You must be logged in to add a comment. You may signup for a free account to get started or login to your existing account.
1 yr 67 days ago
Replies (15)
To clarify, the full retirement age (100 percent of benefits) is 66 or 67 (if born in 1960 or later). The monthly benefit will be higher the later you retire up to a maximum of age 70. Currently, that adjustment is an additional 8 percent per year after age 66. So retiring at age 70 gets you 132 percent of monthly benefit. ssa.gov/planners/retire/1943-delay.html
Anonymous
1 yr 302 days ago
Edit | Replies (1)
multiply the monthly amount you could get if you don't wait and times 4 yrs and see how much you are giving up. It takes at least 12 yrs to break even.
Anonymous
1 yr 303 days ago
Edit | Replies (0)
I agree, why wait, enjoy the money you worked hard to receive
Anonymous
1 yr 260 days ago
Edit | Replies (4)
I was a cop, worked in a prison,parole & probation , and taught school.I was tired and felt I wanted to stop working every day to do more of what I wanted while I could. I did not want to wait until 66, then croak. I took mine at 62. the only regret I have is not having any dental coverage though any Medicare options and getting SERIOUSLY penalized by earning a pittance over the allowable amount. there appears be a hope that folks die off before they can get their money. At least it seems that way when they keep upping the retirement age! "-) I am happy. - Jeanne
Anonymous
1 yr 344 days ago
Edit | Replies (0)
I have been in the nsurance and investment business and as usual the federal government has done a terrible job in managing Social Security. In our private retirement plan we have placed then same amount in it as we have had to pay into social security and our private plan will be paying us 4 1/2 times more than what we will receive from social security so that should tell you how poorly the federal government has done. They shoul never have been involved in this shame on the American citizenry. Good thought but as usual with the government extremely poor execution.
Anonymous
1 yr 303 days ago
Edit | Replies (0)
Congratulations to you, I 'm a teacher and will also apply for by benefits at age 62. Your comment was helpful
Anonymous
1 yr 260 days ago
Edit | Replies (1)
No one is guaranteed life until 70. I am enjoying mine while I can! - Jeanne
Anonymous
1 yr 316 days ago
Edit | Replies (0)
Me too
Anonymous
1 yr 170 days ago
Edit | Replies (3)
8% per month? That is really high. I thought it was 8% per year.
Anonymous
1 yr 323 days ago
Edit | Replies (0)
You will be receiving the same amount whether it is per month or per year. For example: You are receiving $1000 per month. Multiply $1000 by 8% and you will get $80 per month. Multiply $80 by 12, the result is $960 per year. Now multiply $1000 by 12 and your yearly earnings is $12,000. Multiply $12000 by 8% and the result will also be $960. Monthly: $,1000 x 8% = $80 Yearly: $1000 x 12 = $12,000 $80 x 12 = $960 $12,000 x 8% = $960 I hope I made this clear.
Anonymous
1 yr 274 days ago
Edit | Replies (1)
8% is 8%. It doesn't matter whether is calculated on the month or the year. At the end of the year, if you received 8% every month, you will have earned 8% more that year.
Anonymous
1 yr 321 days ago
Edit | Replies (0)
Not the same, your math is not very good. If 8% was 8% no mater the time period, what difference would 1 or 4 years make?
Anonymous
1 yr 161 days ago
Edit | Replies (1)
we are blessed if we make it to see 80
Anonymous
1 yr 170 days ago
Edit | Replies (0)
Do the calculations. How much would you receive at 62 (75%), 66 or 67 (100%) or 70 (8% more each year) Although Frank46 said it is per month!
Thank you for the clarification. I should have been more clear about that.
Anonymous
1 yr 276 days ago
Edit | Replies (0)