You don't gotta go to work, work, work!! Social Security Strategies! 62, 67, 70. lets discuss

age 62 per month $2158

age 65 per month $2589

age 70 per month $3698

so which would you choose?

lol so i did an npv. assume 3% discount. die below 80, and its best to retire early, die pass 80 and you lose the NPV!

if you increase the discount rate to say 10%. its always better to retire early.

implications. always best to retire early.

dont be an ohai :slight_smile:

I’m no social security expert, but I always thought you’re supposed to wait until you’re required to take it to get the most out of it.

Of course, social security won’t exist by the time I’m 70 so it doesn’t really mater.

SS won’t even exist by the time we are that old.

^haha so true.

well maybe not. i personally thing ss will nto die. cuz old people vote a lot. sick people will get their medicare cut before anything cuz they are few and far in between.

old people will very likely get their benefits reduced. they will prolly be forced to delay retirement (or incentivized).

why do yu need ss when you will have “tens of millions”

im doing for parents. mom/dad at 57. she asked if retiring at 65 is better cuz it was a higher monthly payment. i told her we shall try for 62 cuz a bird in hand is worth two in bush!

anyways she sent me her numbers. i actually didnt use numbers above btw but the personal numbers she gave at 62 67 and 70.

my conclusion is retiring early is best from an npv standpoint. but again she prolly needs 1m in assets which barring a recession is doable. but a recession will very likely hit us within 5 years so, we shall have to play by ear.

she also is a cancer survivor so her expected age is prolyl lower. so health is a big thing when figuring whether to take early retirement. but the nest egg will also be used to take care of my no income dad. so that acct needs to be done bigly otherwise my siblings will have to shoulder the costs.

-1 for the CFA.

+1 for the CPA, PFS, and CFP

obviously need more info but here’s my thoughts. your decision will be tricky because your mom’s LE is likely impaired and your dad is a guy so his LE probably isn’t excellent. combined, their last to die LE is likely lower than most 57 yo peers. if your grandparents and great grandparents died in their 60s, 70s or early 80s, i’d lean toward taking it early. when your ancestors die is still the best determinant of when you will die. unless all of your ancestors have made to their 90s or 100s, i’d hedge. one take it early and one take it late. i basically don’t have a male ancestor who made it to 80 so i will be taking it early.

Does pop have health issues too? Will you give your siblings a hand if everything goes pear-shaped?

New retirement age delayed to 67 and is pushed by EU Commission. This is a part of new agenda “From a work place directly to cemetery”. Of course this is directed mostly to member countries with so called statutory pension plans, which is, imo, a nothing else than Ponzi scheme. This statutory plan might ensure sufficient funds in some countries only for eating from a garbage container during the last stage. Since, everyone is forced to contribute to statutory plans (employer’s duty to contribute from each employee’s salary, to ensure a decent pension, one must invest privately additional funds in private DC plans.

Your SS is almost perfect and yet you’re complaining.

If your mom retires earlier, she will not earn regular wages. That should be a component of the NPV calculation.

That’s not free money. You gotta work.

we should always help family. But I feel that it is more important to prioritize the youth!

will you have to pay her back the 401k money you borrowed?

US is quite possibly headed in the same direction. Length of lives has expanded faster than retirement age, and we’re birthing fewer suckers to join the ponzi scheme…one that is too big to fail yet on an unsustainable path.

Plus, if she makes more tha $16k or so (I think), her Social Security will get clawed back.

i read the same. Is that a working wage or does 401k withdrawals count as income?

Earned income. So w2 wages and self-employment.

Always take everything you can get, as soon as you can get it.

  1. This is a ponzi, get yours before it pops.

  2. People think they will wait and get more, but then they die of some disease and get less. The system tells you to wait, because it has analyzed ALL factors and knows that is the wrong move (for you, best move for the system). It needs to hold the ponzi together, which means slowing negCF, see #1.

lol anyways. most people do say to wait until full retirement. how silly!

Sooner you take it the sooner the g’ment will have you whacked.