Reply to Social Security at 70 worth it?

Forum Index » Money and Finances

Reply to "Social Security at 70 worth it?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]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.[/quote]

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.   
        [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics