Flights of Fancy Mom

I'm a mom with dreams.  I want to live my life with no boundaries.  One day at a time.

Wait to Collect Social Security? I Don’t Think So

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There was an article on MSN that I read today. 3 Reasons Not to Take Social Security at 62. It gives three reasons why you should wait to collect Social Security. You lose 25% of your benefits. Apparently, you will also slash your survivor’s benefits? Not sure how that’s possible. One person’s social security should have nothing to do with another’s. Even if it is their spouse. And finally, “There’s plenty of time to save for retirement.” They acknowledge that Social Security benefits will start to run out in 17 years. Gee, that’s the year BEFORE I turn 62. The earliest that you can collect. So, I’m not sure where that time is coming from.

Well, I’m going to list three reasons we SHOULD not wait to collect Social Security and to take it at 62. At least for me anyway:

wait to collect social security

1 – Most of the women in my family don’t make it out of their 60’s. Sorry, not trying to be pessimistic, but realistic. I hope that changes with my siblings and I, truly, I do. Who wants to say that they know they’re going to die so early? But I worked for that money. If I don’t claim it, no one else can. So, if you are in a family with the same lower age deaths, consider your options.

The last sentence leads to #2:

2 – Even if I wait and end up dying before I collect, my son can’t collect on my behalf. (Yes, I know that’s not how Social Security works. I’m making a point) So, why should I let the money I put into Social Security go to waste? And I’m sorry, you are, in the end, giving the government this money when you can’t collect. The money should stay within the Social Security fund for retirees. But if it’s set to run out in 17 years? Where is it going? Or, is it because not enough money is put into the fund and they’re dipping into others money?

wait to collect social security

Leads to #3:

3 – What they don’t put out there is, there are millions of people who have died before collecting the benefits they are entitled to. Yes, I said entitled. Contrary to the belief of some of our officials, that we are not entitled to Social Security. It is our money. We ARE entitled to it. However, we’re still running out of social security? That makes absolutely NO sense. We should be ahead of the game if that’s the case and so many are dying before they can either start collecting or don’t collect for as long as they could have.

I understand that today’s retirees are paid by the people who are currently in the workforce. And my generations retirees are to be paid in 20 years or so by those who are then working. I do understand the concept of Social Security and that it is not a “bank”.

So, how are we losing money? Because the cost of living is going up, hence, increases are coming out of what’s coming in. But, salaries are not increasing as rapidly, meaning not as much money from current workers checks are going into the Social Security fund. Therefore, because of the current fight against raising incomes to where they should be, our futures are unclear on where our benefits will come from.

So, will I wait to collect Social Security? Most likely not. Even if I lose 25% of the amount I’d get by signing up later. I want to be able to enjoy life before I’m too old. I’m not interested in going from the workforce into a nursing home! And an update on my previous post on ways I’m saving for retirement? Due to being laid off, that has been waylaid.

wait to collect social security

Will you wait to collect Social Security?  Why or why not? Comment below or share on my Facebook page!

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