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Author: spirit11 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Dear Old Mom Date: 1/4/2000 5:58 PM
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Question about Pixie's response regarding taking Social Security at age 65. I was under the impression that if I wait until I am 70 to collect social security that I would be getting more. And since I am earning more than what would be allowed, I thought it better to wait. I will check this out with an accountant, but would appreciate any input. Perhaps I am foolish (not Foolish) by waiting and giving up whatever additional income I would get (which I might be able to invest).
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Author: DoktorDi Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17363 of 74759
Subject: Re: Dear Old Mom Date: 1/5/2000 7:06 AM
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<< I was under the impression that if I wait until I am 70 to collect social security that I would be getting more. And since I am earning more than what would be allowed, I thought it better to wait.>>

I was under the same impression until my tax advisor showed me the arithmetic. In my case, it would mean $43K between 62 and 70 that I could invest. If I were to wait till 70 to start collecting that additional $43K piecemeal, there's a chance I might not even live to collect it. My sister's financial advisor gave her the same advice: start at 62.

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Author: JoePickard Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17372 of 74759
Subject: Re: Dear Old Mom Date: 1/5/2000 9:39 AM
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You can wait until you are 61 to decide; factors should include: your health, your job/income at the time; financial returns available at the time. Personally, in general, I agree with starting to collect SocSec at 62 and continuing to invest what you can in the market. Your return at any point should be higher than waiting to start collecting.
Fool on.

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