Will you take SS immediately or delay like they want you to?

[Thebrownblob]

Who knows the answer to that one?

I’m going to bet there’s some actuaries from insurance companies who have a pretty good idea

 

[brett636]

It mentions mailing a paper social security statement to workers, but I know I’ve received those in the past. They stopped showing up so I figured the government could save some money on the cost of mailing them.

 

[Over70irregs]

Might want to grab it soon. Someone has to pay for all the football fields of military gear waiting to be shipped to Europe. Surely they are not gonna let SS n 401k sit there idle while spending all this $ for………

 

[PT Car Washer]

Might want to grab it soon. Someone has to pay for all the football fields of military gear waiting to be shipped to Europe. Surely they are not gonna let SS n 401k sit there idle while spending all this $ for………
View attachment 420128

Those M1's aren't going to the Ukraine. Maybe some of the Brads and a bunch of the 113's and the trucks. Better to use them then just sitting out in the desert.

 

[TSB]

Those M1's aren't going to the Ukraine. Maybe some of the Brads and a bunch of the 113's and the trucks. Better to use them then just sitting out in the desert.

Just Googled. President Joe Biden announced today that the United States will provide Ukraine with 31 M1 Abrams tanks. That is the required number to equip an entire Ukraine tank battalion.Jan 25, 2023

 

[Over70irregs]

Those M1's aren't going to the Ukraine. Maybe some of the Brads and a bunch of the 113's and the trucks. Better to use them then just sitting out in the desert.

I believe being shipped to Poland. Economic battle masquerading as conventional.

 

[Over70irregs]

Just like most pension plans?

If you base pension/SS benefits on true inflation (blue line) and not massaged data (red line) it might be better to be young with passive income. You have more productive potential to combat inflation with time.

 

[IVE GOTTA PACKAGE 4U]

The pros and cons of delaying Social Security

Make sure your decision about when to claim Social Security benefits is an informed one that takes into consideration your expected longevity along with various financial and other factors.

www.journalofaccountancy.com

 

[IVE GOTTA PACKAGE 4U]

If you base pension/SS benefits on true inflation (blue line) and not massaged data (red line) it might be better to be young with passive income. You have more productive potential to combat inflation with time. View attachment 420163

But you forgot about taxes.
If you start collecting before your full retirement age depending on your income your subject to your social security being taxed

 

[Over70irregs]

But you forgot about taxes.
If you start collecting before your full retirement age depending on your income your subject to your social security being taxed

Will be on cbdc by then. AI will have access to all your info.

 

[Babagounj]

If your FRA is 67 the break-even point between 62 and 70 is around 80.

The break even point is a myth.
One is guaranteed funds, no matter what age you start.
Given that there is the possibility of a 27% reduction of your amount in 2035, It makes more sense to wait until age 70.
That way you will receive a larger amount, no matter what happens.

 

[Babagounj]

Answer this question. What is the chance of you dying at 62 vs 70?

I lived past 62. Turn 68 this year and will wait until 70 to collect.
Then at age 72, the min. required distributions for 401K kick in.
I'll be rich enough to buy a new truck every two years.

 

[Over70irregs]

The break even point is a myth.
One is guaranteed funds, no matter what age you start.
Given that there is the possibility of a 27% reduction of your amount in 2035, It makes more sense to wait until age 70.
That way you will receive a larger amount, no matter what happens.

Or you can make moves now while young and not be dependent on a fiat ponzi. Age plays a BIG role I see.

 

[Sacrificial Lamb]

I am never going to retire aren’t I?

 

[Over70irregs]

View attachment 420266
I am never going to retire aren’t I?

At the end of 2022, the number of 401(k) millionaires was 299,000, representing a decrease of 32% from the previous year's figure of 442,000: Wall Street Journal. (Just keep working, you will get there)

 

[Red Headed Stranger]

But you forgot about taxes.
If you start collecting before your full retirement age depending on your income your subject to your social security being taxed

For Federal, your Social Security is taxed in most cases. You will pay tax on up to 85% of your Social Security benefits. Depending on the state where you live, it may or may not be taxed at the state level as well. Based upon the numbers you gave in your previous post, you could lose up to $92,592 if you were waited to take SS at age 65 but died right before turning 65. When deciding when to take Social Security, I tell people that if that is all the income they will have in retirement, they are better off waiting until full-retirement age or beyond. If you have a good pension (UPS), I'd encourage someone to draw sooner and enjoy life. Also, look at the age your parents/grandparents lived to be. That would be another indicator.

 

[IVE GOTTA PACKAGE 4U]

For Federal, your Social Security is taxed in most cases. You will pay tax on up to 85% of your Social Security benefits. Depending on the state where you live, it may or may not be taxed at the state level as well. Based upon the numbers you gave in your previous post, you could lose up to $92,592 if you were waited to take SS at age 65 but died right before turning 65. When deciding when to take Social Security, I tell people that if that is all the income they will have in retirement, they are better off waiting until full-retirement age or beyond. If you have a good pension (UPS), I'd encourage someone to draw sooner and enjoy life. Also, look at the age your parents/grandparents lived to be. That would be another indicator.

Yes unfortunate that I do not live in a state that taxes my pension, 401k or social security

I agree with you about enjoying life and taking it on earlier side
I still have a little bit to go so I'll figure it out

 

[toonertoo]

I took it at 62, no regrets. I did a little math, looked at my parents and siblings..2 of my siblings didn't make it to 62..enjoying it while I can.

 

[Wally]

Senators call for changes to encourage retirees to claim Social Security later — CNBC

Many retirees claim Social Security at age 62, even though their benefit checks would be bigger if they waited. Now some lawmakers hope to help change that.

apple.news

These folk that want no changes, do they want the plan to go broke? 62 is too young to start draining the fund.

Another problem is people scamming to get on ssi disability. Let's make it really difficult to get on and stay on. It is way too easy right now.

 

[oldngray]

These folk that want no changes, do they want the plan to go broke? 62 is too young to start draining the fund.

Another problem is people scaming to get on ssi disability. Let's make it really difficult to get on and stay on. It is way too easy right now.

Disability is what broke the bank.