Free Ebook.

Enter your email address:

Delivered by FeedBurner

« How to Keep Your Job | Main | The Job Trifecta: How I Lucked into It (Am I an Outlier?) »

April 03, 2009


Feed You can follow this conversation by subscribing to the comment feed for this post.

This article is so critical because the very meaning of retirement has changed over time. Being able to sit around doing nothing all day was idealized a generation ago, but now people see a lot of value is staying professionally active into their golden years, albeit in a less stressful setting.

Also, many people retire fully, only to regret having made the decision.

Given the financial incentives you so lucidly explain, the choice is clear!

An interesting article - I've not heard about returning and refiling, but it is an interesting idea.

I don't think the choice of waiting or not is clear at all. The average life span right now is 78. Since the break even age is 79, you have to have to believe you'll live longer than average just to break even, and it doesn't even consider the interest on the money you would have received before the age of 70 and saved. Additionally, you have to consider your quality of life. When would you enjoy your money more? At 62 when you can still travel and enjoy life or at 82 if you are sick or blind from age-related macular degeneration or confined to a wheel chair or have dementia or are in a nursing home? Sure, there are some people who are reasonably healthy at the age of 80, even 85. But while there are more people now who live past the age of 80, many of them have diseases that can interfere with the enjoyment of money.

So before making any decision one needs to consider a) one's health b) one's family history. If you are healthy, if you don't smoke, and more importantly if your parents lived until the age of 90, there is a good probability you'd be too. Otherwise, you need to think long and hard before deciding to wait till 70.

Returning and refiling is a good idea though. This way if you are in good health at the age of 70 and don't have significant risks that would prevent you from enjoying the money, you could change your decision. At the same time, it's difficult to predict. Many people are healthy at the age of 70, only to get terminal cancer only a couple of years later.

Kitty's post on point. First I've ever heard of this. I think it's a high risk choice if one is needing SS as a significant part of their retirement at any age. Get professional advice here.

I filed timely a request to withdraw application, and have the money to repay, but can't find info on how to claim back the taxes paid in prior years on the Social Security retirement checks. Any info?

Sounds great, but what about the statement under Retirement Planner on the SSI site stating "However, if you change your mind 12 months or more after you became entitled to retirement benefits, you cannot withdraw your application."? So how is it that people started drawing SS when they were 62 and now at say 66 they want to change their mind?

The comments to this entry are closed.

Start a Blog


  • Any information shared on Free Money Finance does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. All posts are © 2005-2012, Free Money Finance.