Delay Social Security Filing to 70 - Example (TC 3 of 4)

[@eliechidiac9427]

Excellent. My favorite is still the 'license to spend' video.

[@mikemellone7337]

This is a great 4 part series.

[@lindsaynewell6319]

This is an interesting series but I'm very skeptical of the numbers on the white board and Han's statement at 17:28 that delaying means an extra $3,000 per month. It looks like he is comparing 2024 dollars (claiming at 65) to 2030 dollars (claiming at 70). At 7:32 it shows Tom's FRA benefit is $3,800. There is no way that increases to $5,331 just by delaying 3 years @ 8% increase per year - there is some assumed inflation rate included. But 5 years of inflation (COLA) should also be added to the numbers for claiming at 65 so it's an apples to apples comparison using 2030 dollars. I'd really like Cardinal to clarify this.

[@TomGriffith-u9t]

You are correct the that amount shown at age 70 does includes a COLA of 2.5% per year and if they elected benefits at retirement that would also receive the same COLA. Having said that the cross over point of age 81 is accurate and we want people to at least consider waiting to file if it makes sense in their overall financial plan.

[@lindsaynewell6319]

@ thanks for the clarification. 100% agree on delaying - that’s my plan due to younger spouse.

[@rickstafford9024]

Nobody talks about taking SS a little early to turn on your older spouse’s spousal benefit at her FRA. We would loose thousands of $ waiting until 70 years old. We could never catch up.

[@davidcritchley5993]

Does the SS breakeven analysis account for the "opportunity cost" of spending down their qualified or non qualified accounts so early in their retirement? The case study does have a lot of assets to work with so this has been interesting.

[@kevinquinlan7918]

I have delayed my SS as well but notice that my estimate at age 70 according to the SS web site dropped by $400/ month when i delayed? Is that because when delaying one does not pay the FICA tax for the skipped years?

[@CardinalAdvisors]

@@kevinquinlan7918 Your estimate at 70 assumed you still worked and were credited earnings between now and 70. When you retired, the estimate credits you zero earnings between now and 70. Our example had 35 years of maximum earnings before 65.

[@pware9643]

Social Security is a ticking time bomb.. set to reduce benefits by 25% in less than 8 or 9 years... making SS tax free makes SS run out of money even sooner. Would be interesting to see what you use for inflation in your planning.. 3% won't cut it, especially with any tariffs imposed that will make inflation skyrocket. 95% of the politicians have no financial background and we have to rely on them to make intelligent decisions that affect us.. and some of the ones that do have declared bankruptcy 6 times... god help us.

[@lifestream4191]

Sir/Madam, turn off the news. Go back and watch these videos where they address many of your concerns. Your ultra-high level of concern is unhealthy, and it needs to be reappropriated. Control what YOU can control, and you'll be just fine. I promise!

[@pensacola321]

These 2 can bore the stripes off a zebra. (PS , live your life, don't worry about and enjoy your life)

[@lifestream4191]

I think that maximizing your assets IS enjoying your life. I don't speak for every male, but most men are wired to protect and provide security. It's enjoyable to me.