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Your advice to study up on Social Security before filing to collect retirement benefits is certainly excellent, but the nasty remark is not justified. We don't know the age of the original poster. Lots of people don't look into the details of SS when they are young; perhaps even the majority of people do not. And the original poster, via his question here, has begun the process of educating himself. Good for him for taking that step in the right direction.
I agree. He is a young person just starting out. Nasty remark is not necessary.
Last edited by NewbieHere; 01-23-2016 at 08:31 AM..
Yes, up to age 70. Any further deferral beyond age 70 is just leaving money on the table. It is sort of a gamble; if we are convinced we won't live very long, taking SS early is the way to go, but if we wish to provide best for life into our 80's and 90's, waiting until age 70 may be the ticket. A person who is waiting until age 70 to file but dies at 69 receives nothing. A person who files at 62 (the earliest allowed age) but lives until 90 has received less than he could have received by waiting.
Not everybody has enough to live on, or is able to keep working long enough, in order to wait for age 70. Each year, actually each month, that we wait beyond age 62 results in a slightly higher benefit.
While I did not look up the numbers in your example it would be live until 90. If they live to 89 or less, they should have started collecting at age 62 as they would be ahead.
Just to show you how much of a crap shoot it can be. The women in my wife's family (both sides) generally lived well into their 80's and most into their 90's. She died at 75. The men in my family rarely live past 70 and I am 73.
Just to show you how much of a crap shoot it can be. The women in my wife's family (both sides) generally lived well into their 80's and most into their 90's. She died at 75. The men in my family rarely live past 70 and I am 73.
Who would you have bet on?
This is why I get 100% spousal survival for my pension. You'll never know.
This is why I get 100% spousal survival for my pension. You'll never know.
My wife gets my 100% spousal benefit, along with her 100% spousal benefit along with my close to max age 70 SS survivor benefit. If she passes first I get the same. We want to maximize fixed income for the surviving spouse. While not a goal for everyone a goal for us. While we are both alive we are also getting her SS benefit on her own record. We were focused on income and not aggregate over time results.
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