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Money and Finances
Reply to "Social Security Family Benefits and Early Retirement Age"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Social Security pays family benefits to spouses and dependent children under 18. This affects the retirement age decision. For example, the maximum benefit at age 67 is around $4k/month or $50k/year. It increases to $5k/month or $60k/year at age 70. So, a single retiree needs to live an extra 12 years beyond age 70 to break even, not including interest. But if you receive an extra 50% or 75% in family benefits then you need to live an extra 18 or 21 years. I guess they want us to take benefits at 67. [/quote] The fascination so many people have with "breaking even" always befuddles me. It's not a contest with the government. Take or defer benefits based on what is best for you and your family, not some need to squeeze every last dollar out of the US Treasury. [/quote] +1[/quote]
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