The Press-Dispatch
Issue link: https://www.ifoldsflip.com/i/1279811
The Press-Dispatch Wednesday, August 19, 2020 A-5 Social Security Matters By Rusty Gloor Virtues of claiming benefits early LOUIE CAMPBELL Sales Professional lcampbell@patriotonline.com CALL OR TEXT 812-899-6267 @LouieYourCarGuy HWY. 64 W. • PRINCETON "Quite Simply, A Better Experience!" Looking for a Great Deal On Your Next Vehicle? The Jefferson Township Fire Department received $5,000 to purchase SCBA masks for each firefighter. These masks will allow the firefighters to be protected and continue to provide an essential service. Pictured are: Chris Young, fire chief, and Krista Robinette, United Way of Pike Co. executive director. T TR Haven Over the Hilltop received $2,295 to help purchase an industrial refrigerator due to the increas- ing food supply during COVID-19. Pictured are (l to r): Krista Robinette, United Way of Pike Co. executive di- rector, Marcia Hill, Shirley Segret, Mindy Keeker and Nikki Nalley. 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THURSDAY CHEESY POTATO Ham Steak $ 8.99 Thick-Sliced Ham Served with Mashed Potatoes and Gravy, Green Beans or Buttered Peas and Carrots, Roll and a Drink * Meatloaf $ 8.99 Green Beans or Buttered Peas and Carrots, Mashed Potatoes and Gravy, Roll and Drink * free PERFECT PINT CLEAR TUMBLER with $20 purchase on Saturday FRESH, MADE-FROM-SCRATCH CINNAMON ROLLS FRIDAY MORNING FRESH, MADE-FROM-SCRATCH CINNAMON ROLLS SATURDAY MORNING back! it's Mon-Fri 7am-8pm Saturday 7am-2pm 812-354-2004 Dear Rusty: It seems like we are always encouraged to wait until our full retirement age or age 70 to claim our So- cial Security. For me, benefits at age 62 were a good jump start to my retirement. How about listing the many ben- efits to early (age 62) retire- ment? And at what age does it become a liability, if ever? Signed: Happily Retired at age 78. Dear Happily Retired: You're correct that most finan- cial advisors and Social Secu- rity Advisors, including me, frequently encourage people to delay claiming Social Se- curity until at least their full retirement age (FR A). And that's because far too many claim their benefits as soon as they are available at age 62 "because it's there," with- out evaluating whether that's a smart move for them person- ally. There are many reasons why it's best to wait, but there are also some very good rea- sons for claiming benefits at age 62. Let's explore those. Claiming at age 62 is exact- ly the right move if you are in poor health and don't expect to live a long life. Benefits tak- en age 62 are 25 percent less for those with a full retire- ment age (FR A) of 66, and 30 percent less if your FR A is 67. But those reductions be- come insig- nificant if you don't expect to live a long, healthy life from that point forward. If you wait until your FR A, it takes about 12 years to collect the same amount in total benefits as if you had claimed at age 62. Even if you are in decent health now, if your family his- tory and your lifestyle sug- gest less than average lon- gevity, claiming before your FR A, as early as 62, may be a prudent choice. By "lifestyle" I mean, for example, whether you exercise regularly, smoke or drink excessively or drive without a seatbelt. There are several life expectancy calcu- lators available which can as- sist with predicting your life expectancy by evaluating your family history and lifestyle, in- cluding those available at this website: https://socialsecu- rityreport.org/tools/life-ex- pectancy-calculator/. Just re- member that no one can ac- curately forecast how long they will live but making an informed decision on when to claim should con- sider your estimat- ed longevity, among other things. If collecting your Social Security ben- efits early is needed to help pay for life's necessities, such as food, housing, and out-of- pocket medical costs, then claiming as early as age 62, or any other time before your FR A, could be exactly the right choice. In other words, the need for the money now is a driving force in deciding when to claim. Which brings me to your point that claiming at age 62 was a "jump start" to your retirement, allowing you to begin enjoying your golden years much earlier than you might have otherwise been able to. There's a lot to be said for taking benefits early to fulfill your bucket list while you're still young enough to enjoy it. And, from your signa- ture, it looks like you've been putting that extra Social Secu- rity money to good use for ma- ny years now. Good for you! Now, at age 78, you've reached your "breakeven point" where, if you had waited until your FR A to claim, your cumula- tive lifetime benefits would hereafter be more than they will be because you claimed at 62. That may not, however, offset the many years of hap- py retirement you've been able to enjoy because you took your benefits early. In the end, deciding when to claim Social Security should be done after carefully evalu- ating your personal situation. Anyone who claims benefits before their full retirement age must beware of Social Se- curity's "earnings test" which limits how much you can earn before your benefits are af- fected. But those who can af- ford to wait and who expect to live to a ripe old age would do well to consider delaying un- til their full retirement age, or even beyond, to claim their So- cial Security benefits. If their life expectancy is at least "av- erage" they'll collect much more in cumulative lifetime benefits by doing so. 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