Hang on Sloopy
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- Jul 12, 2015
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- #1
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.
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.
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