This is a picture of a first class cabin aboard the RMS Titanic. They built that ship with true luxury in mind. But when I look at this picture, I think, “did it really matter?“.
I decided to just briefly revisit the topic of Social Security. I promise to be brief! You might think that filing for social security is way out there, or it does not matter because it will not be there when you retire anyway. Or, you have already filed and it does not matter now.
Many probably think… social security “does it really matter?“. And that reaction makes sense because of the reasons above. So, let me just mention the math.
First things first. If you want to set up your social security account to watch your personal “fundage“, you can go to this social security site (HERE) and input your information and follow-up to watch your personal account build up. As a disclaimer, I have not done it yet, because I just do not feel like following the directions right now.
This article (here) from Schwab.com is as good a summary on social security benefits, as I have found. It weighs opting for Social Security early, versus waiting until full retirement age. And it gives a table to consider, if you wait until age 70. (If you wait until 70, you receive 132% of your retirement per month payment)
This article also discusses why you might want to opt for an early social security retirement. Factors to consider include: 1.Your cash needs. 2. Your life expectancy and break-even age. 3. Your spouse’s benefits. (which also discusses when you might be entitled to those benefits) 4. Whether you are still working.
Are you curious about the maximum social security amount that you could receive. Could you live on that in retirement? That’s why I posted this on a Friday. Something to think about!!!!
Have a great weekend and I hope it is a special Mothers Day. I am so looking forward to seeing my mom!
And for pic o’ day…this is just craziness: