Here is my thought. We should not compare age 62 to 67 or 70 when doing a break even analysis. We have already contributed into the program for many years and similar to buying an annuity, if we die our heirs don’t get that money back. Think about SS as an annuity (which is what it is) and you buy a $500k annuity at age 62. If you want payments to start immediately it will pay you $30k per year so you will collect $500k by the time you are 78 and half. If instead you start payments at age 67 and it pays $40k per year you collect $500k by age 79 and half and if $50k per year starting at age 70 you collect $500k by age 80. Since in all cases the break even if between 78 and 80, if you make it to that age wouldn’t you want the bigger check? If you don’t make it to that age you won’t know you made a bad choice by deferring anyway.
@murkri8723Ай бұрын
If only the Govt. let is ordinary folks alone! The fat cats pay zilch in taxes and we middle class folks pay heavily.... What a shame!
@huntinbuddyАй бұрын
Took mine at FRA, waiting to 70, would have given me about $600 additional a month.
@KevinInPhoenix6 ай бұрын
Apart from longevity it is all about instant vs. delayed gratification. Most want what they can get now. I prefer more later instead less now.
@NickyP1 Жыл бұрын
For this year, would it be wise to convert my IUL into a fixed account, then possibly switch it back next year/ when the market stabilizes? Not losing money on it, but would rather be gaining something.
@thek4232 Жыл бұрын
This law is frustrating!
@walterknox59532 жыл бұрын
t is rarely a good idea to begin collecting SS before 70. Why the rush to be first in line at the Federal welfare trough??
@richardargst1572 жыл бұрын
Do you want a big check or a small check??? This is not complicated.
@matt75hooper2 жыл бұрын
I'm waiting til 70 for 3 reasons : 1. Super Healthy great genes. 2. Love my work. 3. I want my wife to have the larger Soc Sec $ check the rest of her life.
@keithmachado-pp6fv17 күн бұрын
In addition to your items 1 and 3. Maximize income that is at least 15% not taxed federally and zero state tax. IRA distributions incur 50% more tax (30% vs 20% in my case). An insurance policy against high inflation Ability to withdraw from IRAs before age 70 without triggering IRMAA surcharges thus lowering future RMDs.
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Here is my thought. We should not compare age 62 to 67 or 70 when doing a break even analysis. We have already contributed into the program for many years and similar to buying an annuity, if we die our heirs don’t get that money back. Think about SS as an annuity (which is what it is) and you buy a $500k annuity at age 62. If you want payments to start immediately it will pay you $30k per year so you will collect $500k by the time you are 78 and half. If instead you start payments at age 67 and it pays $40k per year you collect $500k by age 79 and half and if $50k per year starting at age 70 you collect $500k by age 80. Since in all cases the break even if between 78 and 80, if you make it to that age wouldn’t you want the bigger check? If you don’t make it to that age you won’t know you made a bad choice by deferring anyway.
If only the Govt. let is ordinary folks alone! The fat cats pay zilch in taxes and we middle class folks pay heavily.... What a shame!
Took mine at FRA, waiting to 70, would have given me about $600 additional a month.
Apart from longevity it is all about instant vs. delayed gratification. Most want what they can get now. I prefer more later instead less now.
For this year, would it be wise to convert my IUL into a fixed account, then possibly switch it back next year/ when the market stabilizes? Not losing money on it, but would rather be gaining something.
This law is frustrating!
t is rarely a good idea to begin collecting SS before 70. Why the rush to be first in line at the Federal welfare trough??
Do you want a big check or a small check??? This is not complicated.
I'm waiting til 70 for 3 reasons : 1. Super Healthy great genes. 2. Love my work. 3. I want my wife to have the larger Soc Sec $ check the rest of her life.
In addition to your items 1 and 3. Maximize income that is at least 15% not taxed federally and zero state tax. IRA distributions incur 50% more tax (30% vs 20% in my case). An insurance policy against high inflation Ability to withdraw from IRAs before age 70 without triggering IRMAA surcharges thus lowering future RMDs.
awesome content