Posted by Nancy Howell on December 31, 2016 at 18:32:45 from (70.196.6.70):
In Reply to: Re: O/T GREAT NEWS! posted by Ted in NE-OH on December 31, 2016 at 08:42:45:
I don't know why they say that. I personally think it doesn't make sense. Calculate how much you would get drawing SS in the 4-5 yrs from 65 or 66 to 70. Then calculate how long it would take the extra amount you would get by waiting until you're 70 to match what you would draw if you started drawing SS at 65 or 66.
If you would draw $15,000/yr at 66, that's $60,000 you would draw in the 4 yrs until you turn 70. If the extra you would get by waiting until you're 70, is an additional $4,000/yr, you would be 85 (15 yrs) by time the $4,000 made up the $60,000 you would have drawn if you had started at 66. I don't think its worth it.
The numbers above are not actual, but I did the actual calculation a couple of years ago using my annual SS statement. It took so long for the extra to make up what I would have drawn, it just wasn't worth it. There's no guarantee you will live long enough to reach the break even point.
We will have enough income that I will wait until 66 to start drawing SS.
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