Social Security is the best Annuity

February 11, 2011

in Retirement

Take Social Security at age 70 if you can.  There is about an 8% benefit increase for every year you wait after age 62.  Then it pays for life, with a 100% spousal benefit if you die, a 50% spousal benefit while you live, and cost of living increases.  You cannot buy a better annuity.  Bonus: your insurance company, the US Treasury, owns the money printing presses!  Your minimal retirement goal then is to accumulate enough assets to get you from your retirement date to age 70 -not as daunting as planning to reach age 95.  Add to that your desired lifestyle adjustments and you have a good picture of your retirment savings goal.

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Hui Oyster

I’d be inclined to give green light with you one this subject. Which is not something I usually do! I really like reading a post that will make people think. Also, thanks for allowing me to speak my mind!

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