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Why claiming Social Security early could be more popular than ever this decade

M

MULTIZ321

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Thanks, nice article.
How much interest is our government earning off SS monthly and where is the Money going ?
 
pedro47 said:
Thanks, nice article.
How much interest is our government earning off SS monthly and where is the Money going ?
Click to expand...


I'm not sure one could say the federal government is "earning" interest from social security
But there is an "actuarial deficit" in the "trust fund" that will have to be dealt with at some point in the future
 
After overthinking the " when to collect " issue, it became clear that the break even point for us is just under 80. We think we can invest this better now versus at 80. Many of the people we know begin to go into the dwindles after 80 and have problems by 85 keeping track of everything. I only know a very few people that lived past 86.

Bill
 
FWIW: I think a growing number of people are realizing what a pain in the ________ work is in most cases. Unless you are one of the fortunate few who have a job you really like, why would you want to work any longer than you absolutely have to?

There is far too much of this country (and the world if budget allows) to see and explore. My biggest reason for wanting to retire at 62 and not a day later is there are things I will hopefully still be able to do at 62 that I am less likely to be able to be at 67 (or 70 or whatever). I may still work a small job when I retire - if I can find one that suits me and one I enjoy - as I would like to continue to invest whatever SS income I receive.

It may be a poor financial move on my part, but I do not want to spend my life working.
 
WinniWoman said:
Health insurance is the real issue. You will need to use the SS check to pay the health insurance premiums. College costs and health care premiums have prevented us from retiring early.
Click to expand...

This could be the real issue. Many Americans were laid off prior to 65, have been scraping by and need the income to live.

I also have a friend who took early social security because they have a developmentally disabled adult child who will receive more social security once they start drawing it. The aggregate numbers came out better to take earlier than to wait.
 
bbodb1 said:
FWIW: I think a growing number of people are realizing what a pain in the ________ work is in most cases. Unless you are one of the fortunate few who have a job you really like, why would you want to work any longer than you absolutely have to?

There is far too much of this country (and the world if budget allows) to see and explore. My biggest reason for wanting to retire at 62 and not a day later is there are things I will hopefully still be able to do at 62 that I am less likely to be able to be at 67 (or 70 or whatever). I may still work a small job when I retire - if I can find one that suits me and one I enjoy - as I would like to continue to invest whatever SS income I receive.

It may be a poor financial move on my part, but I do not want to spend my life working.
Click to expand...

Retire overseas in a good country and you’ll do much better. Panama is one of those countries. Great health care and much less expensive to live there. Lots of Americans and safe. Lots of discounts for US retirees also.


Sent from my iPhone using Tapatalk
 
I took early retirement this year and receive a small pension from work (a cut since I am not "retirement age"). I worked p/t the last 28 years - only had dental and eye glasses so basically no medical (worked F/T a few years before the kids, etc.).

I now babysit my 4 grandchildren (two sons) 3-4 days a week. They are not going to daycare if we (both set of grandparents) can help out and we can. I was not giving up medical/full time benefits/great salary...

I will be collecting my SS as early as they allow me to - 62 hopefully? I do have a few years. Of course, if anything happens to hubby, I will have to get my own medical until I reach 65 :(

My sister, two brother-in-laws and my best friend were all under the age of 60 (47, 47, 54 and 59). I want to have a few (a lot more of course) healthy years where I can enjoy life.

Someone I know just recently retired mid 70s. For years she talked about getting more money at retirement age and planning on traveling more, etc. etc. Well she did retire but can barely walk and has already started having falls. She can barely use her hands from arthritis too.

Each person must do what is best for them financially and health wise - we don't know what the future holds. Hopefully the decision works to our advantage :)
 
uaremymuse said:
Retire overseas in a good country and you’ll do much better. Panama is one of those countries. Great health care and much less expensive to live there. Lots of Americans and safe. Lots of discounts for US retirees also.


Sent from my iPhone using Tapatalk
Click to expand...
yeah, but, that's the end of seeing friends and family. And either sell everything or pay a whopping bill to ship belongings.

I dunno. The right call for some people, but I am not among them.
 
geekette said:
yeah, but, that's the end of seeing friends and family. And either sell everything or pay a whopping bill to ship belongings.

I dunno. The right call for some people, but I am not among them.
Click to expand...

We all end up making tough decisions every day of our lives and most decisions are not perfect ones. Best of luck.


Sent from my iPhone using Tapatalk
 
I have been travelling for the last 35 year, just in case I can't when I am later in life. I think I am at around 50 countries, but still more to go, and more places to see.
 
We have been very fortunate to be able to travel to 106 different countries over the past 59 years. We retired at 57 and never look back and regretted that decision. We took our Social Security as early as we could which was age 62 and invested it. We are now 80 and our average return was 10 1/2% on our Social Security money per year. I don’t think that waiting until while we were 70 would have provided us as much income and assets. it would be a real math problem for me to figure it out. I have never seen an article that showed for different way to return investing your Social Security and taking it at an early age compared to what you would get at age 70.
 
If you earned 10½% you are ahead of the game. My understanding is that if you delay taking Social Security until age 70, your benefit only increases 8%...

George
 
bogey21 said:
If you earned 10½% you are ahead of the game. My understanding is that if you delay taking Social Security until age 70, your benefit only increases 8%...

George
Click to expand...
It is not a true 8% increase. It takes the sum of money that you did not take between 62 to 70 and add that up and divide up for when you start at the age of your withdrawal until about 80 years old, and the COLA for the 8 years and call it 8%.
 
Last edited:
easyrider said:
After overthinking the " when to collect " issue, it became clear that the break even point for us is just under 80. We think we can invest this better now versus at 80. Many of the people we know begin to go into the dwindles after 80 and have problems by 85 keeping track of everything. I only know a very few people that lived past 86.

Bill
Click to expand...


Bill, I agree with you and believe that the income would be more useful now as opposed to at 80 y.o.
 
WinniWoman said:
Health insurance is the real issue. You will need to use the SS check to pay the health insurance premiums .
Click to expand...

One of my self employed friends said that Medicare wanted him to collect SS at 65 which was about a year off his fra. He thought this was less costly than paying his private policy so he signed up for SS.

Bill
 
easyrider said:
One of my self employed friends said that Medicare wanted him to collect SS at 65 which was about a year off his fra. He thought this was less costly than paying his private policy so he signed up for SS.

Bill
Click to expand...
Are you saying that he was unaware that these are 2 separate events?
 
VacationForever said:
Are you saying that he was unaware that these are 2 separate events?
Click to expand...

What do you mean ? He paid for private insurance and at 65 he signed up for Medicare and SS because the Medicare cost and SS loss until his fra was less than his private insurance.

Bill
 
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