I read an article from Suze Orman who says: "That when you start taking SS at age 70, when you hit your early 80s your total payments will be more than if you started getting a lower benefit at age 62"
I had also heard elsewhere as an example, that if you start taking benefits at age 67, it will take you 8 years to make up for what you missed if you had started to take benefits at age 62.
Unless I am missing something, these seem to contradict each other? Perhaps her statement is misleading or I am misreading it?
Of course we do not know how long we will live and there are other variables, but I thought that generally the idea was that the intent to get about the same amount of benefits no matter when you start taking SS.
Thanks, just thought I would get some additional input.
I had also heard elsewhere as an example, that if you start taking benefits at age 67, it will take you 8 years to make up for what you missed if you had started to take benefits at age 62.
Unless I am missing something, these seem to contradict each other? Perhaps her statement is misleading or I am misreading it?
Of course we do not know how long we will live and there are other variables, but I thought that generally the idea was that the intent to get about the same amount of benefits no matter when you start taking SS.
Thanks, just thought I would get some additional input.