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"Those who delay until age 70 can boost their checks by .."
unstated is how many people are DEAD by 73 years old......
"How to really mess up your retirement."
Okay. Dying before you retire. That's the only way that you can REALLY mess up. And that's exactly what the SSA wants you to do. Die before, or shortly after, payment is realized.
Retire and thus, open a job position for someone younger that needs a job.
calculate your own numbers, take SS at 62, and make a guess on when you might die. add up the "early" SS cash.
then do the same calculation if you start later untill that same death date.
THEN decide if starting SS at 70 years old makes sense for you
Y'all think it would be OK for us to have just spent $35K on remodel to stay in our house bought in 1977 and that we intend to die in? Or to take $15-20K and spend a month in Europe?
I mean, we typically live off about $50K a year. I think we ARE good to go...kind of tired of sitting on this money and want to USE some of it NOW.
The group most likely to mess-up your retirement is THE GOVERNMENT.
1) They will tax your SS benefits if you have too much saved.
2) They will increase the tax on your IRA and 401k money.
3) They will start taxing your Roth Accounts
4) They will decrease you SS benefits.
Why will they do these things, because they will not want to cut government spending, to pay for Obamacare, and to keep their retirement benefits fully funded.
The only way to stop it is to take your SS benefits ASAP, before they have the chance to screw you over.
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