What is the best age to take social security benefits?

Question

I will continue working and I am healthy. If I wait until I am 70 I will get $800 more per month than if I take it at my eligible age of
65 and 8 months. Two of my financial adivsors said wait until\
70 and two said, of course, take it now. So I am confused how
to resolve this dilemma.

Answer 1

I would have to say that if you are not going to be completly dependant on you SS benefits, then there is no reason to start taking them now.

Answer 2

There are two important factors that you may want to consider:

1). To my knowledge the government borrows money from the Social Security System and is bad at paying the money back.

2). The system is near bankrupt.

In my professional opinion I would take my hard earned money out early while I know that there is still money in the system left to take out.

3) If you wait until you are 70, you may find yourself in a position where the entire system is bankrupt and you can forget about the extra $800, because your basic Social Security money will also be gone.

4) All Congress has done over the years is debate and debate on how to fix the Social Security System. Still to this day there is only talk with no real actions to salvage the system that is almost running out of money.

Answer 3

The previous answer is a load of Republican crap. The system is not "bankrupt" -- even the SSA says that, AT WORST, payments would have to be 70% of what they are now starting in about 30 years. By then you'll probably be gone. So don't worry about the health of the system... because even if you're still around, you'll still be getting something.

I'd do the math and figure out the breakeven. It's possible you're better off taking it now, depending on how long you think you'll live. But another factor to consider is whether you *want* to keep working. If you do, your soc. sec. benefits are reduced depending on what you make -- so that factors in to the decision to wait a while to start collecting.

Answer 4

In all likelihood, the actuarial tables will come out the same for you. I'm sure you can find those on the internet, if not the IRS maintains them. Multiply your annual earnings for age 65 times the life expectancy of age 65, then multiply your annual earnings for age 70 by the corresponding life expectancy. Another factor, though, is that you may live longer if you retire earlier.

Answer 5

Do the math. If you are healthy and expect to live longer, start taking the benefits as early as possible,.
Put the numbers down on a sheet of paper, and figure your benefits with a hypothetical max age of 80. One column starting asap and the othr column start collecting at 70. The largest draw is the winner. I think the sooner you can start colleting, the better!

Answer 6

I was faced with the same decision. If you wait until you are 70, it will take 10 years of increased benefit to break even with the amount of money you would get if you took it now.

I took it now.

Answer 7

If you do an actuarial computation, it normally turns out you will receive more in total if you take it now. Ask the financial advisors for such a computation.

Answer 8

Goodness! Take it at 65. Do your math!

Answer 9

Take it now and enjoy your retirement. Do not wait. I've know people who waited and died before they got it. Not that you are in bad health, I'm just saying you should be able to enjoy your retirement now.

Have fun!

Answer 10

I'll be another person to tell you to take it now and have a good time with your retirement.But what do I know,I'm only 13.LOL.