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Mathjak, you are always a generous and knowledgeable poster, but do you ever feel like you're trying to teach calculus to a fox terrier?
For the record, I believe this subject wins the "Beating a Dead Horse" award - hands down!
More like bringing fire to the natives.
There is just so much myth and misinformation that people believe . They mostly parrot other misinformed people instead of learning both sides of the story
This article has good points but doesn't present the other side of the coin. My current plan is to take SS at age 62 or 63 but this is based on my own calculations and guesswork. There is a good case for waiting as well.
Most americans really do not have the option of delaying and not working. You need the resources to safely layout or it makes no sense.
To be honest they can't afford to have that choice . Money may not buy happiness but the one thing money can buy is choices
Most Americans have a lifetime of poor decisions. They hit age 62 with minimal retirement savings, maybe some home equity, and have a life event where they can’t work or can only find low wage work. As you say, they have no option but to take Social Security. Another poor decision but they’ll rationalize it just like they rationalized all their other poor decisions.
You have accumulated enough wealth where it really doesn’t matter when you collect Social Security. You say money buys choices but your money makes this choice a heck of a lot less important than for someone with less net worth. For me, it matters a heck of a lot more. I’m paying the penalty for some poor life choices. In my case, divorce math. Social Security is going to be a pretty large fraction of my post-age 70 cash flow.
Most Americans have a lifetime of poor decisions. They hit age 62 with minimal retirement savings, maybe some home equity, and have a life event where they can’t work or can only find low wage work. As you say, they have no option but to take Social Security. Another poor decision but they’ll rationalize it just like they rationalized all their other poor decisions.
You have accumulated enough wealth where it really doesn’t matter when you collect Social Security. You say money buys choices but your money makes this choice a heck of a lot less important than for someone with less net worth. For me, it matters a heck of a lot more. I’m paying the penalty for some poor life choices. In my case, divorce math. Social Security is going to be a pretty large fraction of my post-age 70 cash flow.
Mostly all of us go through divorce ,illness or job loss. It is the choices we made before and after that have us all come out differently .
Ss represents about 20% of our total income. I filed at 65 and my wife 62
Last edited by mathjak107; 02-11-2018 at 06:51 AM..
I took mine at 62, now approaching 70, I am wondering if I should have waited. One reason to not take it is if your wife will be taking SS off your work record when she reaches SS age, the longer we wait, the more for her or vice versa if her SS will be larger.
Wouldn't #4 be true even if you take benefits early at 62?
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