Social Security question/ help please if you know
I’ve been reading articles when I see them about drawing social security early and 99.9% say drawing early is not recommended and a bad decision.
The people that write these articles I bet have more education than me. But when I run my numbers I can’t figure out why they come to that conclusion.
I've spent the last couple days doing the math problem over and over and leads to believe I must be doing something wrong. My cross over point of waiting for full age or drawing early comes to almost 80!!!
So I’m thinking I must be making a math error, but can't find out where. Keep getting same answer of around 80 years old.
According to my “Your Social Security Statement” Social security basically says they will pay me 25% less than full retirement age and till I die if I take it at 62 versus 66. Looking further into their web site and just not the statement, it is not 66 but actually 66 ½ for my “full retirement age”. Then they go on to say by year 2033 the thing is screwed anyways unless some changes are made.
I tried to write out the math problem here as if I’m putting it into a calculator but it doesn’t make any sense, probably I'm not doing something right.
There are 54 months (or payments to me) between age 62 and 66 ½. So I took that 25% more I would get if I waited till 66 ½ and divided by the 54 months (or payments) to see where I would break even point. That number comes out to be almost 80 years old! I’m thinking no way 80 can be correct. I must be doing something wrong. Almost 80 years old and no male has made it to 80 in my family that I know of and who’s saying I’ll even make it to 66 ½ in the first place.
What am I missing? Is my math wrong?
I should draw early or wait.
I’m thinking if the 80 number is right, I don’t need the added security of the added money of "full retirement age" of 66 ½. And take the "bird in hand" right now.
I couldn’t find any other forum dealing with social security questions, but I know many on this forum are old enough and smart enough to have worked the numbers.
Is my math correct at 80?
Do you have an example of the math formula so I can put into calculator?
Thanks for any and all help.
(edit: deleted personal info because it didn't make any difference)
The people that write these articles I bet have more education than me. But when I run my numbers I can’t figure out why they come to that conclusion.
I've spent the last couple days doing the math problem over and over and leads to believe I must be doing something wrong. My cross over point of waiting for full age or drawing early comes to almost 80!!!
So I’m thinking I must be making a math error, but can't find out where. Keep getting same answer of around 80 years old.
According to my “Your Social Security Statement” Social security basically says they will pay me 25% less than full retirement age and till I die if I take it at 62 versus 66. Looking further into their web site and just not the statement, it is not 66 but actually 66 ½ for my “full retirement age”. Then they go on to say by year 2033 the thing is screwed anyways unless some changes are made.
I tried to write out the math problem here as if I’m putting it into a calculator but it doesn’t make any sense, probably I'm not doing something right.
There are 54 months (or payments to me) between age 62 and 66 ½. So I took that 25% more I would get if I waited till 66 ½ and divided by the 54 months (or payments) to see where I would break even point. That number comes out to be almost 80 years old! I’m thinking no way 80 can be correct. I must be doing something wrong. Almost 80 years old and no male has made it to 80 in my family that I know of and who’s saying I’ll even make it to 66 ½ in the first place.
What am I missing? Is my math wrong?
I should draw early or wait.
I’m thinking if the 80 number is right, I don’t need the added security of the added money of "full retirement age" of 66 ½. And take the "bird in hand" right now.
I couldn’t find any other forum dealing with social security questions, but I know many on this forum are old enough and smart enough to have worked the numbers.
Is my math correct at 80?
Do you have an example of the math formula so I can put into calculator?
Thanks for any and all help.
(edit: deleted personal info because it didn't make any difference)
