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Social Security-----When should you start drawing? (On Topic Only)
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 2952414" data-attributes="member: 12570"><p>There has been a lot of discussion in other threads as to what would be the ideal age to start drawing from Social Security. There is the school of thought that says it is best to draw it as soon as you are eligible (62) as no one knows how long they will live or how much longer Social Security will be in existence. Then there are those who say that it is best to wait until you reach your full retirement age (66 or 67, depending upon your birth year) as your monthly benefit will have increased by 8% each year for 4 or 5 years. Finally there are those who say that you should wait until you are forced to take it at 70 as this will ensure that you receive the highest benefit possible.</p><p></p><p>There are a number of factors which will need to be considered before making this decision, such as how much, if any, you have saved in your other retirement accounts, or whether or not you have a pension from your employer. In addition, this decision will differ whether you are single or married and if you plan on working after retirement.</p><p></p><p>Thoughts?</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 2952414, member: 12570"] There has been a lot of discussion in other threads as to what would be the ideal age to start drawing from Social Security. There is the school of thought that says it is best to draw it as soon as you are eligible (62) as no one knows how long they will live or how much longer Social Security will be in existence. Then there are those who say that it is best to wait until you reach your full retirement age (66 or 67, depending upon your birth year) as your monthly benefit will have increased by 8% each year for 4 or 5 years. Finally there are those who say that you should wait until you are forced to take it at 70 as this will ensure that you receive the highest benefit possible. There are a number of factors which will need to be considered before making this decision, such as how much, if any, you have saved in your other retirement accounts, or whether or not you have a pension from your employer. In addition, this decision will differ whether you are single or married and if you plan on working after retirement. Thoughts? [/QUOTE]
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Social Security-----When should you start drawing? (On Topic Only)
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