Well, I finally done it - Social Security, it ain't social, and it ain't security.

[O4L]

I was looking at the numbers the other day. Based on the last SS statement I received, if I wait until 65 to start drawing, instead of 62, it will take ten years to make up the difference for that three years of delayed income.

I don't know if I'll even make it to 65 much less 75. At 62 SS would be about equal to my current income so to me it would be a no brainer to draw it at that time.

If I get a better paying job before I'm 62 next year, then it would be better financially to keep working but I'm not sure it would be so beneficial otherwise.

 

[Uncle TK]

Healt Insurance if you retire at 62 aprox $1,000 a month
After you get to be 65 then Medicare kicks in
So you will work from 62 to 65 to pay for healt insurance

 

[MacFromOK]

 

[J-pitch]

What happens to the dollars paid in by people who never live to collect after paying in for 40-50 years

 

[John6185]

Thank GOD I listened and save for the future. I have a good nest egg and an annuity that will take care of most of the income.

You planned ahead and there are many that didn't and they expect you to share your sacrifice with them. And they lived a good life, spending everything they had and now they whine no insurance, home, medical care, etc because they failed to plan.
I'm sort of in the same boat but they are devaluing the dollar with the inflation-quite possibly hyper-inflation in the future. They don't care who it hurts, borrow-spend, borrow-spend borrow-spend. What do we have after all of trillions Biden has spent? Biden shut down the Keystone due to :Global Warming" and now we are buying oil from our enemies (which funds their military and terrorist groups) because Biden doesn't want to add to global warming but they drill in foreign lands, sell the oil to us and then send it here on tankers who in turn belch more pollutants when they sail the seas. So we get more pollutants and Biden gets a warm fuzzy warm feeling because we are funding our enemies, terrorists, etc. Obama's fingerprints are on everything Slo-Joe does, he couldn't think nor remember enough to do the damage he is doing, he has help.

 

[xseler]

What happens to the dollars paid in by people who never live to collect after paying in for 40-50 years

It's used to cover the folks that live much longer than the standard deviation --- those that live into their 90's and 100's.

 

[Dale00]

The decision of when to start taking your social security depends on many different factors. I've found the advice of two knowledgeable YouTubers useful: Devin Carroll and "Holy Schmidt"......everyone's situation is different.

 

[John6185]

You guys that have retired, did you do so online by yourself or did you elicit some help for maximum benefits ? I'm teetering on early filing but haven't yet taken the plunge.

I like Geezer above, retired in 1985 from the military. It didn't pay much at first, $78.00 per month then I reached the 2 year mark and fot another raise $123.00 et per month. Still not much but if the faucet drips a drop of water in a bucket, sooner or later the bucket will be full. And time passed with Thailand and Vietnam assignments plus several stateside assignments and behold! I was at the 20 year mark then I did 4 more years and retired.
Then I came home, bought a loaf of bread -visited my mother and gave her a loaf of bread telling her here's the loaf of bread you sent me for 24 years ago.
Then I went to work at the Postal Service Center on 5th St. in OKC and after a few months transferred to the VA Hospital locally and retired from there also. The point is, I didn't make much money and many got out of the military due to low pay or various other reasons (later they regretted their decision) but I hung around for the long haul and the bucket suddenly was full. I retired completely in 1998 Drew Social Security and haven't drawn a paycheck since. I literally am jobless! Just bought a travel trailer and as soon as medical appoints are over, we are hitting the road!

 

[cmc tom]

I paid in for 47yrs since 1968. Excuse me, it ain't free money or a socialist program. My head is held high. I want to know why SS can go broke but welfare, foodstamps and the rest never run out of money.

 

[Snattlerake]

You guys that have retired, did you do so online by yourself or did you elicit some help for maximum benefits ? I'm teetering on early filing but haven't yet taken the plunge.

Online.