Quote:
Originally Posted by wdfifteen
When to take SS is a complex question. Everyone's situation is different. I come from a family that has a mixed record as far as longevity is concerned, but my parents both lived into their 80s. I found a web site that calculated your "break even" age if you start taking SS at various ages. I have to make it to 82 before my decision to wait until age 70 begins to pay off. But that does not factor in what I'm not paying in taxes now. If I was taking my SS benefit now my income taxes would be higher and my medicare payment would be higher.
But that's not the only consideration.
MrsWD is planning on waiting until "full" retirement age (66). I'm waiting until I'm 70. We don't need the money right now, much of it would be drained out in taxes because of our other income. I've planned the "retirement" of a couple of my royalty payments for my 70th birthday, so my income (and taxes + medicare) will remain about the same.
We're still not sure we've made the right decisions.
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I agree it’s different for everyone. My wife has a pension that pretty much means a very small SS payment for her. Even if she took half mine, so that had a effect. I also figured around early 80’s for a break even point. It all depends on what rate of return I get on the money.
There was also a consern about the future of SS. And taxes. As someone who has saved and invested over the years will I be penalized by those who did not? The current crop of politicians are sure promising a lot of free stuff and higher taxes.
The old bird in the hand is worth two in the bush .