UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Author: wcfenton Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75669  
Subject: When to draw Social Security Date: 2/11/2006 1:25 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
When is the right time to draw Social Security? This is a frequently asked question of significant importance to most people getting ready to retire. I saw this short article on the subject at Vanguard that gives a few graphic examples of the various choices and their resultant effects:

http://tinyurl.com/cewo5

The bottom line is - how long do you think you'll be around to collect? If longevity runs in a person's family, it would pay to delay the collection, but if the opposite is true - take it and run at age 62.

Regards,
Bill
Print the post Back To Top
Author: Matt1344 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49899 of 75669
Subject: Re: When to draw Social Security Date: 2/11/2006 1:46 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
"The bottom line is - how long do you think you'll be around to collect? If longevity runs in a person's family, it would pay to delay the collection, but if the opposite is true - take it and run at age 62."

Hi Bill,

My dad died at 46(heart attack), mom's still kickin' at 81... I took SS at 63 1/2...

Regards, Ken

Print the post Back To Top
Author: Watty56 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49911 of 75669
Subject: Re: When to draw Social Security Date: 2/12/2006 9:09 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
…If longevity runs in a person's family, it would pay to delay the collection,…

I have seen this repeatedly but I haven't ever seen any statistical support for it, it is usually just stated as being obviously true.

Even with a genetic predisposition for high blood pressure or cholesterol, the medications today are dramatically better then they were a generation or two ago so your “gut feel” may be completely unrealistic.

I agree that your current health at ate 62 could rightly be a big consideration, but I am a bit skeptical about the using the concept of a “family life expectancy” to decide when to start.

Greg


Print the post Back To Top
Author: Hawkwin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49913 of 75669
Subject: Re: When to draw Social Security Date: 2/13/2006 11:40 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I read somewhere recently, either online or in a financial mag, that it depends on your gender and whether or not you are married, and if your spouse worked.

My opinion, if you need it at 62, take it. If you don't, wait. You don't get to pass it to your heirs.

The article recommended that married men wait and that married woman take it early (I think, I could have that backwards) as that men typically die earlier and the wife can have his SS payment, which would be higher, at his death.

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Advertisement