A client asked me when she should start withdrawing her Social Security. This is how I layed it out in dollars and Sense.

[Hang on Sloopy]

Patricia gave me her yrly SS statement . She is 60 yrs old.

It said.
at 62 her benefit would be, 1158 a month.

At 67, her full retirement would be 1655 a month

At 70 it would be 2052 per month.

So lets look at the earliest and latest.

At 62 she would have collected 111,000 dollars roughly. She is guaranteed to have that money for 8 years LIVING......1158 times 96 months................At 70 yrs old

At 80 she would get 250,000 total........Guaranteed for 18 yrs


Now if she started at 70 it would be 246,000, 2052 times 120 at 80yrs old..................With 10 yrs guaranteed. If you die at 70 you lose your ass. If you die at 80 you lose 4000......................The break even point is at around 80 yrs and 3 months

So in Summary you get the same amount both ways if you live to 80yrs 3 mos. The next month you lose 900 per month for life.

So basically you say, If I can start getting my dough at 62 for the next 18 yrs and 3 months, but I would lose 900 per month after.

Ok. Now we got the numbers. You can figure out what it would be on 67 and use these numbers.


So now how is her health. 60 yrs old. About 20 lbs overweight. controlled hypertension and diabetes and lipids.

Take it at 60, she has too many issues...........................The average life span for our country is right around 80. If you are overweight and unhealthy start taking it at 62 and enjoy it.......Even if you are in poor health at 62, what kind of life would you have quality wise after 80???? Most likely poor.

If you take it at 62 you guaranteed it from day 1. There is a greater chance of dying at 70 than dying at 60

So how is your health. Take the average age of your parents and see what it was or is. Only if they died of natural causes and why.

How old were your grandparents. Now remember heart disease and cancer were quick doomers in most cases 50 yrs ago, so discretion.

Do you take after your mom or dads side in health matters which are highly heredity oriented. Use that as a weighting factor. Do the parent you take after take after their mom and dads side, what inheritable issues.

You can learn a lot by looking at this.

There are longevity tests that ask around 30 detailed health question with blood count numbers so you need your last blood workup. If you answer these honestly( Don't forget the 3 cigs you smoke a day, lol) you should get a close number.

Lyndon Johnson actually had a detailed one of these when he was 59 and wondering about running again with a roached out heart. It came back at 63 yrs old. Guess how old he was when he died....63 yrs old.





Now mind you all, you could get hit by a train at any moment and all of this doesn't matter a bit...lol.......But if you do get hit by a bus, you should have taken it at 62 if you didn't.





Now the last thing.....'Well 'm going to work until I am 67 and still make damned good money......................FINE, it is better to take it at 62 and work until your 67.....Benefits do decrease before full retirement age if you are working, but you still get something a month.


IMPORTANT...............The money you lose in benefits is recalculated at 67 plus all the SS you paid for 5 extra yrs. You make more money.


OVERALL................TAKE IT AT 62...................Especially if you plan to work to you drop. You are not guaranteed a next year. and each year left after that is less guaranteed.

 

[ReinyDays]

Also consider lost wages ... if I'm making $300,000 per year, I'm better off waiting until I'm 70 ... that $2.4 million in earnings beats SS any day of the week ...

Age discrimination is really bad in construction ... no one's going to hire a 62-year-old as a framer ... I'm filing at 62 ...

 

[Pogo]

I've been advising friends to not hold out. I did for a while but it wasn't worth it.

Not mentioned above is that that $1158 (or any amount at all) today is not the same as the same absolute amount 18 years from now.

 

[Penelope]

I say you should work as long as possible. Even an odd job adds to SS check. But I think the congress should retire at 65 , and can do something else, because they are set in their ways.

 

[Jimmy_Chitwood]

Patricia gave me her yrly SS statement . She is 60 yrs old.

It said.
at 62 her benefit would be, 1158 a month.

At 67, her full retirement would be 1655 a month

At 70 it would be 2052 per month.

So lets look at the earliest and latest.

At 62 she would have collected 111,000 dollars roughly. She is guaranteed to have that money for 8 years LIVING......1158 times 96 months................At 70 yrs old

At 80 she would get 250,000 total........Guaranteed for 18 yrs


Now if she started at 70 it would be 246,000, 2052 times 120 at 80yrs old..................With 10 yrs guaranteed. If you die at 70 you lose your ass. If you die at 80 you lose 4000......................The break even point is at around 80 yrs and 3 months

So in Summary you get the same amount both ways if you live to 80yrs 3 mos. The next month you lose 900 per month for life.

So basically you say, If I can start getting my dough at 62 for the next 18 yrs and 3 months, but I would lose 900 per month after.

Ok. Now we got the numbers. You can figure out what it would be on 67 and use these numbers.


So now how is her health. 60 yrs old. About 20 lbs overweight. controlled hypertension and diabetes and lipids.

Take it at 60, she has too many issues...........................The average life span for our country is right around 80. If you are overweight and unhealthy start taking it at 62 and enjoy it.......Even if you are in poor health at 62, what kind of life would you have quality wise after 80???? Most likely poor.

If you take it at 62 you guaranteed it from day 1. There is a greater chance of dying at 70 than dying at 60

So how is your health. Take the average age of your parents and see what it was or is. Only if they died of natural causes and why.

How old were your grandparents. Now remember heart disease and cancer were quick doomers in most cases 50 yrs ago, so discretion.

Do you take after your mom or dads side in health matters which are highly heredity oriented. Use that as a weighting factor. Do the parent you take after take after their mom and dads side, what inheritable issues.

You can learn a lot by looking at this.

There are longevity tests that ask around 30 detailed health question with blood count numbers so you need your last blood workup. If you answer these honestly( Don't forget the 3 cigs you smoke a day, lol) you should get a close number.

Lyndon Johnson actually had a detailed one of these when he was 59 and wondering about running again with a roached out heart. It came back at 63 yrs old. Guess how old he was when he died....63 yrs old.





Now mind you all, you could get hit by a train at any moment and all of this doesn't matter a bit...lol.......But if you do get hit by a bus, you should have taken it at 62 if you didn't.





Now the last thing.....'Well 'm going to work until I am 67 and still make damned good money......................FINE, it is better to take it at 62 and work until your 67.....Benefits do decrease before full retirement age if you are working, but you still get something a month.


IMPORTANT...............The money you lose in benefits is recalculated at 67 plus all the SS you paid for 5 extra yrs. You make more money.


OVERALL................TAKE IT AT 62...................Especially if you plan to work to you drop. You are not guaranteed a next year. and each year left after that is less guaranteed.

Thank you so much.

 

[Mr Natural]

If she starts collecting a 62 she’ll have collected 111,000 dollars at 70.

It could take another 5 years to break even and who knows?

 

[Polishprince]

If you aren't working, take it as early as you can.

However, if you are still working, and since you have to pay taxes on your social security, that changes the calculus, and that also depends on what state you're in.

 

[HereWeGoAgain]

The Wife and I are basing it on how much we have in savings.
We'll take it early since we really dont need it and I want to get some of my money back before I croak.
Hell,if you make it to seventy how much longer do you really have and what are you going to spend it on?
Ski trips to Vail,hookers and blow?

 

[Hang on Sloopy]

The Wife and I are basing it on how much we have in savings.
We'll take it early since we really dont need it and I want to get some of my money back before I croak.
Hell,if you make it to seventy how much longer do you really have and what are you going to spend it on?
Ski trips to Vail,hookers and blow?

Lol
That is the main point. Would you rather have more money when you have a spittle cup, or relatively less when you can still go to the amusement park with your grand kids

 

[Hang on Sloopy]

If you aren't working, take it as early as you can.

However, if you are still working, and since you have to pay taxes on your social security, that changes the calculus, and that also depends on what state you're in.

True but they will recalculate your SS if you are still working and collecting less from 62 to 67 at 67. You will not lose money, you will make more at 67.

 

[Hang on Sloopy]

If she starts collecting a 62 she’ll have collected 111,000 dollars at 70.

It could take another 5 years to break even and who knows?

Break even is about 80 and some change. If you make it.Making it is the key.

 

[Hang on Sloopy]

I've been advising friends to not hold out. I did for a while but it wasn't worth it.

Not mentioned above is that that $1158 (or any amount at all) today is not the same as the same absolute amount 18 years from now.

Why thank you. I did not cover that a dollar today is worth about 95 cents a yr later. So the buying power at 62 is at its strongest with SS dollars.

I will add that if you make it to 60, You have about an 80 percent chance of making it to 80.

Another factor is med technology. Medical knowledge doubles like every 2 yrs. In 10 yrs there will be marked differences in meds and advanced care, especially with cancers and organ replacement.

So my figures are only good for today and a few yrs only.

 

[Likkmee]

 

[Damaged Eagle]

1. You're still allowed to make $2000 a month if you retire and start drawing social security at age sixty two. So just watch your income every month if you retire.

2. Rental property income doesn't count against social security because you're not actively working to make that money so own lots of rentals and start drawing at sixty two. Then let just do enough to use item one above.

*****SMILE*****

 

[ding]

62. It's a no brainer.

 

[merrill]

Patricia gave me her yrly SS statement . She is 60 yrs old.

It said.
at 62 her benefit would be, 1158 a month.

At 67, her full retirement would be 1655 a month

At 70 it would be 2052 per month.

So lets look at the earliest and latest.

At 62 she would have collected 111,000 dollars roughly. She is guaranteed to have that money for 8 years LIVING......1158 times 96 months................At 70 yrs old

At 80 she would get 250,000 total........Guaranteed for 18 yrs


Now if she started at 70 it would be 246,000, 2052 times 120 at 80yrs old..................With 10 yrs guaranteed. If you die at 70 you lose your ass. If you die at 80 you lose 4000......................The break even point is at around 80 yrs and 3 months

So in Summary you get the same amount both ways if you live to 80yrs 3 mos. The next month you lose 900 per month for life.

So basically you say, If I can start getting my dough at 62 for the next 18 yrs and 3 months, but I would lose 900 per month after.

Ok. Now we got the numbers. You can figure out what it would be on 67 and use these numbers.


So now how is her health. 60 yrs old. About 20 lbs overweight. controlled hypertension and diabetes and lipids.

Take it at 60, she has too many issues...........................The average life span for our country is right around 80. If you are overweight and unhealthy start taking it at 62 and enjoy it.......Even if you are in poor health at 62, what kind of life would you have quality wise after 80???? Most likely poor.

If you take it at 62 you guaranteed it from day 1. There is a greater chance of dying at 70 than dying at 60

So how is your health. Take the average age of your parents and see what it was or is. Only if they died of natural causes and why.

How old were your grandparents. Now remember heart disease and cancer were quick doomers in most cases 50 yrs ago, so discretion.

Do you take after your mom or dads side in health matters which are highly heredity oriented. Use that as a weighting factor. Do the parent you take after take after their mom and dads side, what inheritable issues.

You can learn a lot by looking at this.

There are longevity tests that ask around 30 detailed health question with blood count numbers so you need your last blood workup. If you answer these honestly( Don't forget the 3 cigs you smoke a day, lol) you should get a close number.

Lyndon Johnson actually had a detailed one of these when he was 59 and wondering about running again with a roached out heart. It came back at 63 yrs old. Guess how old he was when he died....63 yrs old.





Now mind you all, you could get hit by a train at any moment and all of this doesn't matter a bit...lol.......But if you do get hit by a bus, you should have taken it at 62 if you didn't.





Now the last thing.....'Well 'm going to work until I am 67 and still make damned good money......................FINE, it is better to take it at 62 and work until your 67.....Benefits do decrease before full retirement age if you are working, but you still get something a month.


IMPORTANT...............The money you lose in benefits is recalculated at 67 plus all the SS you paid for 5 extra yrs. You make more money.


OVERALL................TAKE IT AT 62...................Especially if you plan to work to you drop. You are not guaranteed a next year. and each year left after that is less guaranteed.

exactly my thoughts when I cashed in @62. I keep a part time gig or two as well. That social interaction is worth some dough. If you want to keep moving just keep moving don't wait for a doctor to tell you.

 

[Hang on Sloopy]

exactly my thoughts when I cashed in @62. I keep a part time gig or two as well. That social interaction is worth some dough. If you want to keep moving just keep moving don't wait for a doctor to tell you.

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