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Delaying Social Security when retiring early

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  • Avatar Peds 
    Participant
    Status: Physician
    Posts: 3033
    Joined: 01/08/2016
    Disability Insurance

    Yes. Good intro material.

    #197366 Reply
    Liked by StateOfMyHead
    Avatar Larry Ragman 
    Participant
    Status: Other Professional
    Posts: 392
    Joined: 08/30/2018

     

    definitely use Mike Pipers calc:

    http://opensocialsecurity.com/

     

    the point isnt to pick the most perfect scenario. its to avoid the really bad ones.

    Click to expand…

    I like it. Is the book any good?

    Click to expand…

    Yes, but it is more of an overview.

    #197425 Reply
    Liked by StateOfMyHead
    Avatar StarTrekDoc 
    Participant
    Status: Physician
    Posts: 1681
    Joined: 01/15/2017

    Phrase the issue this way to your parents. There’s a penalty on starting early at 62 and not waiting until 66.

    The scenario posed is whether they have sufficient funds to carry then to 66 or onwards toward 70 without endangering their emergency funds.

    Given the penalty is quite severe, it is best to pull funds to float until absolutely ss is needed given the longevity is anticipated

    #197451 Reply
    Liked by Tim, StateOfMyHead
    Joshua 1 Joshua 1 
    Participant
    Status: Other Professional, Retired
    Posts: 6
    Joined: 02/24/2019

    Take a listen to the recent Boglehead podcast with Mr.Piper. It is very informative.

    #197647 Reply
    Liked by StateOfMyHead
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 1771
    Joined: 09/16/2016

    If they are going to live a long time/forever, they should wait until 70.

    Actuarialy it is scheduled such that someone taking benefits at 62 takes about the same money out as someone at 66 or at 70, in total.

    Depending on exactly how they worked during those 15 years I’d check to be sure they have all credits to make them eligible.

    Like Tim said above, they can go make a login at ssa.gov and it’ll spell out all of their personalized data so they can make the best decision for themselves.

    LEVEL 1 WCI FORUM MEMBER.

    #198171 Reply

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