Is it dumb to put off collecting it after you retire in order to get a bigger monthly payment?
It doesn't seem to go up all that much. If you put it off a year to get $218 more per month, you LOSE 1 year of say $2800/month.
So you lose almost $34000 to gain $218/month.
It would take 13 years to make that back.
Amiright???
I've thought this before about people working forever to get a bigger pension. They'll never make back the pension money they could have had all those years they waited.
Is it dumb to put off collecting it after you retire in order to get a bigger monthly payment?
It doesn't seem to go up all that much. If you put it off a year to get $218 more per month, you LOSE 1 year of say $2800/month.
So you lose almost $34000 to gain $218/month.
It would take 13 years to make that back.
Amiright???
I've thought this before about people working forever to get a bigger pension. They'll never make back the pension money they could have had all those years they waited.
Is it dumb to put off collecting it after you retire in order to get a bigger monthly payment?
It doesn't seem to go up all that much. If you put it off a year to get $218 more per month, you LOSE 1 year of say $2800/month.
So you lose almost $34000 to gain $218/month.
It would take 13 years to make that back.
Amiright???
I've thought this before about people working forever to get a bigger pension. They'll never make back the pension money they could have had all those years they waited.
I've talked to numerous people and my accountant and all say take it asap. I'm taking mine in a year from now the day I hit 62.
Is it dumb to put off collecting it after you retire in order to get a bigger monthly payment?
It doesn't seem to go up all that much. If you put it off a year to get $218 more per month, you LOSE 1 year of say $2800/month.
So you lose almost $34000 to gain $218/month.
It would take 13 years to make that back.
Amiright???
I've thought this before about people working forever to get a bigger pension. They'll never make back the pension money they could have had all those years they waited.
Is it dumb to put off collecting it after you retire in order to get a bigger monthly payment?
It doesn't seem to go up all that much. If you put it off a year to get $218 more per month, you LOSE 1 year of say $2800/month.
So you lose almost $34000 to gain $218/month.
It would take 13 years to make that back.
Amiright???
I've thought this before about people working forever to get a bigger pension. They'll never make back the pension money they could have had all those years they waited.
That math is exactly why I'm out at 55 years old ...I want every single penny I can get out of the pension.
I was gonna stay until 62...I would draw 1,300 more a month in exchange for 7 more years of my life...it would take me 20 years to break even
Is it dumb to put off collecting it after you retire in order to get a bigger monthly payment?
It doesn't seem to go up all that much. If you put it off a year to get $218 more per month, you LOSE 1 year of say $2800/month.
So you lose almost $34000 to gain $218/month.
It would take 13 years to make that back.
Amiright???
I've thought this before about people working forever to get a bigger pension. They'll never make back the pension money they could have had all those years they waited.
Seven percent per year gain by deferring. Might not seem like much but inflation happens, medicare payments will most likly go up over time, and spouse collects the higher of the two of that is important to you.
Seven percent per year gain by deferring. Might not seem like much but inflation happens, medicare payments will most likly go up over time, and spouse collects the higher of the two of that is important to you.
You need to weigh that against continuing to work during the best remaining years of your life.
