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.

 

[KnightExtreme]

What about converting retirement accounts to say a Roth, But there are some things that you can't touch the Roth for a set period of time as you move the $ over. For some if your can great but for most at FRA it is a bit late to do a conversion because you can't touch that unless maybe some kind of emergency. So RMD's either way might be what some are stuck with from say a Traditional IRA Retirement Account and 1 never knows what will change as to these rules with the Fed Govt gets involved? So like myself are just attempting to survive on what little we have and don't forget when on Medicare you pay CMS some dollars which is rarely mentioned - some it is paid once on just medicare and once you get on SS it comes out monthly where as if not yet on SS it can hit you 3 months at a time or what happened to me I got hit first time for 5 months so some dollars I was not aware that I needed to cover when on Medicare. Till you sign up and learn about it if you don't have health insurance coverage and yet need some to cover meds.
Lots of unknowns till you get on either Social Security and or Medicare? Few know much, asked a few that had retired and they did not mention this like it was auto from you SS Benefits so what sounds good is less $ in reality at least for me it was...
KE

 

[Sabot]

I’ve always been told it won’t be there when I’m old enough to claim it, but at 52 it still seems to be alive. I’ll take it the minute they let me