W2R
Moderator Emeritus
Notice that the following quote was written by observer, not Jeff. I didn't see any indication that Jeff, whose financial situation we are discussing, planned to take health care for the needy. Observer may be in a financial situation in which this health care is appropriate and may have missed the fact that Jeff is better off.
Rescueme mentioned my approach to SS:
I am currently choosing to delay SS, though I reserve the option to change my mind! I am 62, single, and have sufficient financial resources to easily cover my needs if I wait for SS. With good health, plenty of centagenarians in my family tree, and only a very tiny pension, I would like to have a larger SS check coming in regularly in my old age. So, I am waiting. I intend for SS to be more like old age insurance for me than it may be for some folks.
If we assume that SS benefits will remain as they are now, it makes sense to me for a single person to wait before claiming SS if they can afford to do so since they increase quite a bit for each year that one waits. However, we don't really know that SS benefits will not be reduced or taxed more or somehow diminished during the next few years. Some people choose to claim SS at 62, to get what they can before SS runs out of money or before benefits are reduced or taxed more than they are now. That makes sense too.
Whether or not to claim SS benefits early has become like a gigantic game of "chicken". So far, I have not and I do not plan to claim them until at least 66. If I make it to 66 I will reassess at that time, and maybe wait until 70. Every few months, headlines indicate that massive changes are in store for SS but so far they have not scared me enough to claim SS.
Healthcare is the next issue. Here, I'd check your local county or state for low income health care benefits. They may provide free medical coverage as my county did for me.
Rescueme mentioned my approach to SS:
Rather than depend on a long ago poster who was married (different SS options), not near claiming benefits, and also based that the SS program has changed in that time (e.g. payback option eliminated), I would suggest that you confer with folks on the board on that currently have the same situation, in today's SS "environment".
For instance W2R has a similar situation in some ways as you. She is retired (great! ) and is also single (at this time, but who knows what the future may bring ).
She has mentioned that at this time, she is delaying SS. While I/DW are delaying SS (we're both SS age) in order to "maximize benefits" in our situation, W2R may give you some ideas on why she is currently choosing to delay, as a single person.
I am currently choosing to delay SS, though I reserve the option to change my mind! I am 62, single, and have sufficient financial resources to easily cover my needs if I wait for SS. With good health, plenty of centagenarians in my family tree, and only a very tiny pension, I would like to have a larger SS check coming in regularly in my old age. So, I am waiting. I intend for SS to be more like old age insurance for me than it may be for some folks.
If we assume that SS benefits will remain as they are now, it makes sense to me for a single person to wait before claiming SS if they can afford to do so since they increase quite a bit for each year that one waits. However, we don't really know that SS benefits will not be reduced or taxed more or somehow diminished during the next few years. Some people choose to claim SS at 62, to get what they can before SS runs out of money or before benefits are reduced or taxed more than they are now. That makes sense too.
Whether or not to claim SS benefits early has become like a gigantic game of "chicken". So far, I have not and I do not plan to claim them until at least 66. If I make it to 66 I will reassess at that time, and maybe wait until 70. Every few months, headlines indicate that massive changes are in store for SS but so far they have not scared me enough to claim SS.
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