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[Neil]

With regard to Social Security. If you are in reasonably good health, wait until 70 if you can afford it, to collect. At 62, the payments are decreased by 8% per year from the "full retirement" age of 66. At each year after 66, you get 8% more per year, so more than 32% more at age 70. True, you may not collect quite as much as if you started at earlier age, but those larger payments can come in handy in your later years. If you live beyond your mid-80s you will be ahead of the game. Not too many investments provide 8% yield annually.

[CWBurfle]

I don't think the decision on when to take social security is that clear cut.
I just used the official social security estimator to get my numbers.
It's true that there is a significant difference between what you would get collecting at 62 versus 70.
In round numbers, my calculations say its about 75 percent more.
But, on the other hand, I would have to collect for over 127 months (over ten years) to break even.

And if you don't really need the payments, you can put them in a safe investment and earn money.
And if you are tapping other funds to avoid collecting social security, you are no longer getting interest on those funds.

I've still got a bit to go before I have to really do an analysis for myself.

Here is the estimator:

https://www.ssa.gov/retire/estimator.html

[Neil]

It's simple to me. If you are in reasonably good health, wait as long as you can, 70 maximum obviously, since no further increased benefit accrues after that. The reason is that life expectancy is such these days that someone who is 62 or 66 has a much greater than 50% chance of living beyond 80. And that is where you begin to be in positive balance in overall benefits. If you are in good health at 62-66, you are likely to live far beyond 80 as it turns out, because the statistics haven't caught up with the real trends we all see in the hospital (LOTS more people in their late 80s and 90s than we've ever seen before). The psychological benefit of having a much larger social security check past 70 is also something to consider. Who wouldn't prefer a $3000 check per month, as opposed to a $1800 check?

If you can draw on other sources (pensions, savings, 401k, 403b) it almost always makes sense to wait, given the 8% per annum return of doing so, since it is quite unlikely your other investments will earn that much consistently.

General rule is thus: wait if you can, if you are in good health. Better yet, work until you are 70 if you can. There's a good chance you are going to need the money if you live into your 90s.

My information comes in part from a close relative who works for the Social Security Administration.

[CWBurfle]

Around ten years ago I attended a retirement planning seminar that was hosted by New York State for its employees. Some of the speakers were from outside NYS government, and included a representative from the Social Security Administration. At that time, they were recommending that people collect as soon as possible.

[v8vega]

I retired at 62, never regretted it one second. After all I have hobbies and interests. And I am not rich, I always have lived very frugally. I was a hourly employee all my life, machinist.

[Neil]

"At that time, they were recommending that people collect as soon as possible."

For some people that's good advice. For example, if you have heart failure or metastatic cancer (except perhaps melanoma). For most people without life threatening disases, it's completely wrong, in my view, given life expectancy changes that haven't even made it into the tables the SSA is using, because the data aren't completely in yet. But in my daily medical practice I see the changes.

Simple example. People with chronic myeloid leukemia had a life expectancy of 3-5 years, 10 years ago. Now life expectancy for this disease is pretty much equivalent to whatever your age is for healthy people.

The incidence of heart attack and stroke have gone down by 70-80% since the 1970s, give or take.

Just some practical advice as to how to maximize your annual income in old age, and maximize your total take from the SSA.

[robert.]

My mother started collecting at 66. Now she is 68 with 2 jobs. After filing her taxes she got the shock of her life. Every penny she earned from her second job goes to the government. Hard to believe this lady has a masters in finance

[rogruth]

One of my friends decided to get his SS at 62 when he considered that NO one in his family had ever lived past 66.
He died exactly one month short of 65.

[Roy]

One of my friends decided to get his SS at 62 when he considered that NO one in his family had ever lived past 66.
He died exactly one month short of 65.

My father had a bout with colon cancer when he was 44. His mother had died in her 40's, and his dad died in his 50's. So, he quit his job. He lived to be 87.

[rogruth]

One of my friends decided to get his SS at 62 when he considered that NO one in his family had ever lived past 66.
He died exactly one month short of 65.

My father had a bout with colon cancer when he was 44. His mother had died in her 40's, and his dad died in his 50's. So, he quit his job. He lived to be 87.

Always exceptions.

[N&W746]

This forum is checked only once a week - OGR is far more dynamic but probably will have a new owner this year and they may start charging to be a member. I am 70 but still buy new trains and recently started buying MTH after 16 years. MTH fans are definitely a minority on the forum and one member seems to thrive on knocking Mike and his trains. Nostalgia is good but try to stay current. Not interested in anybody's command control and the fact is that MTH trains do more in conventional mode and they are cheaper. This really is a Lionel forum and pre 2000 at that so does not have much interest for me.

[chuck]

This really is a Lionel forum and pre 2000 at that so does not have much interest for me.

OK, all true.

[robert.]

This really is a Lionel forum and pre 2000 at that so does not have much interest for me.

OK, all true.

Don't forget we got clowns,beer,hobos,poetry, confusing anount of Roberts and recently boobies' so but that in your pipe and smoke it.(news guy says "today is national weed day")

[ScaleCraft]

This forum is checked only once a week - OGR is far more dynamic but probably will have a new owner this year and they may start charging to be a member. I am 70 but still buy new trains and recently started buying MTH after 16 years. MTH fans are definitely a minority on the forum and one member seems to thrive on knocking Mike and his trains. Nostalgia is good but try to stay current. Not interested in anybody's command control and the fact is that MTH trains do more in conventional mode and they are cheaper. This really is a Lionel forum and pre 2000 at that so does not have much interest for me.

Some of us are pre-1957 Lionel...and other 2-rail even older. It works, no PRC circuit boards to fry. No 4th edition book to suggest how to fix the control system issues.
You really have a problem with that?
I mean it's funny when you think about it. My 3-rail is virtually all 60-75 years old and still runs first time, every time.
You find what works and stick with it.
Like my Flathead Fords....key on, choke out, hit the button and they go.
XP Pro....hit the button and it runs.
1911, rack the slide, and it's...READY to go.
Westinghouse S5W...pull the rods out and it's ready to go. Oh wait, TMI.

[Rufus T. Firefly]

This really is a Lionel forum and pre 2000 at that so does not have much interest for me.

OK, all true.

Don't forget we got clowns,beer,hobos,poetry, confusing anount of Roberts and recently boobies' so but that in your pipe and smoke it.(news guy says "today is national weed day")

And Ducks! Never forget about the Ducks!



that are watching each and every person here and reporting back on everything that we do.