In odd-numbered years I turn an even number of years old.
Today? The number is 62.
Here's why I decided not to take Social Security Today...
1.) I would be reducing my benefit for the rest of my life.
I have this fun crazy idea that with a little luck, and a little right living I can be around 40 more years.
So…nuh-uhh to that noise.
2.) Did you know your benefits can be reduced if you’re still working, and you take early Social Security?
That means you lose money from the SSA at much lower thresholds than if you’re at full retirement age, for every dollar you make over the threshold.
3.) We all pay into that system at the rate of 6.2% of every dollar we earn, from Day One as an earner. 12.4% if you’re a sole proprietor.
I want mine back.
Sorry millennials, it’s my turn.
But, lucky you, I’m going to hang in there for another 5 years first.
4.) The actuarial crossing point of aggregate benefits is around age 82.
Know what I mean, jelly bean?
I did this with my SSA report’s annual report of benefits a couple of years ago.
Took the 62 years of age number and put it next to a column of the months.
Grabbed and dragged it down a spreadsheet.
Then plugged in that bigger 66-year 10-month number at that point lower down…
Repeat grab and drag.
At age 82 same total money.
After that I’m getting several hundred more a month.
For the rest of my life.
I didn’t just earn that – I’ve already paid for it.
5.) I’m being what I always wanted to be when I grew up.
Earning a living helping others.
I’ll be doing this for a while…
…probably into my 70’s
The point? I feel like I can afford to wait.
Any one of these reasons by itself is good enough in my humble opinion.
Oh, and by the way? If you’re paying double-tax because of that 12.4% thing I mentioned earlier…?
That’s what I’ll be doing for the next 10 years or more.
Maybe for you, if you want…
And now, a little trivia fun:
People that I just learned share my birthday that are famous.
I knew about Kelsey Grammar (Frazier) and Charles Barkley already.
And Cindy Crawford.
But I didn’t know about Kurt Cobain until a couple of days ago.
That makes me a little sad.
Or the guy that replaced John Stewart, Trevor Noah.
Here’s a funny one…Patty Hearst.
I remember that whole kidnapping story, never knew we shared the same birthday.
Here’s another one: Walter Becker, the guy from Steely Dan that passed away too young.
He and Donald Fagan created so much of the soundtrack of my teens.
The first manned full orbit of Earth happened on my 3rd birthday. I was a nerd boy growing up, and I knew about that one even before the Apollo missions.
If today’s your birthday too?