What's the best age for an American born in 58 to retire wrt SS?

[gk10002000]

I add that if one is drawing SSA benefits, and then starts Medicare, say Supp B at about $144/month at the moment, the Supp  B premiums are automatically deducted out of your SSA benefits.  So if you have to show some sort of pension amount, the net amount every month will be less than you expect.  You won't have the option of using other monies to pay the Supp B.

 

"Social Security Administration will automatically deduct payment for Medicare premiums. Medicare will offer those not getting Social Security income the option of paying directly, and then will automatically deduct when the Social Security income starts."

[gk10002000]

On 1/26/2020 at 2:43 AM, WalkingOrders said:

I am born in 58 and I am going to collect mine at age 62. If I invest for a few years it tilts even more in my favor. Motley fool has numbers similiar

 Better off at 62

I agree

 

I am glad you mention the investing aspect.  Most people are spending it as fast as it comes in.  But if you are investing it, that assumes you don't really need it for income and you have other monies available.  If that is true, I really think you need to re-think it a little bit.  Your SSA benefits increase by over 7% a year that you wait.  Do you think your investing will return more than that, not even factoring in income tax considerations, Fed and State?  Waiting until 70 is probably the wrong answer, but taking it immediately is probably not optimal either.  I would consider one year or two year wait at least.  Let the SSA grow on its own.

[Tounge Thaied]

1 hour ago, gk10002000 said:

I add that if one is drawing SSA benefits, and then starts Medicare, say Supp B at about $144/month at the moment, the Supp  B premiums are automatically deducted out of your SSA benefits.  So if you have to show some sort of pension amount, the net amount every month will be less than you expect.  You won't have the option of using other monies to pay the Supp B.

 

"Social Security Administration will automatically deduct payment for Medicare premiums. Medicare will offer those not getting Social Security income the option of paying directly, and then will automatically deduct when the Social Security income starts."

I wasn't planning on signing up for medicare. Opt out and pay for my own insurance that can be used in Thailand. Are you aware if you can opt out of medicare so don't have to pay for it and not be able to use it in Thailand anyway. 

[cmarshall]

4 hours ago, Tounge Thaied said:

I wasn't planning on signing up for medicare. Opt out and pay for my own insurance that can be used in Thailand. Are you aware if you can opt out of medicare so don't have to pay for it and not be able to use it in Thailand anyway. 

That's true, but if you ever decided to return to the US and re-enroll in Medicare, you will have to pay a substantial penalty from then on.  

[cmarshall]

5 hours ago, gk10002000 said:

I am glad you mention the investing aspect.  Most people are spending it as fast as it comes in.  But if you are investing it, that assumes you don't really need it for income and you have other monies available.  If that is true, I really think you need to re-think it a little bit.  Your SSA benefits increase by over 7% a year that you wait.  Do you think your investing will return more than that, not even factoring in income tax considerations, Fed and State?  Waiting until 70 is probably the wrong answer, but taking it immediately is probably not optimal either.  I would consider one year or two year wait at least.  Let the SSA grow on its own.

Kind of a silly idea.  Wait one year to get the 7%-8% increase, but not the next year for another 7%-8% increase?  The fact that you don't give a rationale means that there isn't one.

 

The Delayed Retirement Credit on SS is guaranteed and will be paid every month for the rest of your life.  Neither is true of your own investments.  I notice how those who are eager to take SS early to invest themselves never mention the possibility that their investments could lose money.

[gk10002000]

6 hours ago, Tounge Thaied said:

I wasn't planning on signing up for medicare. Opt out and pay for my own insurance that can be used in Thailand. Are you aware if you can opt out of medicare so don't have to pay for it and not be able to use it in Thailand anyway. 

Of course I am.  If you plan to always get medical outside of the USA you certainly can do that.  That life decision is yours to make

[gk10002000]

1 hour ago, cmarshall said:

Kind of a silly idea.  Wait one year to get the 7%-8% increase, but not the next year for another 7%-8% increase?  The fact that you don't give a rationale means that there isn't one.

 

The Delayed Retirement Credit on SS is guaranteed and will be paid every month for the rest of your life.  Neither is true of your own investments.  I notice how those who are eager to take SS early to invest themselves never mention the possibility that their investments could lose money.

Jesus,  I did not say wait just one year.  I said consider one year or two year wait at least and I pointed out how much SSA benefits "grow" or increase each year. 

 

 

[JimGant]

On 2/2/2020 at 4:16 AM, rastlin said:

If you don't absolutely need the money, wait as long as possible, until age 70 if you can

And if you don't need the money at age 70, take advantage of the new program that will give increases out to age 85. Then your first check will cover the undertaker's bill, plus allow for a BMW hearse.

[meechai]

53 minutes ago, JimGant said:

And if you don't need the money at age 70, take advantage of the new program that will give increases out to age 85. Then your first check will cover the undertaker's bill, plus allow for a BMW hearse.

????????

[cmarshall]

On 2/4/2020 at 8:54 PM, JimGant said:

And if you don't need the money at age 70, take advantage of the new program that will give increases out to age 85. Then your first check will cover the undertaker's bill, plus allow for a BMW hearse.

Do you have a source for the extension of DRCs until age 85?