Originally posted by glen
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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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Originally posted by Mudslinger View PostWe 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.
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!
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Originally posted by Bill M View PostAnyone 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.
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Originally posted by Huntingfool View Postyep - 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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Originally posted by bugleboy View PostIf 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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Originally posted by Bill View Post8% per year doesn’t add up to a $2,000 per month increase in 3 years.
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Originally posted by Bill View PostThe 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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Originally posted by Bill View PostThe 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!!
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