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URL:  http://boards.fool.com/quotanyway-my-question-isshould-i-wait-till-16127515.aspx

Subject:  Re: What to do...? Date:  11/16/2001  11:43 PM
Author:  jeo0120 Number:  32571 of 76111

"Anyway, my question is...should I wait till I'm 66 to start taking my SS payments, and should I invest them somewhere, or should I wait till I'm over 70 1/2 to get the maximum amount or should I forget ever getting SS since the Feds seem to be gutting it now? Or, one other possibility, take the SS payments as soon as 62 and invest them????"

To figure out the answer to that question, you will have to consider three things: first, the amount of your SS payments if you were to start taking them at age 62; second, the potential amount of your SS payments if you wait until age 70 1/2; and last, your probable life span. In order to make waiting until age 70 1/2 a profitable choice, you will have to have enough time left in this world to make up for the 8 years that you delayed taking SS payments. If your grandparents and your parents lived into their 90's, and you don't have a great need for the extra income, then maybe waiting a few years makes sense for you. However, if your family has not evidenced such longevity, then you will probably wind up losing money by waiting because you won't have time to make up the difference.

By the way, have you heard about the new "catch up" provisions in the most recent tax legislation? Since you are over age 50, starting next year, you will be able to contribute money to your IRA and your employer sponsored retirement plan over and above the normal contribution limits.

Good luck,
jeo



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