Personal Finance and Investing

JimDandy

(7,318 posts)

4. Mary would have to live to age 80 1/2, though, to recoup

Reply to Common Sense Party (Original post)

Fri Aug 2, 2013, 03:57 AM

Aug 2013

what she gave up in SSI income, if she waited those 8 years between ages 62 and 70:

SSI at age 62=$15,400 x 8 years = $123,200 in lost benefits.

The difference in yearly benefits between what she would draw at age 70 rather than 62 is $11,700 [$27,100 - $15,400=$11,700].

Therefore, dividing the $123,200 in lost SSI by the difference of $11,700 gives 10.5299 years she would have to live after age 70 to make back the benefits she gave up for those 8 years.

The question then really is: How confident are you that you could live to age 80 1/2 in order to break even?

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The Social Security Mistake That Costs Retirees Thousands [View all] Common Sense Party Aug 2013 OP

Mistake? When I hit 62 I saw the numbers and... TreasonousBastard Aug 2013 #1

Wow that is so very true! CountAllVotes Oct 2013 #10

If you are on SSI you are forced to take SS at 62. Downwinder Aug 2013 #2

OTOH taking a reduced benefit might qualify you for Downwinder Aug 2013 #3

Mary would have to live to age 80 1/2, though, to recoup JimDandy Aug 2013 #4

You don't even have to wait until 70. Just wait until full benefit age--66 and however many months f Common Sense Party Aug 2013 #5

And some of us are just sick and tired of our work place question everything Aug 2013 #6

Absolutely. Quality of life is every bit as important as standard of living (income). Common Sense Party Aug 2013 #7

I did the math and didn't want to remortgage my house, so when I was laid off before 60 hollysmom Oct 2013 #8

Personal circumstances do matter a lot. SheilaT Oct 2013 #9