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Would like to hear from people that collected SS early and people that collected FRA.
They’re so much info out there and options.
Recently I read that if someone decides to file and collect SS then decide they want to stop and wait to file at FRA. They can do that once, however, they have to pay back with interest all the payments, I think it only allows a person to collect for a year or less if they choose this start/stop.
I do not care if I will breakeven on the decision since I will be dead and not know it.
If you can afford to postpone then I would.
If married start the lowest benefit at full retirement age.
I consider the postponement as an inexpensive way to buy a annuity ( the difference you would get at FRA and 70). Remember this is a joint annuity if married as the payments go on after your death.
Remember your inflation adjustments will be based on the higher amount if you postpone.
If you are living off of your assets in order to postpone and run into trouble you can always start SS. This will help with the longevity risk.
there are as many reasons for delaying as there are taking it early.
we discussed this already to many times to rehash all over here
Didn't I post about that for the n-th time in the last couple of days, maybe yesterday? :-) I'll be collecting at 70 (a few months less than 7 years from now) unless I die earlier - because my parents are alive and active at 88, and because I may not die til 99 (like my grandpa), or until 108 (like my grand-aunt). So actually for me dying (or rather a small but non-zero possibility that I could live incredibly long) IS the biggest reason. And I don't need soc security prior to 70 for anything, so I don't know why I should be taking it earlier. But obviously, it's highly individual - that's why there is a choice to take at different ages.
there are as many reasons for delaying as there are taking it early.
we discussed this already to many times to rehash all over here
Yup.
It’s actually an easy decision. Read the past threads that MJ referenced, apply the logic to your personal situation & facts and the decision should be obvious. If you’re not a logical person or it’s not obvious, flip a coin. Then, work at making it the best decision ever. It’s highly dependent on location and lifestyle both of which you can manage.
The only one that’s simple to change, relatively speaking, is the one to wait since you can always start taking social security at any point, assuming you’re eligible. Heck, I (think) they’ll even offer to pay you a lump sum for the last six months meaning you can move that decision back that same six months. That means you’ll reset your payment to that same date, not today.
Didn't I post about that for the n-th time in the last couple of days, maybe yesterday? :-) I'll be collecting at 70 (a few months less than 7 years from now) unless I die earlier - because my parents are alive and active at 88, and because I may not die til 99 (like my grandpa), or until 108 (like my grand-aunt). So actually for me dying (or rather a small but non-zero possibility that I could live incredibly long) IS the biggest reason.
Probably.
I’m going to wait but we’re being tested since MrsK7 job evaporated. I drew up a funds flow that shows the monthly balance of our “near/cash” account balance impacted by my little pension, her little “car payment” pension kicking in at 60, her social security beginning at 62 and mine starting at 70 . We have enough cash or near cash to last until I hit 70 meaning, except for some dire emergency, we won’t touch our retirement funds or other investments until ….maybe never. In fact, that account will be back to the same level today when I hit 72. Down up 4.7 years, back in two. Heck of a deal.
Man plans, God laughs. I’m having some tests next week and I’m hoping it’s not a monkey-wrench-plan disrupter. I also want to buy a tractor. (MrsK7: )
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