Here's the difference in SS benefits between 62 and 67 for me. (community, 2014)
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Congrats to all that have a happy retirement!!! Suffering for more money is not a good reason to delay retirement IMHO. I would never suggest anyone suffer in order to have more income. That does also of course include consideration of the likelihood of suffering much later in life because of a lack of income. Only you can decide.
I still have a few years until I'm eligible for Social Security, but based on my recent SS benefits statement, if sign up to receive SS at age 62, I will get approximately $800 per month LESS than if I wait five years at 67 at full retirement age (FRA). Is that extra $800 per month worth working an extra five years?
Oh yes it is worth waiting for. Don't underestimate financial hardship in your senior years. Remember that you have about 20 more years to live (on average). If you retire early you will be missing out on about $200k total over the next 20 years. I wouldn't give that up.
If you have $500k socked away already and really can't stand the thought of working longer then maybe you won't miss it too much. Personally I have never known anyone that can retire on their savings.
Hmm. There was a $1500 difference in my age group. Better re-check that.
Important to note, 6 of about 15 people I know and are of about my age, died between 57 and 67. Heck... I almost did, too! None of us would have ever predicted that 10 years earlier.
Big time culling goes on in the late 50's - mid 60's. Just sayin.'
I dont follow the healthcare or ACA movement.. Got some years to go yet.
But last I heard it was being dismantled and probably all but gone when its my time.
Wow! How could you have missed John McCain rising from the dead last year to vote down the Senate bill repealing ACA? Almost as much of a media spectacle as a Royal wedding.
I can pretty much remember most of those who I knew who died before 60 .that is because there are so few compared to all those who are alive
At my 40th High School reunion a couple of years ago, there were 17 dead classmates out of ~ 400 graduates. A few had things like ALS and pancreatic cancer but most were motorcycle and auto accidents. We all turn 60 this year. Stastically, most of us are likely to be around for our 50th. I’m from a mixed suburban town where most people ended up middle and upper middle class. The people dying early tend to have working class poor health behaviors like smoking, heavy alcohol use, poor diet & exercise, etc. Your socioeconomic class is a pretty good predictor of how long you’ll live. You make better choices and that includes healthy living choices.
yep , those who die early tend to stick in our minds because they are relatively few compared to those who live and go on .
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