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Thumb of Michigan | https://www.ssa.gov/pubs/EN-05-10069.pdf
Nothing to do with Medicare, but explanation (kind of) of why I won't apply for SS until at least FRA. To be honest, plan right now is to get an extra special really invasive physical the year I turn FRA and determine how that looks. And then take a WAG what to do.
Wife was not planning on signing up for SS until FRA. I wasn't either. Friend of mine (a financial planner) had just purchased a software program update and wanted to run our numbers for us. We took our previous 3 years tax returns to him. Along with some forecasts about what we'd be doing income wise over the next few years. The answer was completely different for each of us. She began drawing at age 63, I won't sign up until at least FRA. The limits on income to draw full SS make the choice fairly clear for me.
Point is that each circumstance is way different.
I have friends who signed up at 62, and are quite convinced that everyone should, no matter what the circumstances are. Reason being, they paid in all their lives and are afraid of leaving money on the table I guess. Couple of them are close enough to me that when they tell me how worried they were about meeting an early demise and losing out on drawing SS, I ask them if they've also bought all the life insurance possible and also signed up for all the long term loans they can. I'd be running up credit card debt as fast as I could and just making the minimum payment every month if I were too concerned about my last day coming so soon. I mean, if they're that sure they're going to go early, why not do all they can to have their estate get a big pay off on them tipping over early? That doesn't play well with them, but it isn't supposed to I guess. Oddly enough, one of the same guys claims he wants to live life so that the last check written out of his checking account - the one to the funeral home- bounces. | |
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edjumakate me on turning 65....
