getting SS at 63 not sure?

[fooferdoggie]

I thought I had to be 65 but thats for medicare. right ow I would get 859.00 minus what I lose from working. if I want the max is 1,450 at 70. but when you think of all those payments lost for all those years then you really loose more. Plus who knows how long I will be able to get it. any idea's? I could use use it and it would let me save for a new marine for my job.

 

[Cmaier]

If you wait until 70, you miss out on 70,000’ish. If you think you will live past age 80, then you make up for that with the increased payments if you wait until you are 70.

Of course all of that assumes 0% interest rates, and that things don’t change in the future (in terms of payouts).

Taking into account time-value-of-money, if you think you will live past 85 it may make sense to wait to collect.

But I thought if you wait until 65 they give you more than if you retire at 63? That might change the math.

 

[fooferdoggie]

I have not exactly been high income, and as we know, who knows if the money will still be there. I don’t know how long I will live, but I will have to work till I can’t anymore. I figure if I can, I can save the extra for emergencies or a new machine I can really use at work since my income depends on it.

 

[Alli]

It's also a gamble right now as to whether or not the current administration dissolves social security. I grabbed it at 63.

 

[fooferdoggie]

It's also a gamble right now as to whether or not the current administration dissolves social security. I grabbed it at 63.

I know whats what I am worried about I guess I will do it. I can use the money some months if not I can save it.

 

[Yoused]

I took it at 65 because of paranoia about what might happen to the system and I do not want to be left high-and-dry. 65 is when Medicare automatically kicks in, and a premium is taken out of SS, so it made sense to start on it. I would have got more if I had waited to 67 (the recommended time for me to start), but the situation looked possibly chaotic so I decided to jump on it at 65.

 

[Eric]

It's also a gamble right now as to whether or not the current administration dissolves social security. I grabbed it at 63.

This is my concern as well, our financial advisor recommends waiting until at least 65 as per our long term plan but who knows if I'll even live that long. Still, I'll probably just keep taking their advice as long as we can maintain our current plan with my supplemental income.

 

[Herdfan]

Plan on taking it at 62 and putting every dime in an Index Fund. My breakeven would be at 78 and 9 months.

 

[fooferdoggie]

Plan on taking it at 62 and putting every dime in an Index Fund. My breakeven would be at 78 and 9 months.

How can I do it with the least amount of work and better yet automatically? I have no clue about doing such things.

 

[Eric]

How can I do it with the least amount of work and better yet automatically? I have no clue about doing such things.

Probably best to consult with a financial planner to be on the safe side, even if just for a one time basic analysis/recommendation of your funds.