The point is "Full retirement age" is age 62 for people that don't have a job, or earn less than 13K a year. If you take benefits early, and earn over 13K, the penalties are 50 cents on the dollar. Also, full retirement age is where you qualify for medicare benefits, which isn't free. Some don't want it if they can get medical coverage elsewhere, or free.
My original point was that you're full of shit, but the "full retirement age" is a fact. Even your quotes say as much. Did your mother have any children that lived?
By the way Bill, it is not always about absolute dollars, but instead about cashflow. If it takes X dollars per month to keep your head above water, you may defer retirement past age 72 to get maximum monthly income instead.
I expect to see 90+ myself. Nor do i find it unlikely to hit triple digits.
Run the actual numbers. I did. As I approached 65 I looked at the Social Security payout versus retire now or delay to 70. Retiring at
70 took *8* years to catch up to the total take if I retired at 65. Who know if you'll really live that long?
You never know when that big event will reach out and get you.
For example, Friday night, in my office (organized as piles of paper and boxes on the floor :) I stepped over a pile onto a piece of paper, slipping, folding up my left leg like it's never been folded before, and, as my wife observed, my head missing my solid oak desk by a fraction of an inch as I hit the floor :-(
I'm in pain, but think I'm OK. Remember my father fell off a pickup truck while trying to unload a snow blower by himself, but lived quite a few years after that ;-) ...Jim Thompson
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| James E.Thompson, CTO | mens |
| Analog Innovations, Inc. | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| Phoenix, Arizona 85048 Skype: Contacts Only | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
Spice is like a sports car...
Only as good as the person behind the wheel.
Did you add interest the interest on the five years income, between 65 and 70? IIRC it's more like 20 years to make up the difference. I'll have to run them for myself (a few years yet), but as I recall the wait from 62 to 65 (66 in my case) is a no-brainer, given the penalties, but waiting until 70 was a definite loser.
Crap! Gotta stop doing stuff like that at some age. A broken hip can be a death sentence.
Well, my mother just had me, but she died at age 47, and my father died at age 65, and my nephew died at age 36. And I've had triple bypass heart surgery, and colon cancer surgery, and chemotherapy, and alcoholic problems, and other stuff. So, if I make it to age 67, I'm going to be a winner.
What a coincidence. I have been updating my retiremement spreadsheet these past few days. With SSI and Medicare in disarray and the difficulties of quantifying Ombummercare correctly it is distinctly messy.
Yes, but it doesn't define what full retirement age means. In other words, what is the advantage of taking benefits at say age 65.5 verses age 64.5?
I wrote a little basic calculator to illustrate the time needed to recover lost benefits from postponing retirement past age 62 to age
My statement says I would get about 82% more at age 70 verses 62, so it works out to about 12 years at 5% investment rates. But there are other variables such as COLA increases, and additional payments into the system from working to age 70. It's not a simple problem, so it might take 20 years to break even considering all details. I don't know of any source that will factor the details. I don't think the Feds want us to know.
cls Principal=3D1 Age62 =3D 1000 : Rem early retirement payment Age70 =3D 1830 : Rem 83% increased payment at age 70 Rate =3D .05 For Year=3D1 to 8 For Month=3D1 to 12 Principal =3D Principal + Age62 + ((Principal*Rate)/12) Next Month Next Year Difference =3D Age70-Age62 RecoveryYears =3D (Principal/Difference)/12 Print "Years to break even is"; RecoveryYears
Rem 11.82 years to break even at age 82 assuming 5% investment return.
Make no assumptions when it comes to SS. They do funny guv'ment math.
From their very own tables 70 vs 65 gave more per annum, but it took ~8 years to break even with what you would receive starting at 65. Unless you live at Mayo clinic, predicting your longevity is pretty iffy :-) ...Jim Thompson
--
| James E.Thompson, CTO | mens |
| Analog Innovations, Inc. | et |
| Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
| Phoenix, Arizona 85048 Skype: Contacts Only | |
| Voice:(480)460-2350 Fax: Available upon request | Brass Rat |
| E-mail Icon at http://www.analog-innovations.com | 1962 |
Spice is like a sports car...
Performance only as good as the person behind the wheel.
So, why don't you just tell us the details, since you know so much. I don't think you can troubleshoot your way out of a wet paper bag, let alone ss benefits..
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