I have a couple of questions for the brilliant minds here. Having searched the web and the SS site, I cannot see whether they determine the amount based on when you FILE, or when you begin to RECEIVE. Anybody know?
I watched a video from a financial planner who calculated a number of different scenarios (age of filing, expenses, market return, inflation, age of death) and calculated end-of-life amounts for each. In most cases, FRA was as good as age 70. SInce one doesn't know which of those scenarios one might experience, I've been considering going ahead and filing at age 67 and 6 months right now. I would be almost 68 when I began to draw. I have had cancer 8 times over the last 30 years from a genetic mutation though at the moment am holding my own and have outlived my mother, also affected by the condition, by more than ten years. Actually, in Canada I would have been automatically placed on disability 6 years ago, but function fine. Anyway, that is the reason for the first question, in knowing what to project. We do have enough assets that it seems a bit less important than it might be had we fewer (def. have fewer than many here!).
Thanks for reading this long post if you did. Happy FIRE to all!
I watched a video from a financial planner who calculated a number of different scenarios (age of filing, expenses, market return, inflation, age of death) and calculated end-of-life amounts for each. In most cases, FRA was as good as age 70. SInce one doesn't know which of those scenarios one might experience, I've been considering going ahead and filing at age 67 and 6 months right now. I would be almost 68 when I began to draw. I have had cancer 8 times over the last 30 years from a genetic mutation though at the moment am holding my own and have outlived my mother, also affected by the condition, by more than ten years. Actually, in Canada I would have been automatically placed on disability 6 years ago, but function fine. Anyway, that is the reason for the first question, in knowing what to project. We do have enough assets that it seems a bit less important than it might be had we fewer (def. have fewer than many here!).
Thanks for reading this long post if you did. Happy FIRE to all!
