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Live 4 Financial Freedom

61 EpisodesProduced by Bruce MillsWebsite

Become a Paid Subscriber: https://anchor.fm/live4/subscribeThis is our journey through Marriage, Raising Teenagers to Financial Freedom. Financial Freedom (FIRE) can help give you choices in life. We share stories to help couples getting married, married. Helping parents survive raising kids to plan… read more

13:17

Social Security Starting at age 70

Everyone has different situations that can affect when they choose to start taking Social Security payments. Some of my friends started at age 62 and some waited till age 70. For your situation it would be good to visit with your Financial Planner and your local Social Security Office.

Darlene and myself have a plan to wait till age 70 for our situation. We want to max out our monthly Social Security benefit that we possibly could get. Of course, we still have sixteen years to wait until that time but we hope our other Investments maintain us so we don’t need to touch Social Security.

Social Security website said the following – “If you were born between 1943 and 1954 your full retirement age is 66. If you start receiving benefits at age 66 you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase.

The chart below explains how delayed retirement affects your benefit. The increase is based on your date of birth and the number of months you delay the start of your retirement benefits. If you start receiving retirement benefits at age:

  • 67, you'll get 108      percent of the monthly benefit because you delayed getting benefits for 12      months.
  • 70, you'll get 132      percent of the monthly benefit because you delayed getting benefits for 48      months.

When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits.” See the link in the below show notes.

We print off our Social Security statement each year to check and make sure they have our correct past years income. Plus, it is fun to see what the projected benefit amount is at different ages. Hopefully our elected officials don’t take away from Social Security and help protect it for future generations. Remember I am not giving you any financial or legal advice, this is just for entertainment purposes and see my Disclaimer Page.

Here are some reasons that people I have talked with decided to start taking Social Security payments early; More covered in the Podcast

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

If you would like to be a guest on my Podcast drop me an email at bruce@millsway.com or Text me at 480-389-6224

Thanks, and Have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

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Millsway.com and Live4.Club

Sources and Resources from Podcast (Available in Show Notes)

1. Social Security Stats from https://www.ssa.gov/planners/retire/1943-delay.html

2. Social Security Break-even Points https://www.cnbc.com/2018/08/13/those-social-security-break-even-calculations-can-be-misleading.html

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