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What's the best age for an American born in 58 to retire wrt SS?

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NEUROSCIENCE NEWS: The meaning of life – a psychologist’s view

"...we find the meaning of life when we “wake up” and experience life and the world more fully. In these terms, the sense that life is meaningless is a distorted and limited view that comes when we are slightly “asleep”.

https://neurosciencenews.com/meaning-life-15448/

 

 

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For Americans that wait until 70 1/2 to pull money out of your 401K/IRA; beware of going over $87k per year.  If you have 401k/IRA monies and room under the $87K MAGI cap then move some monies from there into a ROTH while you can. If you do not take Medicare Part-B then the $87k MAGI limit doesn't effect you. If you are over that $87k limit then good on you, you did well.

I started to collect SS at 63 1/2. Now I wish I'd waited. For most it is a <deleted> shoot as to how long you live or don't live past about age 78.

I do believe that there will be an adjustment to SS this decade and the benefits will be lowered for all and lowered still more via a means test.

Edited by IAMHERE
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Another x factor that is left out of most equations would be the % that the SS money might earn if well invested... 

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I took mine at 62, just starts this Jan.  When I did the math if I waited until 67 it would take 13 years to get back the money I would have got for the previous 5 years.  That would put me at 80 to break even.  I might not even be alive then.  Plus as others have mentioned if you invest that money it would make an even greater difference.

 

I am not sure why the original poster added the complexity of converting it to baht.  That can change in a wide range over time.

Edited by rwill
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Another thing to bear in mind is if the recipient has an under age child the child is entitled to 50 percent of the amount that the recipient receives until the child reaches age 18. 

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One other reason to take it early is if you have just lost your job.

 

One other consideration is if you continue to work.  Any significant income from work will reduce the amount you get each month.  However, the closer you are to "full" retirement, there will be less and then no further deductions.

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4 hours ago, sfokevin said:

You can create an online account with the Social Security Administration and view your contribution history and get an estimated benefits payout...

 

 https://www.ssa.gov/myaccount/

My local ISP is from Chonburi, SSA won't let me access their site.  If I use the VPN that OPERA browser has then I can access the SSA site. YMMV

 

2 hours ago, cycolista said:

Another thing to bear in mind is if the recipient has an under age child the child is entitled to 50 percent of the amount that the recipient receives until the child reaches age 18. 

About $700 is the monthly benefit for a child. I'm guess the poster is saying if you are receiving SS and die, then your child will get 50%.

 

1 hour ago, AAArdvark said:

One other reason to take it early is if you have just lost your job.

 

One other consideration is if you continue to work.  Any significant income from work will reduce the amount you get each month.  However, the closer you are to "full" retirement, there will be less and then no further deductions.

That money is 'withheld' and the SS calculates with a formula to see that you do get that money eventually. When that eventually is I'm guessing starts at your full retirement age. You lose it for a time and it gets paid to you in the future.

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