social security - don't believe what most advisors are saying to defer taking SS

[kollectorking]

until one is eligible for 100% of SS.

each case is different and here are some major compelling reasons why it's

to one's advantage to take SS ASAP:

- like the old saying "a bird in hand is worth more than 2 in the bush"

- since NO one knows how long they will live, who is to say they'll be alive to draw 100% of their SS

- what is the quality of one's life when one is 65, 66, 67 or 70 versus when one is 62; generally our health is significant

better during our younger years; therefore wouldn't it make sense to get the SS ASAP when one is better to enjoy the $$

- what the gov. "giveth", the gov may "taketh" - no one can predict what the gov will do with SS benefits in the future



anyone else have any thoughts on this subject?

[CarlWohlforth]

I've read some complicated studies on that question. Since I have long lived parents and grandparents, I would wait. If we were talking about a pension from a company I'd take the money ASAP. You never know when an oil well might break or an Enron might fail. But I believe we can trust the US gov't to pay SS even if they have to print more dollars to do so. Naturally if you think the US won't pay you should take the money ASAP.

The cross over between when you will get more money is in the 70s. So will you bet you live that long? I sure don't want to bet the other way.

If you have to have the money than there is no choice. If you have a choice that means you have other savings you can live on until you take the full benefit. Of course if you work up until the 100% date you will be richer for sure, but you also will be working longer. So if you assume you retire at, say, 62 or earlier, you need to decide how to invest your money. You could buy coins. You could buy gold or stick your money in stocks or a money market fund. Or you could spend it and collect a larger SS payment later. The analysis shows that is like earning 10% on your savings.

Since I won't bet against my living a long time and I think the US is a strong and great country that will continue to meet its promises regarding SS I will wait as long as I can before collecting SS.

[Bubblehead]

 

I dunno much about the subject.  I am sleepy and want to snack, and nap.

I will just say that I requested my benefit at age 62 and am not the least bit sorry I did.

I was very happy to see that extra "Found" money in my bank account each month. 

I am still happy to see that extra money each month. 

You can't imagine how much happier I was when my wife requested, and received, HER benefit
at age 62, as well!  It's so nice.    Had we both waited, we'd surely have croaked by now. 

It's Murphy's law.