Taking your SS

[Beendare]

I talked to 3 buddies my age- 69- that are still not taking their SS.

OMG, do the numbers...there are a lot of good resources out there. I didn't take mine until 67 becuase I still make a a decent amount of money from 3 businesses and after 67 or 67 1/2 you can make as much as you want and you don't get penalized [Every age group has a different cutoff, check on yours]

My 2 friends thought they get penalized under 70- wrong, leaving money on the table.

My other buddy says he "Ran the numbers" and he makes more at 70 so it makes more sense to wait. Wrong- thats almost never a good idea. When you factor in drawing down savings, money lost to gains on that and other factors- take the money unless you still make a significant amount of money.

My 2 buddies just left appx $60k on the table .....

 

[survivalistd]

That's interesting I'm waiting till 67 also. Great info!!

 

[wyosteve]

Yes, failure to take it early in most cases means you have to live to about 80 to reach the 'break even' point. After that in may be money ahead, but you also lose out on any investment opportunity if you don't really need it to live before that.

 

[LostArra]

There are a lot of factors other than the break even point. One plan isn't the best for all. If there was a one sure way to game the system I think over the past 85 years the Social Security Administration would have figured it out. They've run all the numbers and it's a wash for them or you wouldn't have a choice.

Edit: there was a way to game the system for old us old guys (restricted application) but it's been phased out in 2015 if you were born after January 1, 1954.

 

[smoke]

I came to the same conclusion as Beendare. I'm 66, still working and not taking SS. I will start to draw at my next birthday even though I intend to work a tad longer.

 

[chindits]

Maybe not everyone needs SS so it seems a little hypocritical and selfish to bitch about the insolvent nation with an unsolvable deficit while calculating the most you can get out of said country.

Some may need to work on reducing pre tax IRA accounts before absurdly high RMDs kick in especially if they have sizable retirement investments from the pre ROTH early years.