Reply to High earners/savers: How do you feel about social security?

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Reply to "High earners/savers: How do you feel about social security?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This doesn’t seem like it will save any money. You basically get the highest benefit by waiting til 70 to take the benefit. Once people know their benefit is capped they’ll just claim earlier.  So, yes, they will get a lower annual benefit but they will start getting paid earlier.  So unless social security hasn’t properly adjusted the age 70 payout, it doesn’t seem like this would save much.[/quote]

An excellent point. High earners, lots of retirement savings, not planning to take SS until 70. If there was a cap we'd take it at 65. [/quote]

why i. the world would you wait to take it? you are just giving the government more time with your money. You make way way more if you are actually wealthy and don’t need it and invest it yourself. The math is quite basic. [/quote]

I did the math and for me the difference between 67 and 70 is a little over $1000/month. The $140k in payments I forgo by delaying until 70 I make back in 10 years. Adding a couple of years for investment gains on the $140k still puts me ahead if I live past 83-84ish. But I may still take it at 67 (2 years away) just to get some of my SS contributions back. I am high income so fully expect to be capped or cut down the road.[/quote]

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