FYI on Social Security

[Mudslinger]

What would her lump sum payout would be since she was able to collect? I was planning on doing the same as you until my cousin who is the same age as me had a stroke. I decided to draw my SS after that and I could take a lump sum from the time I was elgible or have my monthly SS increase about $30 a month. The lump sum was over $15,000 so that was a no brainier. It's a gamble but I'm wondering how much you left on the table since you waited until 70. My break point to break even was to draw and live to 82. With my family history I wasn't taking that chance.

Her monthly is right at $3000 per month so not sure what a lump sum would be. 10 months at $3000 per month is $30,000 so I guess we will take our chances on living longer. The wife is in excellent condition for her age, me not so much!

[Huntingfool]

We decided when we retired at age 67 in 2020 that my wife would wait until she turned 70 to start taking he SS payments. She and I are in the group that she was able to take 1/2 of my SS draw per month without affecting my payments. She has contacted and is starting to draw her SS soon and in contrast to what it would have been in May 2020, this time around her monthly payments are almost $2000 per month higher than if she had started in 2020. We were fortunate to have other options until she turned 70, but DANG wait 2 years and right at $2000 a month more. I guess there are times that waiting and being lucky pay off!

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

[Huntingfool]

This is my thoughts also.

Rwc

so you are going to pass up an 8% GUARANTEED annual increase to invest it yourself?? Educate yourself

[jnd1959]

We took mine at 62 mainly because I still had kids in high school. That moved the break even to about 85. That's about my checkout date according to my parents. I'm not going to sweat it, If I live longer I'm not going to be able to do much anyway. It's mostly play money for us anyway.

[GARY]

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

Exactly what I am going to do. I have run the models for me and wife and cannot make it work financially or logically to defer even to 65. Pay off for us is around 80 years old before the deferment starts to pay off. Even longer if I invest the amount and draw interest on it.

[Txhunter3000]

Exactly what I am going to do. I have run the models for me and wife and cannot make it work financially or logically to defer even to 65. Pay off for us is around 80 years old before the deferment starts to pay off. Even longer if I invest the amount and draw interest on it.

Yep. Don't understand the guys saying to wait, must not know how to do a spreadsheet.

[Huntindad]

I'll do mine at 65 1/2...next month. Wife will have to wait another 3 years. At that time we'll see which option is better for her/us.

[trophyhunter01]

Before long the govm’t will say your net worth is to high and you get zero. I am taking what I can as soon as I can and reinvest and pay taxes again on those gains…

[Radar]

Yep. Don't understand the guys saying to wait, must not know how to do a spreadsheet.

The numbers do not work out the same for everyone, a simple spreadsheet can and will prove that. Some folks retire at 62.5 , will spend up to 2/3 of their monthly check just for health insurance.

[Mudslinger]

Yep. Don't understand the guys saying to wait, must not know how to do a spreadsheet.

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.

[brokeno]

Don't forget inflation and cost of living increases. $3000 4 years ago is worth about $2000 now.

[Mudslinger]

Don't forget inflation and cost of living increases. $3000 4 years ago is worth about $2000 now.

My wife would not have drawn $3000 4 years ago. At both our retirements she would have drawn a little less than $2000, now it is $3900+! We are all individual when it comes to retirement and SS. What works for one may not work for others.
I was just stating what we decided and how it worked out for us, not to start an argument. Sorry.

[glen]

Mud. Just glad you retired and able make decisions and able to enjoy. My SS will be penalized because of pension income. I also plan to invest my SS into traveling as soon as I get it. Figure we should be able to do a few xtra trips a year with whatever they give us. And I’d rather start the trips the earlier the better

[Plain Lucky]

For those saying they plan to draw early at 62: if you continue to work, drawing early can be a very bad idea. Every situation is different but be sure to check into whether or not you make less than the allowed amount or your monthly benefit amount may be reduced.

[PYBUCK]

I am confused.......
If I start drawing my SS, my wife can also get a check from SS off what I paid in?

Yes, Lisa can get half of what you get if she waits to start taking her cut until she is 66. That is what Sheila did.
Get it when you can cause there is no telling what the Dems will do in the future.