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You don't miss out on the early years - Congratulations to both of you

Posted: Feb 2nd, 2023 - 11:44 am In Reply to: True it does even out in the end - I believe.

The big question mark is when the end will be. You might live to 90 or 100, there is no way to know. Your SS benefit continues to go up until you start collecting it, and your future earnings are based on your 3 highest years. For me, it was a big difference, at least 25%. I understand the necessity if you need the funds now, but when you have health issues between age 62 and 65 when Medicare starts, you will understand why waiting makes sense for most. Also consider that you will have to pay Medicare Part B, which this year is $165 a month taken off the top of your check. I'm glad I waited, but my situation was different because I was in my highest earning years and worked as an employee for an hourly wage. Some advisors even advise people to wait until age 70, if possible. I wish I knew then what I know now about SS and Medicare because there are gaps in coverage (dental, optical) that you will be paying out of pocket or purchasing supplemental insurance because Medicare doesn't cover those things. If you go early, be sure to have additional savings to cover health care expenses. All I can say is that you will find out the first time you are depending on Social Security for your income and have a car repair, car insurance premium or other expense and don't have the funds on hand. I don't mean to preach, but what might work for you doesn't work for everyone.

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