Quote:
Originally Posted by GTOLiam
I'm coming up on retirement at an early age, going to pull the pin around 58, and doing some research on taking SS. Would you mind sharing why you held back taking when you retired at what sounds like 62 1/2?
Tax benefits? Keeping yearly income low for ACA? Guaranteed investment at 7-8% each year you wait versus higher but risk prone market? Pushing out the bottom lower income years in the 35 average?
Whenever I run the numbers in those Monte Carlo retirement type of simulators, I'm always better off taking it early at 62.
Thanks!
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I’m putting off collecting for most of the reasons you mentioned.
One main driver of my decision is my foreign born wife of 13 years and American citizen cannot collect SS on her own earnings history, however she will be able to collect 50 percent of my award. So in my case getting the highest payout possible for her future is a priority.
Doing the numbers the payout collecting early versus late crosses over at around 80 years old. From age 80 onward that extra money every month would definitely be good to have. So everyone’s situation is different which affects when would be their ideal time to take SS.
I’m gonna roll the dice, not planning on checking out early….
