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<blockquote data-quote="Oldfart" data-source="post: 2585137" data-attributes="member: 64407">Exactly.&nbsp; I believe my break even for SS is living past 82.&nbsp;&nbsp; The correct answer for when to draw SS is not black and white.&nbsp; It is different for everyone and if you ask 10 people,&nbsp; you will get 12 different answers.&nbsp; One advantage of waiting is the ability to make more money should you decide to work while drawing SS.&nbsp; The penalty kicks in at about 15k when you draw at 62.&nbsp; About 40k or so if you draw at 66 or 67&nbsp;&nbsp; and there is no penalty for income if you wait till 70.The same goes for the Traditional Pension.&nbsp; You can actually do very well drawing it at any age below 60 and still be close to even.&nbsp; You lose 3% for every year before 60 but you are only looking at about $650 per year penalty for every year you draw before 60.If an employee is not married when he retires,&nbsp; he can take the SS leveling option and draw some good money when he retires.&nbsp; Since he isn&#039;t married he doesn&#039;t need to worry about leaving money to a spouse when he dies.No matter what some will say.&nbsp; The Portable Pension has an advantage over the Traditional because you can leave that money to ANYONE,&nbsp; not just a spouse.&nbsp;&nbsp; The Traditional can only go to a spouse unless you take the lump sum option and leave that money to ANYONE.&nbsp; The big problem there is the lump sum option is equal to about 5 years of monthly payments in&nbsp; my case.&nbsp; If you draw the payments for more than 5 years,&nbsp; you will easily bring in more money by taking the monthly and not the lump sum.</blockquote>

[QUOTE="Oldfart, post: 2585137, member: 64407"] Exactly. I believe my break even for SS is living past 82. The correct answer for when to draw SS is not black and white. It is different for everyone and if you ask 10 people, you will get 12 different answers. One advantage of waiting is the ability to make more money should you decide to work while drawing SS. The penalty kicks in at about 15k when you draw at 62. About 40k or so if you draw at 66 or 67 and there is no penalty for income if you wait till 70. The same goes for the Traditional Pension. You can actually do very well drawing it at any age below 60 and still be close to even. You lose 3% for every year before 60 but you are only looking at about $650 per year penalty for every year you draw before 60. If an employee is not married when he retires, he can take the SS leveling option and draw some good money when he retires. Since he isn't married he doesn't need to worry about leaving money to a spouse when he dies. No matter what some will say. The Portable Pension has an advantage over the Traditional because you can leave that money to ANYONE, not just a spouse. The Traditional can only go to a spouse unless you take the lump sum option and leave that money to ANYONE. The big problem there is the lump sum option is equal to about 5 years of monthly payments in my case. If you draw the payments for more than 5 years, you will easily bring in more money by taking the monthly and not the lump sum. [/QUOTE]

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