Social security timing and health question

[palomalou]

Just curious: I have a significant genetic mutation and have had 5 big cancers (1992, 1992, 1995, 2016, 2018. Age 64. Got it from mother, who died at 57. Trying to decide what sort of longevity to guess for myself. What would you? (No panic--I will do what I choose, but am curious.)

 

[ziggy29]

I don't think I could *guess* at a number, but with those genetics, and health/family history, I'd start taking it 62, as soon as I was eligible.

Sorry you are having to deal with that.

 

[Sarah S]

I have a mutation for a currently incurable disease which I have already started. It already killed my younger sister. Other relatives have lived to their late 80s though. And genetic research is growing by leaps and bounds

I follow research into my mutation very closely and believe treatment which in phase 1 trials may be able to mitigate symptoms and progression which could lead to an expensive old age if I get there. I don’t need the ss if I am going to die early so am waiting. I will likely lose money so to speak but won’t be here to care

I encourage you to see what is available for research participation for carriers of your mutation

 

[Blueskies123]

From the information you provided I believe most people would take SS at 62. Make sure you enjoy some of the money now and save some in case things work out for the best.

 

[LARS]

Think I’d be living my life, within reason, with a rolling couple of year horizon. Adjusting based upon current health status. Thus, with SS, if survivorship issues are not important, 62 would be most likely choice...

 

[Koolau]

I would agree that early SS for a SINGLE person may make sense. My thinking is that for MOST SINGLE people, it makes sense - especially men because its all based on actuarial analysis. BUT consider that the survivor of the higher earner gets to take the higher earners benefit upon death and the equation may change - especially if the survivor might be destined for a very long life.

Stuff like "do you need the money" now is probably the most important question to ask, but things DO get complicated when you are married. This might be worth an hour with an expert or the purchase of some software. Doesn't Kotlikoff's ESPlanner do this? I'm sure I've seen some other SS planning software discussed on this forum. In any case, this may not be trivial and there MAY be a BEST way to do it. So, don't take our advice, DO the research and do it thoroughly.

Now, having said all that, God bless you and keep you safe, palomalou

 

[Dtail]

Sounds like you should take it now, as age 62 has already passed.

 

[palomalou]

Sarah S, so sorry to hear this!

 

[Bir48die]

Man, this is hard to read. Sorry for both of your conditions. For dollars I'd take it early. For spousal benefits, as late as you can. Good luck to both of you.

 

[Running_Man]

Just curious: I have a significant genetic mutation and have had 5 big cancers (1992, 1992, 1995, 2016, 2018. Age 64. Got it from mother, who died at 57. Trying to decide what sort of longevity to guess for myself. What would you? (No panic--I will do what I choose, but am curious.)

I would consider my spouse if I was married and what her life expectancy was, mine comes from a family that had many live beyond 95 and so I would take that into consideration and defer taking SS if that would be higher for my spouse. Nothing else to me would matter as if I were to die early then I have enough money and it does not effect myself so only thing to consider would be the family.

 

[walkinwood]

First, I'd make sure that your spouse gets the maximum SS possible if you were to pass away. Whatever that takes.


Secondly, unless you need the SS money to maintain your desired lifestyle, delay till 70. You have no idea how long you're going to live & SS is the best longevity insurance you already own.

 

[ckelly78z]

If you are 64 now like you stated originally, I would take SS now, to enjoy more years of earnings rather than waiting for a windfall 6 years from now. There are no gaurantees in life, you may live into your late 80s, or God forbid, pass into the great unknown before you ever have a chance to collect that first big 70 year old SS check.

I have a similar checkered health past Cancer in 1988, 1995, 2000, and 2016, with chemo drug related CHF 3 times in the last 10 years. I'm 54, and fully plan to take SS, and retire fully at 62, not gambling with our (married 30 years) future.

 

[ckelly78z]

If you are 64 now like you stated originally, I would take SS now, to enjoy more years of earnings rather than waiting for a windfall 6 years from now. There are no gaurantees in life, you may live into your late 80s, or God forbid, pass into the great unknown before you ever have a chance to collect that first big 70 year old SS check.

I have a similar checkered health past Cancer in 1988, 1995, 2000, and 2016, with chemo drug related CHF 3 times in the last 10 years. I'm 54, and fully plan to take SS, and retire fully at 62, not gambling with our (married 30 years) future.

 

[pb4uski]

I don't think I could *guess* at a number, but with those genetics, and health/family history, I'd start taking it 62, as soon as I was eligible.

Sorry you are having to deal with that.

+1