Comments on: When Should I Collect Social Security?

By: J. Michael Steele

J. Michael Steele — Mon, 19 Jan 2009 14:43:44 +0000

If you defer taking after your NRA, you increase your subsequent benefits by about 8%. This is a lot like taking the benefits and investing in an indexed (!) joint life annuity with a government guarantee. When you shop this investment in the annuity market, you are likely to find that it is very attractive even up to age 70.

Fine points: (1) There is a tax advantage to not receiving the benefits but “investing them” by deferral. (2) There are spousal benefits if you spouse stays off the benefit to NRA (3) SS is judgment proof (not that you care), (3) if you are “rated down” i.e. not healthy, things are tricky…

By: John M

John M — Sun, 10 Feb 2008 05:17:01 +0000

if one has a medical condition that he or she cannot any longer perform their career job duties what are their options approx age 54

By: Mike

Mike — Sat, 04 Nov 2006 03:45:38 +0000

Gerri got it wrong, and you got it “wronger”.

Your error: you aren’t required to take Social Security at your Normal Retirement Age (which may be 67 for younger people but is 66 or less for people currently approaching retirement) but may you may delay taking Social Security until the age of 70.

Gerri’s error: your montly payment doesn’t stop increasing for delaying retirement at your Normal Retirement Age (NRA), but continues to increase as you delay retirement up to the age of 70.

And there are other considerations. As Bill mentioned, wage income received before attaining your NRA can reduce your benefit. Also, a married couple has other considerations.

Recommend researching the issue thoroughly at http://www.ssa.gov before deciding.

By: Carnival of Personal Finance #71 - Fat Pitch Financials

Carnival of Personal Finance #71 - Fat Pitch Financials — Mon, 23 Oct 2006 19:32:50 +0000

[...] When Should I Collect Social Security? at My Retirement Blog A good question to ask when your planning your retirement. (What’s up with the colors on this site?) [...]

By: Bill

Bill — Fri, 20 Oct 2006 17:05:08 +0000

Working with social security will reduce your benefit if:
1) you are under full retirement age, and
2) your earnings from working exceeds tha annual limit set by Social Security. For 2006, that limit is $12,480.

The month you reach full retirement you get your full social security benefits with no limits on earnings.

Source: http://www.ssa.gov/retire2/whileworking.htm