Would Like Some Opinions on When to Take Social Security

[Winemaker]

It'll take a bit longer than 59 months, considering that $284,000 if invested in the S&P would probably be something over $2 million.

But SS is insurance, not an investment plan. i already put >$284k in my version of the S&P as an investment.

 

[Fermion]

Technically I guess it isn't even insurance since it is not guaranteed by law.

 

[Koolau]

Phil I agree with you as when I hit 62 I will take whatever I got coming in SSI and I don't care how much difference there is between 62 and 68 full retirement age as I want to use my money I put into the program to pay for most of my bills and try to leave as much of my IRA's intact and if the money I get is to much I'll just throw it into the market also my family's life time is max 72 as my dad was oldest to live to that age out of 4 other brothers and all the rest died before 64.

I take it you will not be Roth converting your tIRAs. If you do want to convert, waiting on SS makes some sense.

 

[mebden]

By leaving your IRAs intact, you're setting up for some possible excitement when RMDs start at age 73 or so.
But sounds like you're not too concerned about that...

Nope I'll probably never see RMD's and if I do I'm hoping to have all that converted over to my Roth's

 

[youbet]

So many suggestions, many conflicting, but all possibly the best choice in hindsight depending on one's personal situation and how life and the markets work out.

It all makes me glad that for DW and I, the decision has been quite inconsequential. I started SS at 62 with the intention of paying it all back before 70 and starting again if I lived that long. Then the law changed and the pay-it-back option was eliminated and I decided to stand pat. I'm glad I did as investment returns on that money were fabulous those years! And that decision gave my DW some protection as she was impacted by WEP/GPO.

DW started her tiny, WEP reduced SS at 65 to partially pay for her Medicare. Now, with the introduction of the SS Fairness Act, DW will receive approximately two-thirds of my current benefit beginning in April. Sweet but unexpected.

Yet, I can envision scenarios where other SS decisions would have worked out OK, maybe some better, maybe some worse. But, none different enough to have really mattered. We don't need more to spend now, then or ever. We don't need longevity insurance. The predicted "haircut" coming up in a few years won't really matter. I guess looking back and feeling satisfied that everything worked out fine is less stressful than looking ahead and wondering what decisions to make, especially if you're cutting it somewhat close.

OP, it doesn't sound like you can make a big mistake with any of the prudent decisions open to you. Don't stress over it. Enjoy life!

 

[Winemaker]

Technically I guess it isn't even insurance since it is not guaranteed by law.

Not necessarily the best, but the best legal Ponzi ever.

 

[MichaelB]

Not necessarily the best, but the best legal Ponzi ever.

A Ponzi scheme is by definition a fraudulent and criminal endeavor. SS may be many things, but it is neither of those. It is a program designed and with the intention to improve the general welfare of the population.

 

[TheWizard]

A Ponzi scheme is by definition a fraudulent and criminal endeavor. SS may be many things, but it is neither of those. It is a program designed and with the intention to improve the general welfare of the population.

I think Winemaker was alluding to a certain comment made by a wealthy Billionaire...

 

[audreyh1]

Nope I'll probably never see RMD's and if I do I'm hoping to have all that converted over to my Roth's

If you do need to take RMDs those can’t be converted to a Roth. The amount exceeding the RMD can be.

 

[mebden]

If you do need to take RMDs those can’t be converted to a Roth. The amount exceeding the RMD can be.

Yes I understand that I'm hoping to have it all converted before that happens as I don't have millions to convert