Samm:
Retirement age (or rather age at retirement) is not directly related to Social Security benefits. For example, I retired at age 57, but I did not apply for my SS benefit until I was forced to at age 70-1/2. Raising the full SS benefit age from 65 to 67 over the course of several years did not cause society to crumble and raising it slowly to age 68, 69 or even 70 would not do so either.
On the other hand, doing so would preserve the solvency of the program indefinitely without having to increase payroll withholding. It is most definitely something to be considered if you want the program to remain.
I took my SS at age 62. That plus my company pension works nicely.
A number of folks there didn’t make it to retirement. I went for the bird in the hand.
1 Like
Samm
June 23, 2020, 11:02pm
62
I haven’t done the math recently, but I think the break even point (monetarily) between taking early benefits at 62 rather than waiting until 67 is about 17 years. So if you live to 79 and beyond, you are money ahead.
Samm:
I haven’t done the math recently, but I think the break even point (monetarily) between taking early benefits at 62 rather than waiting until 67 is about 17 years. So if you live to 79 and beyond, you are money ahead.
Doubtful i even live that long. Quite a few folks where i worked died before 62.
At 67 i’m already beating the odds i suppose.
Samm
June 23, 2020, 11:05pm
64
That’s why I retired at 57.
Good idea! I couldn’t swing it till 60 but then away i went.
I retired at 50 because Obama was an idiot.
Samm
June 24, 2020, 12:40am
68
Anyone who had that kind of foresight from 1935 would probably made a large fortune playing the lotto powerball.
