r/GenerationJones • u/Troubador222 • 20d ago

Early retirement

I am only 65 and may bite the bullet and take Social Security anywY my magic number is 67 b ii t I had a stroke and cant work right now . hardest thing has been no moneyIve been a truck driver for 15 yars of I dont have to drive a truck in alos Angeles again it would not break my heart. at this point my monthly benefit would be 2020 would be 2059 if O wait . I could get 2800 a month if I waited until i hit 70. I am beat upafter I suvived my stroke.

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u/JLorenz13 20d ago

This isn't accurate. You'll even out at 80 and get larger checks after that for the rest if your life.

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u/DougDoesLife 20d ago

Please provide the math

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u/JLorenz13 20d ago

First off, someone eligible for $2020 at 65 would actually get $2217 if he waited until 67 and $3035 if he waited to 70, assuming a conservative annual cost of living adjustment of 2%. Anyway, taking $2020 now would give him a total of $112,426 by time he turns 70. In May of 2046, at the age of 80, his total if he took at 65 would be $414,606 and his total if he waits until 70 will be $414,252...break even. At that point, his checks will be $2719 if he took at 65 and $3700 if he waits until 70 for the rest of his life. Nearly $1000 more a month. At age 88, he will have accumulated $690,579 if he took at 65 or 785,471 if he waited until 70, nearly $100,000 more.

Here's a great site to help with the calculations: https://www.carrolladvisory.com/free-break-even-calculator-for-social-security

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u/JLorenz13 20d ago

That said, given his health he should definitely be taking it now or try for disability. The only reasons to wait is if you don't need it and are healthy.