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In the paragraph about "full retirement age" you state that if someone were to retire at 62 rather than waiting until 67 the person would see a 25.8% reduction in lifetime benefits. First, there is no limit on lifetime benefits; you receive benefits for the rest of your life. Second (and I never see this mentioned) if you receive $741 per month at age 62, you will be earning that for 5 full years before your full retirement age, which equals $44,460 (741 x 60). If you wait until 67 it would take you more than 44 months to recoup that much money. Plus, you would have that $44,460 to live on or invest. And, who knows how long you'll live?
I started my benefits when I was 62. I am collecting as a divorced spouse, we were married 32 years. I was told at the time that my benefit would always be a total of his and mine to equal 1/2 of what he was entitled to. He was living in Charlotte, NC and I was living in the Boston, MA area. The North Carolina SS office was the one who gave me the info since he was living there. I was under the impression that when my ex reached retirement age I would be entitled to 1/2 of what ever he was entitled to at 66. I am now being told that the only time my benefit will change is if we get a cost of living and if I am still working and adding to my personal social security because I chose to take my Social Security early. I'm a bit confused. What am I really entitled to???
Anonymous
2505 days ago
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But if you took your social security at 62 but continued to work for the additional years it would take to even get Medicare, wouldn't you loss most of the difference in Taxes anyway?
Anonymous
2536 days ago
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Take it "early" or "wait"? At 62, I can draw $1474 a month. At 66, I can draw $1924 a month. A $450 a month difference. 4 years at $1474 a month is $70,752 total. Divided by the "extra" $450 a month I would receive by waiting equals over 157 months or over 13 years to recoup the $70,752 that I did not take early. Making me 79 when I finally recoup the $70,752 that I waited on by holding off to age 66. REALLY? That equates to CRAZY! Good logic and correct math, Advice? Opinions? Thanks!
Anonymous
2509 days ago
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Take your benefits at 62!
Anonymous
2520 days ago
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did u read anything about congress/obama signng something into effect for SS in nov 2015 and it passed and would start may 1 2016?? thank u
Anonymous
2486 days ago
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http://www.fool.com/retirement/general/2015/12/14/3-changes-to-social-security-in-2016.aspx
Anonymous
2508 days ago
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what is this law please . i am not well verse in news and all that but i a 2 yrs shy of early retirement
Anonymous
2514 days ago
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I am applying for retirement at 66 this year and before May 1. I am reading more about this law that will close all intended loopholes in the current social security law. So I will stress to social security that I would like to be grandfathered with the current law which I feel is correct and feel positive that my benefits will be based on the current law as it stands.
Anonymous
2622 days ago
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Good logic, but the math looks wrong. It would take 171 months or over 14 years.
Anonymous
2579 days ago
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the math is right it would be 8892 a year x 5 =44460.
Anonymous
2540 days ago
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Anonymous 171 is right, you would only be "catching up" by $259 per month.
Anonymous
2551 days ago
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171 months is correct