On 8/10/2014 7:59 AM, BAR wrote:
In article , says...

On 8/7/2014 10:08 PM, wrote:
On Thu, 07 Aug 2014 20:31:52 -0600, H*a*r*r*o*l*d
wrote:

On 8/7/2014 12:32 PM, wrote:
On Thu, 7 Aug 2014 10:45:06 -0400, BAR wrote:

Why wouldn't you start to collect your social security at 62? If you
don't spend it you should invest it. You never know when you are going
to die and do you really want the government holding onto your money for
an extra 4 years and 3 months?

The last time I saw someone run those numbers, the crossover age was
82-83. If you live longer than that, you were better off waiting.

That does not assume any return from investing the money tho. Most
people don't. I am saving mine but that is not the same as investing
it, considering what interest rates are. I originally called it my
"new boat fund" but I never bought the new boat.
I have saved up enough to buy the house next door tho. I am getting
ready to steal it on a tax deed sale if the mortgage company doesn't
move pretty fast.

When I ran the numbers several years ago, I factored in a 5% COL
increase and the crossover point was around 87. So I think your numbers
are pretty close, give or take a year or so. I'm with Bar. The sooner
you get the Govt. to start paying back your money, the better.

I split the difference and went for 64. I have banked most of that
$20k I am getting (after the tax on 85%).
The only thing I spent was the $7200 for my new outboard (as in my
"boat fund")


I ran the numbers using an 8% return.
I break even when I turn 80. HOWEVER,
If I saved all the money plus interest and got an 8% return
on the money, after 4 years the interest earned is more than the
different in benefit between retiring at 62 and 66y 2 months.
I think I'll collect at 62.
Here is a nice calculator, that allows monthly deposits.
http://www.thecalculatorsite.com/fin...calculator.php

Oops, I didn't figure taxes on benefits or earned interest.
But the interest earned on 4 yrs savings was about 21% higher t han the
difference in benefit by waiting 4 years.
Maybe I'll spend more time figuring it another day, but for now, I'm
confident the breakeven is past 85yrs old.
I should also run it at 4% return.

Mikek

For some reason people forget about the time value of money and don't
apply it to taking SS as early as possible.

Turns out it's not that simple. I started another post and found
even with 8% return it takes longer than you think to get even.
Take a look and do some calculations, I'd like to see what others get.
Mikek

---
This email is free from viruses and malware because avast! Antivirus protection is active.
http://www.avast.com