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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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How much am I eligible I retire at 66 and if I retire

Customer Question

How much am I eligible for when I retire at 66 and if I retire after that age?
Submitted: 6 months ago.
Category: Social Security
Expert:  lev-tax replied 6 months ago.
If your full retirement age is 66 - and you choose to delay your social security benefits - up to age 70 and your benefits will grow 8% per year or 2/3 of 1% per each month you delay.The advantage of delaying is that your benefits will be higher,but disadvantage - that you will be getting benefits for shorter period.Questions?
Customer: replied 6 months ago.
Would you retire early to get benefits longer or wait?
Expert:  lev-tax replied 6 months ago.
That really depends on personal circumstances...Many people just short on income to cover living expenses - and they prefer to start reduced benefits from 62 rather wait for larger benefits at full retirement age...
Expert:  lev-tax replied 6 months ago.
If you do not have any concern about covering your living expenses - and looking at that choice purely as investment decision...- assuming zero inflation- delayed benefits for 48 month- assuming $2000 monthly benefts- total we give up after FRA - $96,000- monthly benefits at 70 will be $2000 +32% = $2640 -- so we need $96,000 / $640 = 150 months to recoup amount you would give up - or 12,5 year- with consideration of inflation - that strategy will pay off after ~15 years when you reach 85.That would be a very rough estimation as we do not consider other affects...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.