InstinctX
Level 2 Member
This was more of FYI - for the "younger readers" of Saverocity -- who may not think about SS benefits and how that fits into retirement "strategy/planning":
And also why we need to pay attention to any plans by Congress to change SS benefits, such as raising the age when we can collect SS benefits.
But doesn't it really matter if we start collecting at 62? What is the $$ amount we would lose out on? I personally rather get my money earlier -- 70 or 72 seems "very old" (and who knows how long I'll still be "alive")
I'm all about living in the moment.
For retirement planning: if I wanted to continue my current lifestyle, I assume I would need $60K a year. If I were to retire at 50 with life expectancy of 25 years: I would just need $1.5 MM saved up"
And SS benefits is just icing on the cake?
"on balance, it leans toward those best equipped to wait longer, and the reward is significant.
Indeed, at 70, a worker can qualify for benefits worth about 75 percent more than if he or she had chosen early retirement at 62."
Indeed, at 70, a worker can qualify for benefits worth about 75 percent more than if he or she had chosen early retirement at 62."
And also why we need to pay attention to any plans by Congress to change SS benefits, such as raising the age when we can collect SS benefits.
But doesn't it really matter if we start collecting at 62? What is the $$ amount we would lose out on? I personally rather get my money earlier -- 70 or 72 seems "very old" (and who knows how long I'll still be "alive")
I'm all about living in the moment.
For retirement planning: if I wanted to continue my current lifestyle, I assume I would need $60K a year. If I were to retire at 50 with life expectancy of 25 years: I would just need $1.5 MM saved up"
And SS benefits is just icing on the cake?
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