S.S .& the single forum members

[Moemg]

I 'm sorry for bringing up the dreaded Social Security word but I just do not understand why single forum members delay SS . For couples I understand it is so the survivor rate is higher but for us single members our SS dies with us so why not take it at 62 ? Sure you get more by waiting but aren't you are also playing the odds that you'll live long enough to come out even .

[HFWR]

Currently single, and I intend to start at 62 (eight years), though I'm not glued to that. Stuff happens.

[Khan]

Quote:

Originally Posted by Moemg I 'm sorry for bringing up the dreaded Social Security word but I just do not understand why single forum members delay SS . For couples I understand it is so the survivor rate is higher but for us single members our SS dies with us so why not take it at 62 ? Sure you get more by waiting but aren't you are also playing the odds that you'll live long enough to come out even .

I'm not concerned with spending time and effort to make sure I get the most money out of the system.

I might not take SS at all if I don't need it; I'll leave it in the system for those who do need it.

[Lakedog]

I'm also single and plan to start at 62 (or earliest age possible if that changes before I reach 62) -- seems like the best decision due to lifespan uncertainty.

[Moemg]

Quote:

Originally Posted by Khan I'm not concerned with spending time and effort to make sure I get the most money out of the system. I might not take SS at all if I don't need it; I'll leave it in the system for those who do need it.

Khan , why not take it and donate it to one of your charities ?

[Goonie]

I'm single and plan on draining drawing SS at age 62 in 10.5 years. I don't know what I'll spend all of that new found money on, but I'm sure I'll find some new widget or whatchamacallit that I surely won't be able to live without....at least according to their manufacturer's ads.

[aaronc879]

I may wait until "full retirement age" because I may be living off just S.S. if I live into my 70's. However, with my genetics it's fairly likely I won't live into my 70's so it's a tough choice.

[2B]

I'm not single but the reason for a single to not take SS is the same reason someone might buy an annuity. The only difference is that SS is a much better buy than what you can get in the SPIA market. If you really think you'll beat your longevity tables, delaying SS is the way to go even if you are draining other assets. SS goes up about 8.5% every year and its indexed for inflation. Waiting until 70 really increases your SS check.

The key is living beyond the SS actuarial life span. The gov't uses the "overall" numbers so if you have good health and a decent family longevity history it really is a good deal. If you die early, you're dead and won't care.

[cute fuzzy bunny]

The other key if you delay is hoping the govt doesnt start doing means testing, cuts the payout, drops the inflation adjustment, increases the taxation or some other method of pumping the bilge before the ship sinks.

If you take the money and invest it rationally, you'll be in your early to mid 80's before the delay strategy starts getting the upper hand. Having that bird in the hand may let you be a little freer with your spending between 62 and 85.

I'm guessing that the money is going to be more fun to spend at 62 than 85.

[Alan]

Quote:

Originally Posted by Khan I'm not concerned with spending time and effort to make sure I get the most money out of the system. I might not take SS at all if I don't need it; I'll leave it in the system for those who do need it.

Wow, that's very altruistic of you. I'm suitably impressed. As suggested, why not consider drawing and donating to charity?

[Alan]

Quote:

Originally Posted by Moemg I 'm sorry for bringing up the dreaded Social Security word but I just do not understand why single forum members delay SS . For couples I understand it is so the survivor rate is higher but for us single members our SS dies with us so why not take it at 62 ? Sure you get more by waiting but aren't you are also playing the odds that you'll live long enough to come out even .

If you have a choice (don't actually need it at 62) then draw it, save it and pay it back to get the higher payout and keep the interest.

[Dawg52]

Also under current rules, if you take it at 62 you have the option to re-apply for the higher rate at 70 and simply pay what you had received back without interest. Some are doing that today. I shouldn't say simply as I've read it is a complicated procedure. But it does seem like another pretty good reason to go ahead and take it at 62 and re-evaluate things at 70.

Edit: Didn't see Alan's response. Basically what he said.

[unclemick]

Hmmm - Single in a household of three women each contributing SS/pension to household expenses. I planned to let SS build up.

Happy 62nd birthday/Katrina. Moved 1000 miles inland. Three deaths within a year.

I became mortal and took early SS. If I get back to living forever by age 70 - I may do the form/pay the money/reset the clock - if the option is still available.

Life happens. Have a plan but remember the difference between precision and accuracy.



heh heh heh -

[lazygood4nothinbum]

i've so many family members who live well into their 80s and 90s that it seems to make practical sense, from a longevity standpoint, to wait.

from a silly superstitious standpoint, i'd rather bet on long life than count on an early death to reward my greed.

assuming the current status quo remains intact, from a karmic standpoint, waiting will give more money to whichever very young indigent lesbian i marry right before i die so that the system that screwed me over during my life might help another of my kind throughout hers.

[Bikerdude]

Quote:

Originally Posted by cute fuzzy bunny The other key if you delay is hoping the govt doesnt start doing means testing, cuts the payout, drops the inflation adjustment, increases the taxation or some other method of pumping the bilge before the ship sinks. If you take the money and invest it rationally, you'll be in your early to mid 80's before the delay strategy starts getting the upper hand. Having that bird in the hand may let you be a little freer with your spending between 62 and 85. I'm guessing that the money is going to be more fun to spend at 62 than 85.

This makes sense to me. I've run the numbers for my situation and I'm taking SS at 62. One of the easy 'fixes' for SS is to tax 100% of it. Currently, I will make out on both fed and state taxes by starting at 62 (in one year). Everyone should do their own assessment.

[cute fuzzy bunny]

In my case, I'll probably use it and defer taking money from our IRA's longer.

I'm sincerely hoping to reach RMD age and find myself with huge tax problems due to the enormous required minimum distributions.

[Khan]

Quote:

Originally Posted by Moemg Khan , why not take it and donate it to one of your charities ?

I am extremely lazy.

[cute fuzzy bunny]

Take it and sign the checks over to me. I'll supply you with a suitable rubber stamp, a lifetime supply of self-addressed stamped envelopes, and I'll even mail you a cheesecake and some of my infamous home made rum soaked fruitcake ever christmas.

[Khan]

Quote:

Originally Posted by cute fuzzy bunny Take it and sign the checks over to me. I'll supply you with a suitable rubber stamp, a lifetime supply of self-addressed stamped envelopes, and I'll even mail you a cheesecake and some of my infamous home made rum soaked fruitcake ever christmas.

Your avatar needs to be renamed.

[cute fuzzy bunny]

Eh, I was planning on leaving it that way and seeing which internet addict was going to notice first.

DING DING DING! You're a winner! You get to send me your social security checks!!!

Good avatar though, dontcha think? Pretty much sums it up...