You can have security in your old age .Full Social Security (SS) at age 65yr old is a misnomer because if that was true than there would not be a 70 yr old pay out for Social Security. It is true the Payment plans for social Security are 62, 65 and 70 years of age. The rules for 65 have changed for persons born after 1938; I will discuss that in my next post. But the over all concept is the same in any case.
To me if you say full, that means, there is no more in other words that is it! As you can see the last pay out is not at age 65 but at age 70 and that says that age 70 should be called full but it is not! Leave it up to the government to confuse use.
You can get ahead in SS. At each stage the pay out of SS there is a different rate .For example to receive SS at 62yrs old you must be retired from a full time job or working part time but your salary must not be more than $13,000 per year. However your payment rate is the lowest of the payout of the three plans; let’s say $1000/month.
The question is should I take my Social Security at 62 or wait until 65 or may be wait until age 70: Well that answer depends on a couple of things.
1) Do you plan on working pass your 62nd birthday?
The magic
of working after the age of 62 and not making over $13,000 or $12,480 (in 2006) per year is a no brainer. Take your Social Security at 62yrs because you will be a head between 12yrs to 16yrs in total amount of money received of any one who waited to take their Social Security at 65yrs, or 70yrs of age.
Let’s look at the facts: Let’s say you are a triplet, you have two other siblings and you were all born before 1938, say December 31, 1937 and in the year of 1999 when you all reached 62yrs old. You decided to take your SS benefits: and you receive $1,000 per month that is $12,000 per year. One of your siblings decided to wait until they were 65yrs old and they receive $1,370 per month. And your other sibling decided to wait until they were 70yrs old and they receive a monthly payout of $1,900 per month.
2) Will you be making more than $13,000 per year that at time?
3) You should never wait until 70yrs of age!!
| You 62yrs old | First Sibling 65yrs old | Second Sibling 70yrs old | 3yrs later you have | 3yrs later | 3yrs later | $36,000 | 0 | 0 | End of the 4th yr $48,000 | $16,440 | 0 |
| 5th yr $60,000 | $32,880 | 0 |
| 6th yr $72,000 | $49,320 | 0 |
| 7th yr *$84,000 | $65,760 | 0 |
| 8th yr $96,000 | $82,200 | $22,800 |
| 9th yr $108,000 | $98,640 | $45,600 |
| 10th yr $120,000 | $115,080 | $68,400 |
| End of 11th yr $132,000 | $131,520 | $91,200 |
You can do the math for the breakeven for the 70yr benefit
Wow 12yrs to catch up if you decide to wait for 65 and 16yrs for 70. I am sure you can do the Math from here for the 70 yr breakeven.I will give you a formula later in my next post where you can figure out you own personal breakeven pay outs at the difference ages.
The problem is even more confusing then what we have just figured out.
If you were born after the year 1938 the government will add one mouth per each year after 1938 you were born .For an example if you were born in 1941, your 65 yrs benefit is now 65yrs and 8 months.
In my next post I will discuss the above situation and how it works if you work after 62yrs old and make more than $13,000 or $12,480 (in 2006). I will also give you the formula for figuring out your personal situation.
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