considering the fact you need to either live on money that could be invested , or are spending down money that could stay invested . that is where people skew their numbers and constantly get more dollars showing delaying . in practice though you need money to live while delaying .

but if you want the numbers , here .
It looks like delaying is better if you live to a ripe old age.
Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:26 AM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
yep , that is the case . with a couple odds of one making it are very very good . for a single not so much . at 95 ss can give you a 6% real return . that is after inflation . not bad from a gov't bond basically . but look at the risk in longevity of seeing that .

the irony though in all of this , is most americans have no choice because they can not afford to lay out the ss delaying without working .

so you have those with the greater need for the bigger check not having the choice more often than not. they would have to spend savings way to low .

i think for many with the assets to layout 65-66 is a good balance .

Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:33 AM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
yep , that is the case . with a couple odds of one making it are very very good . for a single not so much . at 95 ss can give you a 6% real return . that is after inflation . not bad from a gov't bond basically . but look at the risk in longevity of seeing that .

the irony though in all of this , is most americans have no choice because they can not afford to lay out the ss delaying without working .

so you have those with the greater need for the bigger check not having the choice more often than not. they would have to spend savings way to low .

i think for many with the assets to layout 65-66 is a good balance .
My FRA is 67 so I probably would be best to retire at 65 for the health insurance and delay collecting SS until 67
Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:35 AM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
can't say what anyone elses total plan should be . you can go to any number of sites with very very good professional people who will work up a total integrated plan for you depending on the level you want to pay for .

i like social security solutions . they seem to have a good reputation. as i posted above , there is so much that goes in to that decision other then what if i die .
Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:40 AM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
I would say in most situations, waiting to FRA is the best move financially. Then again if you have an inkling you won't live too long due to family history, medical problems ETC, then collecting as soon as possible is the way to go.

Longevity runs in my family as does with my wife.
Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:41 AM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
it depends . again , are they retiring at 62 and delaying to fra or working until fra . if they are delaying until fra and retiring at 62 they need all that ss money to lay out up front , they have health insurance to deal with . in arizona my sister is 61 and paying 1400 a month with a 6500 deductible .

. do they have a spouse who can't get thousands in spousal until the higher earner files ? again , you can't say what is best for others .
Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:42 AM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
it depends . again , are they retiring at 62 and delaying to fra or working until fra
I would think statistically most that retire at 62 are collecting SS
Reply With Quote Quick reply to this message
 
Old 12-10-2018, 04:45 AM
 
Location: Colorado Springs
4,834 posts, read 4,949,965 times
Reputation: 17302
Quote:
Originally Posted by jasperhobbs View Post
I would think statistically most that retire at 62 are collecting SS
I think that is correct. Age 62 is the most popular age for claiming SS benefits.

We Americans aren't too good at delaying gratification.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top