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UPS Retirement Topics
Social Security Wants You To Wait
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<blockquote data-quote="olroadbeech" data-source="post: 1311343" data-attributes="member: 52145"><p>recent article on MSN is saying people should wait til age 70 to collect SS. their example showed that you would get 3500 a month at 70 compared to 1950 a month at age 62.</p><p></p><p>first, by waiting 8 years it seems like it would be worth it but do the math. it would take approx. 11 years to break even. in 8 years you would collect about 200,000 dollars. you would be 81 or 82 before you would start getting ahead.</p><p></p><p>I would rather collect that 2000 a month at 62 and invest most or all of it myself in a tax free IRA till I was 70 instead of letting Uncle Sam do it. that 2 grand a month invested that way would grow to around 275,000 to 300,000 dollars in 8 years under normal ( 40 year average) market conditions.</p><p></p><p>Social Security may not be viable if you waited anyway. Im taking my benefit as soon as I am eligible.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 1311343, member: 52145"] recent article on MSN is saying people should wait til age 70 to collect SS. their example showed that you would get 3500 a month at 70 compared to 1950 a month at age 62. first, by waiting 8 years it seems like it would be worth it but do the math. it would take approx. 11 years to break even. in 8 years you would collect about 200,000 dollars. you would be 81 or 82 before you would start getting ahead. I would rather collect that 2000 a month at 62 and invest most or all of it myself in a tax free IRA till I was 70 instead of letting Uncle Sam do it. that 2 grand a month invested that way would grow to around 275,000 to 300,000 dollars in 8 years under normal ( 40 year average) market conditions. Social Security may not be viable if you waited anyway. Im taking my benefit as soon as I am eligible. [/QUOTE]
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