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this post was submitted on 15 Nov 2023
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No Stupid Questions
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You can start collecting at 62 and get 70% of your computed payout, which I will be doing.
The math is too hard for me given inflation and all that, but since social security rarely seems to have enough money, I'd guess they're still paying out more than they take in...?
If you make it to 62, your life expectancy is 21 more years. that mean 21*0.7 = 14.7 years worth of social security payments. Full benefit at age 67 gets you 16 years worth of payments. If they'd raise full retirement age to 70, you'd only collect 13 years of payments.
I've been coached into waiting until age 70 to get 100% of the payout. If you cash in at age 62, even once you hit 70 you'll still be getting 70% of your payout. Could you bear to wait eight more years for the 100%? You've already waited 62 years! What's 8 more?
8 years is a long time and cancer can kill you in two, especially if you don't have good doctors and they don't catch that it metastasized already. Ask me how I know.
8 years are 2 election cycles. Much can happen in that time.
It's easy to think that way in your younger years. That's a much more difficult request for people actually in their 60's, lots of people make it to that age with broken down bodies, various illnesses/prescriptions/whatnot & probably can't see themselves continuing to do the work thing throughout their 60's let alone 70.
There's also the problem of holding down a job at that age, ageism exists in a lot of industries so a lot of these people are first in line for layoffs / taking a massive pay cut from their earlier jobs vs being a Walmart greeter or just being unemployed.
But sure... in theory if you manage to stay fit & healthy well into your old age & are able to hold onto your normal job then sure working into your 70's or more could be plausible. People probably worry less about that stuff once they're higher up on the corporate ladder - though at that point they should already have fat 401K plans & other investments so the social security aspect becomes less relevant.
Just wanted to chime in and say that everyone should start investing in their retirement as early as possible. Even if it's just a few bucks a month, it'll make a big difference down the road.
My dad waited until 70, and then by age 72 began a severe decline in health which eventually saw him homebound with a feeding tube, only leaving the house for doc appts or trips to the ER. I am quite certain if he had a do-over he would have retired earlier and enjoyed his 60s instead of working at his boring job.
I think if you reach 62 and you’re gainfully employed and truly enjoy what you do, there’s nothing wrong with holding out for more benefits. But if you are able to retire earlier, I can’t recommend continuing to spend your days doing work you don’t enjoy because “what’s 8 more years”. Those 8 years could be your big chance to enjoy the fruits of your labor.
But what if you invest it for those 8 years?