At FRA?
At 70
At 62
Will SS be around in 2034?
You forgot the most important question: At what age will I die? Once you know that, the answer is simple.
+1
I took mine at age 70, and that is what made me happiest. I love seeing the bigger deposit showing up every month. Frank took his at age 62 and that made him happiest since he retired at a younger age than me.
It seems to me that the best time to take SS is whenever makes you happiest, makes the most sense to you, and fits in with your financial planning.
It depends. Everyone's circumstances are different. There are numerous factors to consider. I encourage you to read the many other threads on this topic in the forum.
Most likely yes, but with one or more of the following changes:Will SS be around in 2034?
At FRA?
At 70
At 62
Will SS be around in 2034?
At FRA?
At 70
At 62
Will SS be around in 2034?
https://www.early-retirement.org/forums/f28/laurence-kotlikoff-maximize-my-ss-com-77660.html#post1604411Maximize SS how much you get to spend
Here is a pretty simple calculation for those that wish to spend more money in retirement and do not care about leaving an estate. For those that have a Big enough Portfolio and can afford to wait until 70 to take SS, you'll have more to spend every year of retirement.
Let's Say you retire this year at age 62 with the $1 Million Portfolio and decide to take a 4% SWR. You get Social Security of $19,476 per year at age 62 and delaying to age 70 would get you $34,092 per year. Let's assume no inflation for ease of calculations.
Scenario age 62. Your SWR is $40K per year and Social Security of $19,476 gets you a Spending total of $59,476 for each year of your retirement period.
Scenario age 70. You stash 8 years of $34,092 from your portfolio into a savings account for a total of $272,736. Your portfolio is now down to $727,264. Your 4% SWR is now $29,090 per year and you remove $34,092 from your savings account giving you a total of $63,182 to spend each year for the rest of your 30 year retirement period.
The Delay to age 70 gives you $3,706 more every year starting at age 62 with no more increased risk.
No need for any ... 'break even analysis'.
If your WR is more conservative, such as a majority of the people here and myself, the results are even more compelling. At a 3% WR plus SS at age 62 scenario is a total of $49,476 and the age 70 scenario is $55,910. The delay of SS to age 70 now increases your annual spending by $6,434.
It’s the same no matter what. You get less for longer if you take it early or you get more, but for a shorter time if you wait.
Well, you knew the rules when you put the money in. Also, you cannot rollover any RMD money into any kind of IRA account (not sure if that's what you meant from the wording). If you don't need the money, pay the taxes and put the balance into a taxable investing account or give it away. If you don't want to pay taxes consider making a QCD directly from the IRA with the money you don't need.At age 72, I'm now having to make RMD's this year and get into that IRA Rollover account. I just wish they didn't make me have to withdraw so much as I don't need the funds for any reason. And 2022 is not a good time to cash in on equities.