First SSC check arrived in February. Fishing trip in Alaska booked for this summer and a brown bear hunt a bit later. Panama fishing and Nanimbia next year. A new $30K a year buys some fun.
I didn’t know you were 67… only a fool would draw it at 62.
If you're making taxible money during that time, yes. But otherwise some numbers say the 67 year old drawee will have to live/draw several years to match the money drawn by the 62 year old drawee of the same age.
To late tonight for the correct numbers, but interesting. IMO.
Don't confuse them with simple math....
If one is broke and has no other means to support themselves then by all means start drawing on it at 70% at age 62. But to start drawing on it to pay for your big game hunting trips or other adventures well, I’m sure social security wasn’t meant for that. If you are a big money hustla like some on here proclaim to be just wait until 67 and draw the full 100%.
Depending on your longevity, you're overall payout may be larger by drawing early rather than waiting.
As I posted earlier, my breakeven point is 79 years old, IF I live longer than that it would have made better sense to wait until 66 or 67 to draw VS 65 as I plan to.
IF I die before 79 and had waited until 67, the .GOV "wins" in that my total payout would be less. That's not even taking into consideration that I can take a portion of the money I'm getting early and invest it, with good odds of getting a higher return than the increase in waiting until 67.
Currently the average life expectancy for a male in the US is somewhere around 76 years old. IF I die then, the delta is $21K less in total benefits IF I wait until 67 to start drawing VS. 65.
My expected payments until age 76 (based on my current status and no further payments into SS):
65 2891.00 a month for 132 months = $381,612.00
67 3336.00 a month for 108 months = $360,288.00
Now I can easily use my retirement savings as a bridging strategy until I start SS, but that money right now is doing really well in the market.
