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3 Reasons It’s Dumb to Take Social Security Benefits at 70
3 Reasons It’s Dumb to Take Social Security Benefits at 70

Age % of Full Benefits

62 75%

63 80%

64 86.7%

65 93.3%

66 100%

67 108%

68 116%

69 124%

70 132%

Among Social Security gurus, there's something called the "breakeven age." Here's the thinking behind it: while the person who claims at 62 is getting a monthly check that's almost half of the retiree who waited until 70 to claim, the former is collecting money for a full eight years while the latter isn't.

In other words, the early claimers might be getting less, but they're getting it for a lot longer. Depending on taxes, inflation, investment returns, and a host of other variables, it doesn't become financially advantageous to wait until 70 (versus 66) until a retiree reaches his or her mid-80s.

Given that the life expectancy for a U.S. citizen aged 70 is 15 years for males and 17 years for females, it's virtually a wash. In the end, if you have enough money to make ends meet and enjoy retirement when you're younger, it makes a lot of sense to take it.

Posted on: 2016/3/24 20:55
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