PedsParticipantStatus: PhysicianPosts: 3618Joined: 01/08/2016Larry RagmanParticipantStatus: Other ProfessionalPosts: 490Joined: 08/30/2018
Yes, but it is more of an overview.StarTrekDocParticipantStatus: PhysicianPosts: 1720Joined: 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 anticipatedJoshua 1ParticipantStatus: Other Professional, RetiredPosts: 6Joined: 02/24/2019CraigyParticipantStatus: SpousePosts: 1868Joined: 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.March 13, 2019 at 11:53 am MST #198171