Posted on Nov 19, 2021
The New Social Security Statements: Reasons to Check Yours Out
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If you haven't started collecting social security yet, think about when you might want to begin based on how much you would get...the longer you wait up until age 70, the more you will collect monthly
The New Social Security Statements: Reasons to Check Yours Out
Posted from nextavenue.org
Money
Retirement
Edited 3 y ago
Posted 3 y ago
Responses: 15
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Now do the math. If you start your benefits at any age prior to 70 or 72, how long will it take to catch up? I started mi e at 65, if I waited till seventy it would take me until somewhere around 80 something to catch up.
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SGT Herbert Bollum
I also started at 65, then I kept working until 73+ and each year my benefits go up a little as the lowest earning years get dropped off (college years, E-1 through E-4).
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Lt Col John (Jack) Christensen
SGT Herbert Bollum I did the same, still working but SS payments went direct to a savings account that we never touched until I actually retired.
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Maj Robert Thornton
SPC Jeff Daley, PhD Don't forget that they are allowing you to use your IRA to fund your charitable giving, untaxed. Even though they changed the mandatory minimum distribution to 721/2, you can still start funding your charities at 701/2. Something I intend to start in 6 months.
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Lt Col Charlie Brown I think the maximum benefit begins at 70. I am waiting for the maximum before I start unless I have to retire from teaching to take care of my wife.
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SMSgt Lawrence McCarter
I waited until I was 70 to start collecting Social Security, Myself and MY wife although both retired still work but I figured once I can't do that between Social Security and our retired pay We should do ok. She isn't all that far off from reaching 70 either but is holding out until then for the same reason You are. I may add She was also a teacher in a Public school system and now working at a private Day care school as a teacher. We will both keep working our post retirement jobs for a while.
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Cpl Vic Burk
SMSgt Lawrence McCarter - That's good to keep working at least part time if nothing else. It helps keep the mind sharp and the exercise also helps with keeping the bones moving along. I salute your wife for being a fellow teacher. It's not an easy job like many seem to think it is!
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