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Social Security, When Will I Break Even?

beebee
edited June 2016 in Off-Topic
Early, Normal or Late SS filers have a lot to consider when it comes to their cumulative SS benefit.

Another variable when collecting early include factoring in the cumulative effect of COLAs. Also, personal family life expectancy should be a considered when deciding to delay collecting SS benefits.

For example if there is strong possibility (family history) that one might pass in their 60's or early 70's you might want to take the benefits as early as possible. Early filers who start collect at age 62 will receive a benefit for eight year prior to age 70. This ensures a significant SS benefit pay out. For late filers who pass soon after filing offers little in terms of benefits received while early and normal filers would have already collected a significant SS benefit by the time they reach age 70.

if-i-wait-until-70-to-claim-social-security-When Will I Break Even?

Comments

  • TedTed
    edited June 2016
    @bee: I took my Social Security at 62 and never looked back. Your link doesn't appear to have worked, so I'm relinking it
    Regards,
    Ted
    http://www.fool.com/investing/2016/06/05/if-i-wait-until-70-to-claim-social-security-when-w.aspx?source=eptfxblnk0000004
  • [Deleted User]
    The user and all related content has been deleted.
  • DanHardy
    edited June 2016
    There is another factor - your investment return rate Vs the increase in SS by waiting.

    If you return rate is high then it would be better to take SS and keep your money earning the higher investment rate.

    Then there is the tax aspects and IRAs. If you take SS at 70 and also take IRA distributions at the same time you could be paying high(er) taxes.

    Then there is Obamacare. If you take SS early it could reduce your Obamacare subsidy (if you get one).

    At this time I'm looking at taking SS at 63.5. It appears to be the best balance of the investment return and taxes for me.

  • davidrmorandavidrmoran
    edited June 2016
    Man, what a dumb-dumb article, even (or perhaps especially) by Fool standards.
    If I take it early and I invest it luckily (really luckily) and leave it alone and do not need it (wait, why then did I take it early??) and my spouse is going to die early and it is going to change in the future (not gonna happen) and I myself also die earlyish ... then it is better not to wait. Maybe.
    What?
    Look how I have to stretch to make my case, how many stretches.
    One wonders who assigned this, or who accepted it if over the transom.
    If you really need to take it early, or are untrusting, do so; if not, push back to 70 if you can. Unless you know you're going to kick.
    Jeez, how lame.
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