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Social Security @ 62 is $1340 for the average person

Discussion in 'Non-Vegas Chat' started by Bernie2, Jun 11, 2016.

  1. Bernie2

    Bernie2 High-Roller

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    A recent study of those collecting SS at 62 was $1340 pm. If, they waited until 66 it would increase 30% ($1700) and if they waited until 70 the increase would be about 32% ($2200) . The problem is that many needed the money and couldn't wait for a variety of reasons. IMHO if you can wait it will give you a big dividend.
     
  2. Electroguy563

    Electroguy563 Over-Fried Gambler

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    I plan to take it out at 62. With my annuities and pension from my job together with SS I will be fine for my standard of living. Taking it out at 70 would be wonderful but despite being morbid, I am realistic. No male in my family ever lived to 70. For me I'm taking it out at 62 and will enjoy my life to the fullest, however long it may be.
     
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  3. Bernie2

    Bernie2 High-Roller

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    My response is this certainly the life span of others in your family is a consideration and you're right about how long will one live is another one but I would look at do you need the money and how is your health. If, you don't need the money and are in good health just hold off maybe a year at a time remember your SS will increase about 7.5% a year which to me is a great guaranteed return in this economy. Certainly do what is best for you.
     
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  4. smerrian

    smerrian Low-Roller

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    The first $300 goes for health insurance.
     
  5. NickPapageorgio

    NickPapageorgio OG of the Sal Sagev Hotel

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    You have to live to 75 just to break even in this scenario. (Which means that 76 or 77 is the risk adjusted break even) Factoring in the law of averages, $1340 monthly at age 62 isn't a bad decision. Be careful offering advice that isn't well thought out.

    Nick:beer:
     
  6. Snidely

    Snidely VIP Whale

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    Exactly, There is not right or wrong answer. Collect less for a longer time or collect more for a shorter time.
     
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  7. Turtleman

    Turtleman VIP Whale

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    Timely thread, as I'm seriously considering putting in for my SS to start in October when I turn 69! I hate giving up an extra 8% by not waiting until 70, but … yeah, there are lots of factors and I've been agonizing over all of them long enough. Gee, then I can afford to go to Vegas EVERY month! :)
     
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  8. nostresshere

    nostresshere Mr. Anti Debit Card

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    First off, an average is just that, an average. If my left hand is in 32 degree water, and right is in 132 degree water, on average, the temp is 82. Meaning what?

    As to SS - you are very right. The longer you wait, the higher the monthly check. What most fail to point out, if you die before you reach the breakeven point, you get LESS money. My calculation was close to age 80.

    Waiting until you are 66 vs 62 means you get NOTHING for 4 years. Waiting until you are 70, means you get NOTHING for 8 years. That has some value.

    Do the math.
     
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  9. merlin

    merlin VIP Whale

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    I'm taking it at 62 without blinking, the "break even" pt where it pays to wait is around 77-78 yrs old, which means you made the right decision to take it early every day until your late 70's. I figure how much will that extra money mean to me when and IF I live that long? It's a no brainer, take it as soon as you can unless you're some poor bastard that never saved anything and rely on SS alone.
     
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  10. Turtleman

    Turtleman VIP Whale

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    HUH? If you're "some poor bastard that never saved anything and rely on SS alone," you probably won't have any choice but to take it as soon as you can. Having delayed this long, I figure my breakeven is somewhere around 83; however, both my parents lasted longer, and I intend to do likewise.

    Of the people I've talked to about when to start, the wealthier folks advise waiting 'til 70, while everyone else started before their full retirement age!
     
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  11. Chuck2009x

    Chuck2009x VIP Whale

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    I'm still aways from having to make that decision, and I'd like to hold out as long as possible, but I'm starting to look at SS benefits the same way as loyalty programs - they're sitting ducks for devaluation.

    SS has long been considered the third rail of politics and untouchable, but they took away file-and-suspend this year, and with the bulge in the older demographic, with more people collecting and younger people making shitty salaries and being subject to the gig economy, I expect more chipping away at it.

    I probably won't need to start before the max age, but I doubt I'll hold off that long.
     
  12. Alexander

    Alexander Low-Roller

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    I say take it at 62. You never know when you are going to die. Say, you do decide to wait until 70. At 68, you get a sudden, major, fatal heart attack and die two years before your big payday. You spend your last seconds kicking yourself for waiting on the big payday that you never will get to get or spend. :(
     
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  13. Guardian

    Guardian Low-Roller

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    Exactly.
     
  14. merlin

    merlin VIP Whale

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    Those poor bastards have to keep working!
     
  15. northerngirl

    northerngirl Low-Roller

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    Always an interesting topic.....especially at my age. Pros and cons to both for sure. My husband has been on SS disability for about five years. My mom is a healthy 90 so I am hoping I have her genes. In two years (at 66) I will file for spousal benefits and receive half of what my husband's SS is. For the following four years, my untouched SS will increase by 8 percent per year. At 70 I will then begin collecting my SS. My social security will almost double at that time as opposed to taking it now.

    Again, every scenario is completely different.
     
  16. sukiran

    sukiran Tourist

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    I took a generous buyout several years ago. Age 60. Company scheduled a session with a SS rep who stated emphatically that jumping in at 62 was the best course. Unless you really don't need the money. Never regretted it.
     
  17. Breeze147

    Breeze147 Button Man

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    I had not paid SS since 1983 when I started working for the Gov't. From the 14 years previous, I earned enough for $667/month which I started taking at 66.
     
  18. queuetee

    queuetee High-Roller

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    Both Dh and I left work as soon as possible. I started collecting my pension at 57 and he worked a few years longer to 62 and SS.
     
  19. ronc

    ronc High-Roller

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    This thread made me curious about what my numbers looked like...

    SS at 62 is more than SS at 67 until the age of 77
    SS at 62 is more than SS at 70 until the age of 85
    SS at 67 is more than SS at 70 until the age of 92

    I signed into the SS website to get the numbers used for this calculation.

    Obviously, I have a lot of research to do...including doing the same for my wife's SS.
     
  20. Chuck2009x

    Chuck2009x VIP Whale

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    Take it at 62 and earmark all of it for fun shit that will kill you before 70. :drunk:
     
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