The question of the day is when to take Social Security.
Question of the DayEddie asks: “Mish, have you ever computed your break-even on SS? I feel a strange compulsion to do the math, and wondered how many people have done this.“I waited for full benefits without doing the math. Yet, I generally advise doing the math.Huh?For starters, I am old enough to have gotten full benefits at age 66. I knew I would be working, collecting income on this blog off ad revenue, so waiting until I was 66 made perfect sense if ….If What?If I was healthy enough. And I am, at least at the moment.Ready Made DecisionsIf at age 62 someone has reason to believe they will not live long, then it may make sense to start collecting as soon as possible. In terminal cases, it’s take the money and run while you are still alive.I did not do the math for delaying beyond 66 because I wanted some extra income as soon as I could get it with full benefits. I feel adequately covered elsewhere. So mine was a balanced decision.Those who absolutely need money ASAP may have their choice made for them. Unfortunately, I suspect too many people are in this boat.Everyone is different. Please consult your advisor and accept responsibility for decisions you make.Social Security OptimizerTrowprice has a Social Security Optimizer.The Social Security Administration has a Retirement Planner.Neither covered what I stated above that may not be applicable to you.Team Trump Accelerates Social Security InsolvencyThe question of the day was in response to my post earlier today Team Trump Accelerates Social Security Insolvency, Where’s DOGE?I do not believe reduced benefits changes the math, nor do I think there will be reduced benefits in the first place.However, resultant inflation from Congress unwilling to restrain spending may change the Social Security math in ways that may be difficult to calculate now.Social Security rules may change as well.More By This Author:New York To Tax Fossil Fuel Producers $75 Billion For Climate Change DamagesElon Musk Ignites a MAGA Firestorm Over his Support for H-1B VisasAn Update On The Fed’s Snail Pace QT Balance Sheet Reduction
