2 thoughts on “December 15, 2013”

  1. Katherine Graham says:

    Because you’ll be paid more if you wait. People who wait until age 70 will receive (on average) 76% more than if they would have started collecting at age 62.

  2. Mike Finley says:

    Yes indeed, Katherine. Also, you will add 8% per year after your full retirement age by simply delaying when you file. Think about that for a moment. A guaranteed 8% per year by waiting 3 years or so. Here are the facts. If you are in good health and don’t need the money, wait until age 70 to file. You will very likely live beyond the break-even point (the point where you will end up receiving more money over your lifetime by choosing one age over another). That age is not set in stone. It can range from around 77 to 84 roughly. So why do people take the money early?

    They need it. Fair enough. If you need it to take care of your basic needs, you probably should take it early.

    You are in poor health and it is unlikely you will live beyond 80. Again, this may be the wise choice based on each individual situation.

    Social Security will run out of money and you want to get what you can before that happens. No, that is a poor reason. The program has problems and there will be fixes put in place in the future, but it is not going to run out of money or stop paying you.

    The changes that have been discussed, deal with people under the age of 55. If you are older than that, it is very unlikely you will see any changes to the system. DO NOT let the media or other unscrupulous people scare you into taking your check early. It could cost you dearly!

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