Social Security at 70 worth it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Definitely taking it at 62. My dad died at 73 and my mom died at 84. I think I’ll be 79 at the break even point. I don’t see a reason to delay it.

That is the reason to wait. My MIL in-law is 85 and strong as a bull. Her Husband waited to take it and dropped dead at 73. Which is great in sense my MIL was a SAHM most of life. Her SS was small and now she is on his higher SS. She took her SS at 62 and after he died moved to his.

Men usually have younger wives who live longer. My friend is 62 and his wife is 55. She has not worked in 20 years and before that was just in retail. If he waited till 70 and dropped dead next day she would only be 63 and I know her parents are still alive and very active right now. She could live to 95.

For the Man it is a bad deal. My Grandaunt who died recently at 104 was a widow for 30 years. She was on her husbands pension, medical and SS. And had her own pension. Crazy.

Also in Maryland for instance 40K worth of retirement income either SS or 401K withdrawls are tax free at 65. In Maryland might make sense at 65 to do 40K a year from 401k tax free than start SS at 70. Would lower RMD amounts later. You could put that 40k in Roths each year.

I actually see this as the argument to take it at 62. In my case my husband and I are close in age and close in income level. I won’t benefit from his if he goes first. We’re both hoping to retire at 55/57 with healthy pensions, healthy brokerage accounts and a paid off house.

Not everyone is a child Bride. At 55 I had 16, 14 and 10 years ago old at home and just bought a trade up home with a 30 year mortgage till I was 85 and had 12 years of college tuition still to pay. Sometimes I do wish I got married as a teenager like you. Might have been cool to do my wedding on Prom night. After all had a tux on anyhow.

No one forced you to have a baby at age 45. Or to upgrade your house and take on a new 30 year mortgage. It’s your own fault you’ll be forced to work until you’re 85, if you’re even lucky enough to live that long- neither of my parents did. Personal choices.

And math may be hard but someone could have kids starting at 30 and be able to get them launched by 57.

Actually my broker once told me you can’t be 30 when you’re 80. Went on a wild spending spree at 29. Had a Jeep Wrangler plus a Mercedes Convertible plus a NYC Coop and a place in Hamptons. Had three girlfriends, went skiing 10-20 times a year, and I went to clubs 100-200 times a year and hung out with celebs. Finally around 34 after dating several hundred girls, owning 8-9 cars, going on tons of vacations and spending every cent I had ready to settle down. My broker was right you can be 80 when 30.

And sadly no morale to story a car accident caused by a surgeon that hit me I got a big settlement to make me even. Got out of debt paid off my mortgage too.

I don’t feel like retiring young as I partied till 36. And no not broke I could retire if I wanted. I just find it pathetic people in their 60s pretending to be young. You are old, bald, fat and wrinkled in a 55 plus community in Florida. Me in Aspen Skiing, Southampton in Summer, spring break, Cancun, LA, Miami in my 20s tanned and in shape was fun. Me doing it now sad.

If anything I wish I got married later. Kids keep you young. Might sound crazy if my wife died would not mind remarrying a younger woman and having some more kids. I plan on living forever, so far so good

I encourage all people wait till 40 to get married,

You sounds like a very shallow man.

Fantasizing about your hot young wife, at the thought of your wife’s demise.

I also had fun in my twenties and can now travel more, to nicer places and have more high end experiences.

No one envies your “hundreds of girls.” You sound pathetic, like you have yet to figure out the point of it all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Definitely taking it at 62. My dad died at 73 and my mom died at 84. I think I’ll be 79 at the break even point. I don’t see a reason to delay it.

That is the reason to wait. My MIL in-law is 85 and strong as a bull. Her Husband waited to take it and dropped dead at 73. Which is great in sense my MIL was a SAHM most of life. Her SS was small and now she is on his higher SS. She took her SS at 62 and after he died moved to his.

Men usually have younger wives who live longer. My friend is 62 and his wife is 55. She has not worked in 20 years and before that was just in retail. If he waited till 70 and dropped dead next day she would only be 63 and I know her parents are still alive and very active right now. She could live to 95.

For the Man it is a bad deal. My Grandaunt who died recently at 104 was a widow for 30 years. She was on her husbands pension, medical and SS. And had her own pension. Crazy.

Also in Maryland for instance 40K worth of retirement income either SS or 401K withdrawls are tax free at 65. In Maryland might make sense at 65 to do 40K a year from 401k tax free than start SS at 70. Would lower RMD amounts later. You could put that 40k in Roths each year.

I actually see this as the argument to take it at 62. In my case my husband and I are close in age and close in income level. I won’t benefit from his if he goes first. We’re both hoping to retire at 55/57 with healthy pensions, healthy brokerage accounts and a paid off house.

Not everyone is a child Bride. At 55 I had 16, 14 and 10 years ago old at home and just bought a trade up home with a 30 year mortgage till I was 85 and had 12 years of college tuition still to pay. Sometimes I do wish I got married as a teenager like you. Might have been cool to do my wedding on Prom night. After all had a tux on anyhow.

No one forced you to have a baby at age 45. Or to upgrade your house and take on a new 30 year mortgage. It’s your own fault you’ll be forced to work until you’re 85, if you’re even lucky enough to live that long- neither of my parents did. Personal choices.

And math may be hard but someone could have kids starting at 30 and be able to get them launched by 57.

Actually my broker once told me you can’t be 30 when you’re 80. Went on a wild spending spree at 29. Had a Jeep Wrangler plus a Mercedes Convertible plus a NYC Coop and a place in Hamptons. Had three girlfriends, went skiing 10-20 times a year, and I went to clubs 100-200 times a year and hung out with celebs. Finally around 34 after dating several hundred girls, owning 8-9 cars, going on tons of vacations and spending every cent I had ready to settle down. My broker was right you can be 80 when 30.

And sadly no morale to story a car accident caused by a surgeon that hit me I got a big settlement to make me even. Got out of debt paid off my mortgage too.

I don’t feel like retiring young as I partied till 36. And no not broke I could retire if I wanted. I just find it pathetic people in their 60s pretending to be young. You are old, bald, fat and wrinkled in a 55 plus community in Florida. Me in Aspen Skiing, Southampton in Summer, spring break, Cancun, LA, Miami in my 20s tanned and in shape was fun. Me doing it now sad.

If anything I wish I got married later. Kids keep you young. Might sound crazy if my wife died would not mind remarrying a younger woman and having some more kids. I plan on living forever, so far so good

I encourage all people wait till 40 to get married,

You sounds like a very shallow man.

Fantasizing about your hot young wife, at the thought of your wife’s demise.

I also had fun in my twenties and can now travel more, to nicer places and have more high end experiences.

No one envies your “hundreds of girls.” You sound pathetic, like you have yet to figure out the point of it all.

Indeed. Thanks for the window into your world - glad I don't have to live there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Definitely taking it at 62. My dad died at 73 and my mom died at 84. I think I’ll be 79 at the break even point. I don’t see a reason to delay it.

That is the reason to wait. My MIL in-law is 85 and strong as a bull. Her Husband waited to take it and dropped dead at 73. Which is great in sense my MIL was a SAHM most of life. Her SS was small and now she is on his higher SS. She took her SS at 62 and after he died moved to his.

Men usually have younger wives who live longer. My friend is 62 and his wife is 55. She has not worked in 20 years and before that was just in retail. If he waited till 70 and dropped dead next day she would only be 63 and I know her parents are still alive and very active right now. She could live to 95.

For the Man it is a bad deal. My Grandaunt who died recently at 104 was a widow for 30 years. She was on her husbands pension, medical and SS. And had her own pension. Crazy.

Also in Maryland for instance 40K worth of retirement income either SS or 401K withdrawls are tax free at 65. In Maryland might make sense at 65 to do 40K a year from 401k tax free than start SS at 70. Would lower RMD amounts later. [/b]You could put that 40k in Roths each year.[b]

I thought their were limits to how much can go into a Roth annually?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Definitely taking it at 62. My dad died at 73 and my mom died at 84. I think I’ll be 79 at the break even point. I don’t see a reason to delay it.

That is the reason to wait. My MIL in-law is 85 and strong as a bull. Her Husband waited to take it and dropped dead at 73. Which is great in sense my MIL was a SAHM most of life. Her SS was small and now she is on his higher SS. She took her SS at 62 and after he died moved to his.

Men usually have younger wives who live longer. My friend is 62 and his wife is 55. She has not worked in 20 years and before that was just in retail. If he waited till 70 and dropped dead next day she would only be 63 and I know her parents are still alive and very active right now. She could live to 95.

For the Man it is a bad deal. My Grandaunt who died recently at 104 was a widow for 30 years. She was on her husbands pension, medical and SS. And had her own pension. Crazy.

Also in Maryland for instance 40K worth of retirement income either SS or 401K withdrawls are tax free at 65. In Maryland might make sense at 65 to do 40K a year from 401k tax free than start SS at 70. Would lower RMD amounts later. [/b]You could put that 40k in Roths each year.[b]

I thought their were limits to how much can go into a Roth annually?

People do conversions where they pay the tax up front— lots of debate about when that is actually worthwhile.

[Anonymous]

Anonymous wrote:Is it worth it to wait till 70 for social security?

I did a present value calculation a few months ago and found that 65ish (don't recall the exact number) was the best age to start, assuming life expectancy of 78-80.. We are 5 years apart (currently 60/55) and I plan on starting mine at 65 with wife to start at 70 (longevity runs in her family). She will also have a higher SS number (or whatever it is called) so the surviving spouse will get the max possible payment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Definitely taking it at 62. My dad died at 73 and my mom died at 84. I think I’ll be 79 at the break even point. I don’t see a reason to delay it.

That is the reason to wait. My MIL in-law is 85 and strong as a bull. Her Husband waited to take it and dropped dead at 73. Which is great in sense my MIL was a SAHM most of life. Her SS was small and now she is on his higher SS. She took her SS at 62 and after he died moved to his.

Men usually have younger wives who live longer. My friend is 62 and his wife is 55. She has not worked in 20 years and before that was just in retail. If he waited till 70 and dropped dead next day she would only be 63 and I know her parents are still alive and very active right now. She could live to 95.

For the Man it is a bad deal. My Grandaunt who died recently at 104 was a widow for 30 years. She was on her husbands pension, medical and SS. And had her own pension. Crazy.

Also in Maryland for instance 40K worth of retirement income either SS or 401K withdrawls are tax free at 65. In Maryland might make sense at 65 to do 40K a year from 401k tax free than start SS at 70. Would lower RMD amounts later. You could put that 40k in Roths each year.

I actually see this as the argument to take it at 62. In my case my husband and I are close in age and close in income level. I won’t benefit from his if he goes first. We’re both hoping to retire at 55/57 with healthy pensions, healthy brokerage accounts and a paid off house.

Not everyone is a child Bride. At 55 I had 16, 14 and 10 years ago old at home and just bought a trade up home with a 30 year mortgage till I was 85 and had 12 years of college tuition still to pay. Sometimes I do wish I got married as a teenager like you. Might have been cool to do my wedding on Prom night. After all had a tux on anyhow.

No one forced you to have a baby at age 45. Or to upgrade your house and take on a new 30 year mortgage. It’s your own fault you’ll be forced to work until you’re 85, if you’re even lucky enough to live that long- neither of my parents did. Personal choices.

And math may be hard but someone could have kids starting at 30 and be able to get them launched by 57.

Actually my broker once told me you can’t be 30 when you’re 80. Went on a wild spending spree at 29. Had a Jeep Wrangler plus a Mercedes Convertible plus a NYC Coop and a place in Hamptons. Had three girlfriends, went skiing 10-20 times a year, and I went to clubs 100-200 times a year and hung out with celebs. Finally around 34 after dating several hundred girls, owning 8-9 cars, going on tons of vacations and spending every cent I had ready to settle down. My broker was right you can be 80 when 30.

And sadly no morale to story a car accident caused by a surgeon that hit me I got a big settlement to make me even. Got out of debt paid off my mortgage too.

I don’t feel like retiring young as I partied till 36. And no not broke I could retire if I wanted. I just find it pathetic people in their 60s pretending to be young. You are old, bald, fat and wrinkled in a 55 plus community in Florida. Me in Aspen Skiing, Southampton in Summer, spring break, Cancun, LA, Miami in my 20s tanned and in shape was fun. Me doing it now sad.

If anything I wish I got married later. Kids keep you young. Might sound crazy if my wife died would not mind remarrying a younger woman and having some more kids. I plan on living forever, so far so good

I encourage all people wait till 40 to get married,

You sounds like a very shallow man.

Fantasizing about your hot young wife, at the thought of your wife’s demise.

I also had fun in my twenties and can now travel more, to nicer places and have more high end experiences.

No one envies your “hundreds of girls.” You sound pathetic, like you have yet to figure out the point of it all.

Well I actually went to way nicer places back then. I go to Palm Beach, Aspen, Southampton, LA, NYC, I was on the "circuit. I get invited to the parties and often people let me stay over their house. I remember Howard Stern who my friend worked with would ask how is your rich friend doing referring to me. And I recall I was hanging out with Snoop Dog in Hamptons in the 1990s and ran into him again at a after part for a talk show he was on in LA at the open bar. He was like dude are you everywhere. My boss would laugh if it is on page six I know you were there.

My kids sometimes laugh when we watch TV or movies and I cant help myself but telling stories of when I met the people on screen and what they are like. Most were very nice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is it worth it to wait till 70 for social security?

I did a present value calculation a few months ago and found that 65ish (don't recall the exact number) was the best age to start, assuming life expectancy of 78-80.. We are 5 years apart (currently 60/55) and I plan on starting mine at 65 with wife to start at 70 (longevity runs in her family). She will also have a higher SS number (or whatever it is called) so the surviving spouse will get the max possible payment.

67 is the age now for regular SS. 65 is a haircut.

[Anonymous]

We will run the numbers when the time comes, but with any luck SS will be a drop in the bucket of our overall retirement money.

[Anonymous]

Our planner has DH taking it at 70 and me at 62. He also happens to be 8 years older than me and I plan to retire at 62 so it works well. He also has longevity in his family (parents and grandparents mostly live to mid 90s). That being said, it doesn't move the needle that much. If it looks like it makes more sense as he approaches 67 to take it, we will.

[Anonymous]

Anonymous wrote:We will run the numbers when the time comes, but with any luck SS will be a drop in the bucket of our overall retirement money.

It will be for us. But we plan to take it early, figure get what we can while it still exists and the age to take isn't 75+. We have paid in tons, and would like to get some back

[Anonymous]

Anonymous wrote:With life expectancy of 78, why would anyone wait till 70?

78 is the life expectancy at birth. If you already made it to age 62 your life expectancy is a decent bit higher. The average life expectancy at age is 82 for men and 84.5 for women. Life expectancy is also highly dependent upon your education level, financial status, health conditions and family history. At age 62, the Life expectancy for men in the top 20% of lifetime social security earnings is 25.6 years. So the average high income man will make it to age 87.6. For many in the DCUM crowd assuming a life expectancy of 90 is a reasonable. At age 62, the life expectancy for a man in the bottom 20 percent of social security earnings is only 77.3. You need to consider socioeconomic factors, and personal health conditions to reasonably estimate your life expectancy.

[Anonymous]

I’m pulling it as soon as I’m able, before trump takes it away.