I can see where some would decide to wait. Health care is perhaps everyone largest financial drain and consideration.
Video on not taking social security at age 65
- Thread starter GON
- Start date
GON
$150 Site Donor 2025
Not sure we all concur with that statement. Others state:" retire=expire".
Daily I read stories like the one below:
Grandpa Reau is about the hardest working person I know. 91 years old and he still comes to the farm every single day to work. He’s been farming for 84 years of his life and his favorite quote is “take it day by day” (didn’t have enough letters to put it on the board lol). He keeps everyone in line and on their toes daily but I guess that’s what you get to do when you’re 91
This
I make more in a day sometimes- and certainly in a week or month in the market than his chart shows delaying - not because I’m good or lucky but because I did my savings and scrimping hard as I did my working AND two side businesses earlier in life
Its a lottery. Calculate the odds of x y and z. Some will win. The majority probably wont. Look what covid did... Another varient is being talked about that will be worse. Looks whats been happening. Chicken flu, Etc.
I'm 65 and still working so I'm not taking it yet. I think it's different for everybody. If you need it definitely take it. If you keep working they'll tax it so probably not. I've heard the arguments for taking it at 62 and I work with a lady who told me it was the worst thing she ever did and she had to go back to work to make it. I say it deserves careful consideration and then to each his own. I work a physical job that keeps me in shape and I'm comfortable there so I keep working. Also my wife wants to stay on my insurance til she's 65. She's 63 now. Alot of things are involved in this decision.
GON
$150 Site Donor 2025
Last edited:
I’m so busy retired I don’t have time for so many videos!
Seriously no wonder I enjoy farming so much. But manufacturing satellite engines in high stress high dollar tight schedule environments will absolutely kill you early. Some of my damage is irreparable unfortunately- most is so I feel blessed
Last edited:
The system is likely to go defunct in the near future. Take it early.
A SS check in the hand is worth two in the bush.
A SS check in the hand is worth two in the bush.
I wish that AARP is on board...but all it quit about this on there site...
This is the underlying theme that is MOST important. I won't even go into my details, except I turn 70 a year from now, I am somewhat "the farmer story" above, and I will start my SS then. My choices, based on my personal decisions, not what others think. My life and career are a Cinderella story of sorts. Modest, but oh so rich. Not without curve balls along the way - my wife has severe health issues from a head-on car accident years ago. Adjust and move forward. Grateful. No (few) regrets. Why wait for retirement for a full life?
Last edited:
With Kreskin dieing recently you have no real way of knowing how long you will live. Unless Dr told you you have a month left to live. Moses lived to 120. Abraham to 175. The rest of us??
Absolutely personal choice with no doubt- my above statements should take nothing away from this.
My boomer statement. Start early and these decisions become much easier
My next nasty will be RMD. Unfortunately I was late into saving when Roth began and never could do a full conversion without paying abusively
My boomer statement. Start early and these decisions become much easier
My next nasty will be RMD. Unfortunately I was late into saving when Roth began and never could do a full conversion without paying abusively
Everyone's situation is different. I took my SS benefits at age 66 after the calculation showed I'd need 14 years to break even if I waited until age 70.
My best friend and I each have financial advisors. His recommended taking SS at 65. Mine recommended 70.
My advisor’s read was that with a life expectancy of 82 (healthy male at age 65) you’d be ahead to wait.
My advisor’s read was that with a life expectancy of 82 (healthy male at age 65) you’d be ahead to wait.
You know that taxes paid on SS do not go into the general Treasury. They go back into the general SSA fund. Eliminating taxes on it without making any other changes will make it be insolvent sooner.
I am not against eliminatating the income tax of SS, but feel they need to stop kicking can down the road.
Increase retirement age for FRA. Increase % for SS. Increase just employer percentage fid SS. Increase max salary you pay SS on to $500K. Cap max salary they figure SS benefits on to $200K
Another significant factor to consider is the SS survivor benefit for a surviving spouse (and a divorced former spouse/dependent, under certain circumstances) after a SS recipient dies. The eligible survivor's SS payment may be increased to the higher SS amount if the deceased spouse was drawing the higher SS payment.
Social Security Survivor Benefits
Social Security Survivor Benefits
AZjeff
$50 Site Donor 2023
IMO one of the big mistakes people make is worrying about leaving money on the table if taking SS before full age and/or breaking even. You're going to be so mad if you live too long or die too soon. 
Every person's situation is different. Health and wealth are the major factors. Work situation is another, hate it or love it. What will you do is another. For some the SS money is icing, for others it's survival. It's nice to be in the position to have options for this decision, many don't. One thing is certain, none of us get out of this alive and I'm happy to be able to spend my time after 65 doing what I want, after starting work at 14 and 50 years of being productive now my time is mine.
Every person's situation is different. Health and wealth are the major factors. Work situation is another, hate it or love it. What will you do is another. For some the SS money is icing, for others it's survival. It's nice to be in the position to have options for this decision, many don't. One thing is certain, none of us get out of this alive and I'm happy to be able to spend my time after 65 doing what I want, after starting work at 14 and 50 years of being productive now my time is mine.
Of the 4 of us who hung around during high school, 3 are dead. I'm the last man standing.
He said you are heavily penalized if you earn more than $19K and are taking SS. I think he said you give back half of your SS payments. Does that $19K include investment income like dividends, interest and capital gains?
