Dick, I was born 4/12/1941. In my case, it takes 13 years to even out
to the same amount of money from age 62 to full retirement 65 and 8
months. Doug
Dick J wrote:
> I'm putting this on the list because I know that some LSR racer friends may
>soon be approaching "The Golden Years" (LOL) and Social Security will be a
>consideration.
>
> I did it yesterday. I filed for Social Security benefits. You really gotta
>check out the web-site, and get in to the local office and get some guidance
>so you don't end up screwing yourself. I thought each birthday was some
>magic cutoff date for benefits, but it's not really so. Every month has a
>value on a chart, and even though it's not directly proportional to the amount
>of time past sixty two that you wait to file, for my age, it amounted to about
>three bucks a month. I filed to start benefits in June, right after my sixty
>fourth birthday, thinking it was some magic anniversary date that would cause
>my pension to jump to the next notch.
>
> Not exactly so. It jumps a little every month. Therefor, waiting until my
>birthday was of no advantage to me but miss friendly civil service clerk
>didn't bother to expalin this, and I didn't really see the light until I was
>back home. By waiting until June (after my birthday) my check will be $16 per
>month more. Had I started my check immediately, I'd get a slightly smaller
>check, but I would have received three checks of about a thousand bucks before
>my birthday. That means that figuring the three extra thousand I could have
>gotten, calculated against the sixteen extra bucks I'm getting but starting
>three months late, I will now have to live to a little over eighty two to
>recoup those lost three grand and be ahead.
>
> I'll be damned if I'll let the government screw me, so I guess the upside is
>this is that I'm now going to live that long, if for no other reason than to
>put the screws to the government! I'll show them!
>
> Bottom line, because of the significant increase in life expenctancy, you
>are probably better to start drawing SS the first day beyond age sixty two
>that you stop drawing wages. Waiting to earn a slightly bigger monthly
>pension will not net you more total dollars unless you live way longer than
>expected. You'll lose money if you die sooner - - - like could be caused by
>failed parachutes, broken spindles, locked up spider gears, nitrous
>explosions, or other common maladies of old age.
>
> Dick
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