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Should I take SS at age 65 when I apply for Medicare?

#1
Like all of you on this blog, I try to think of what's the most financially sensible thing to do.  Well, I ran the numbers and basically if I take SS at age 65 when I apply for Medicare, I'm ahead until age 80.   Frankly, given my family gene pool, I seriously doubt I reach that age and if I do, will I really care that I waited until age 70 and got an extra $1,000 a month?  It looks like (based upon the estimated 2.8% projected increase) I will get an age 65 benefit of $2358 per month.   If in today's dollars I wait 5 more years, I would get $3334 per month.  I run the numbers and basically at age 80, waiting to age 70 nets me $20 bucks!   My situation may be different from some of you.  A lot of you have families, children and are over run with conflicting great causes to leave your estate to.  Me, well I have no family and no heirs to leave an estate to.   What makes sense?   And if anyone has any insights, what do I do with the assets I know I will never spend in my lifetime?
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#2
First thing.  I don't know your current age but I'm now 70.  If you take your SS at 65 you will be under your FRA (full retirement age ) and will not get quite the benefit that FRA gives you.  This might be a minor point.  I took my SS at about 3 months short of my FRA and my beneift was trimmed a small amount.  Since you say that you don't have heirs or wife? Then that part is a little easier for you.
Again I don't know what you've put away for retirement and your personal wealth position but remember that  you have to take at 70 1/2 (RMDs) will be larger the more you have in your IRA account and that WILL make a difference to you.
I have been converting (even now, after 70 1/2 ) my IRA to ROTH to keep my RMDs as small as possible.  You might look into this for you.
Almost all my retired friends and those I know who are approaching retirement have decided to take their SS at the FRA.  Hope this helps.
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#3
It sounds like you have it pretty much figured out.  One thought: If your Required Minimum Distributions might put you in a higher tax bracket later, that reinforces the decision to take it early.
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#4
Take it at 65 and enjoy the additional income. My wife and I (no kids) prepared well for retirement - max'ing out our 401k contributions and living slightly below our means while maintaining a nice lifestyle. My problem now is making the mental shift from saving to spending and fully maximizing the enjoyment of my remaining years.
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#5
I have always have a different take on SS.  I try to think of it as an insurance benefit...insurance should I live until 90, 95, 100?  I think I'll be happier knowing I'll have that extra $1000 in those days.  So for me delaying as long as possible is the goal.  Now I'm 61 and not yet retired. No pension so will end up living off my savings from retirement to when I take SS.  My target is still 70 for SS.  But who knows what will happen in next 9 years...it could all change.
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#6
Take it as soon as you can get it. Hopefully your other assets are sufficient to keep the boat afloat in the long-term. To me, its a 'bird-in-the-hand.' We paid for it, we should get at least the principal back. I didn't really need it, but took it at 63 (now 69). That SS pays for mortgage, insurance (including medical and auto), property taxes, thus allowing a commensurate amount to stay invested.

In the ten years I calculated - from age 63 to 73 - we will come out about $250K ahead. No-brainer to me.
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