FYI on Social Security

[Huntingfool]

I’m gonna grab it early at 62 and put it in another investment account is my plan now. Government has been mishandling my money for years and I figure if I can get it into logical investments I should come out better off

you will have to earn more than 8% each and every year to beat the increase in the SS benefits each year to your age 70 (not to mention COLA increases) - SS increases a guaranteed 8% for each year you wait to take it

[WyoBull]

The way we have it planned out with our financial planner is that I will not start drawing SS until I am 70 and my wife will start drawing at 67. The difference in what you will get by waiting is substantial.
We have saved/invested and will have plenty to live on so we have the ability to wait. That is assuming health etc remains in tact.
Everybody’s situation is different but for us, waiting makes the most sense financially.


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[Bill M]

Anyone have a link to this? I'm curious if my wife can get 1/2 of my amount since she will wait to draw hers.

[WItoTX]

We do and what we are doing works best for us. Everyone is different and sometimes whatever works for one couple is not works for others. Sort of like bows, what is the best for one may not be the best for another.

This is about the truest statement. If folks think they are getting the shaft, it's time to see the financial advisor, and confirm this to be true, or get paid more.

My personal opinions on SS aside, I am glad it is working out for you. My mom ran into a similar situation to yours, and it really benefitted her. Granted, if I ask her how much she put in, I never get a straight answer, but that is another story!

[tps7742]

Anyone have a link to this? I'm curious if my wife can get 1/2 of my amount since she will wait to draw hers.

This isn’t a Social Security link but it appears to explain the restriction application fairly well in laymen terms

https://carsonallaria.com/2023/01/09/social-security-loophole-that-still-exists/

[tps7742]

We do and what we are doing works best for us. Everyone is different and sometimes whatever works for one couple is not works for others. Sort of like bows, what is the best for one may not be the best for another.

Good follow up comments!

[Bill]

yep - if you can put off SS until 70 and are in good health and can live without the money earlier then you are the winner - 8% increase per year if you wait -

HUGE difference in money

8% per year doesn’t add up to a $2,000 per month increase in 3 years.


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[Bill]

If I read the payment percentages correctly, between 67 and 70, she’d have to be pulling in $8000 a month in SS to get that kind of jump.

The max ss benefit if you retire in 2023 at age 70 is $4,555.



Where does anybody see a 1 time/ lump sum payout option for ss?




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[Mudslinger]

8% per year doesn’t add up to a $2,000 per month increase in 3 years.


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You have no idea what my wife put into SS. I could put her info up here but it is no ones business. She had a bigh paying job and put a ton of money into SS.

[Bill]

I took mine at 64. My breakeven was 15+ years waiting to 66.


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[glen]

Mud everyone that makes above the cap pays the same amount. I was hourly and always felt like I got a raise once I reached the cap. I think now it’s about $130k. When I was working it was less and for some reason 118 or 108 comes to mind

[boy wonder]

My calculations show that taking my SS at 70 vs 62, it will take 10 years just to break even.

[Txhunter3000]

The max ss benefit if you retire in 2023 at age 70 is $4,555.



Where does anybody see a 1 time/ lump sum payout option for ss?




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On this scenario the break even is 83 y 9 no. 66 years 6 months being full retirement age. Investing that extra 42 months of lower payments will push the breakeven further out in my opinion, maybe I'm missing something.

[SaltwaterSlick]

The max ss benefit if you retire in 2023 at age 70 is $4,555.



Where does anybody see a 1 time/ lump sum payout option for ss?




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I retired in January of 2023 and I can vouch for the max at 70... Wife retired in Nov. 22 at 65 and her's is half of mine... We don't owe anyone anything (except the Lord who owns it all anyway), so we live quite well on our gubment checks... All that IRA, 401K, and 2 pensions just let us play like we want to... We were both professionals for our whole working careers and never got rich, but we did quite well and we planned for this retirement gig... It's been a hoot so far, praise the Lord!!

[M16]

If you have a high income after filing for ss. They will steal a good chunk of it due to the income penalty for Medicare. Our Medicare income penalty is around $1000 a month. And you still have to pay for your Medicare supplements.