6.0%

[Jolly]

Social Security checks will be going up by 6% next year.

Biden, meet inflation.

[Mik]

and he wants a $3.5T budget. Ridiculous and suicidal.

[George K]

@jolly it’s funny you should mention this, I just looked a few days ago and they were predicting 5.6%.

[Copper]

And since I'm waiting until age 70 to collect, I'll get 8% on top of the 6%.

[Jolly]

@copper said in 6.0%:

And since I'm waiting until age 70 to collect, I'll get 8% on top of the 6%.

Good, that means that you'll be less in the hole than otherwise.

[Jolly]

@copper said in 6.0%:

And since I'm waiting until age 70 to collect, I'll get 8% on top of the 6%.

BTW, Social Security has very good actuaries. No matter if you draw your money at 62, 65 FRA of 67 or 70, you'll still draw out about the same amount of money before you die.

In your case, as in many, you may want to really, really take taxes into consideration.

[Copper]

@jolly said in 6.0%:

@copper said in 6.0%:

And since I'm waiting until age 70 to collect, I'll get 8% on top of the 6%.

BTW, Social Security has very good actuaries. No matter if you draw your money at 62, 65 FRA of 67 or 70, you'll still draw out about the same amount of money before you die.

In your case, as in many, you may want to really, really take taxes into consideration.

The actuaries are betting that a lot of people will die before reaching age 83, which is roughly the break even point for those who wait for age 70.

I will live way past 83, so the actuaries are on my side.

[Jolly]

I hope you live forever, but actuaries are rarely wrong.