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SS is a really attractive program when compared to any other annuity so if you are able and have health and genetics on your side delaying until 70 to get the maximum is a good option.
I plan to spend down my retirement portfolio (mostly IRA) until 70 so that I can spread the tax load before SS, reduce the MRD after 70, and maximize SS payments. Of course a change in government policies or my health could screw up the plan.
I am 63 now, but plan to wait until 66 for full benefits. I want to have the option to work now without worrying about exceeding the cap. However, based upon hypertension, s/p stroke, and sleep apnea, statistically I'm down for the "dirt nap" at around 75. Therefore, I won't wait until 70 just to "maximize my benefits" for a going away party.
I'll be 62 next year and plan to start collecting it as soon as it's available. I realize that this will reduce the amount I'll receive so I guess I'll just have to hope that I don't live too long so it will turn out to have been the best choice.
I'll be 62 next year and plan to start collecting it as soon as it's available. I realize that this will reduce the amount I'll receive so I guess I'll just have to hope that I don't live too long so it will turn out to have been the best choice.
At 65/66 you can stop SS, pay back what they paid you interest free and re-apply for full benefits.
Not a joke..you can do it. That's 4 years of payments. If you have that saved up in some investments then you CAN get full benefits at 65/66, if 65/66 is your full retirement age.
Kind of depressing...agreed. Who cares when someone else takes their SS benefits? Totally an individual thing. If you don't need to earn over $14,160 this year....by all means begin at 62....if not, don't
I'm only 58 so have 4 years to wait. Unofficially retired. Living on my dh's pension now.
Based upon your profile picture, you are way too young to be collecting Social Security.
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Therefore, I won't wait until 70 just to "maximize my benefits" for a going away party.
