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>> When does a single person take Social Security?
>> Yeah. There's a very simple way to look at it. So everyone has a full retirement age.
That's the age the government says that you're entitled to get your full benefits and for
most baby boomers, that's 66. So if you're born between 1943 and '54, it's 66.
>> Otherwise, it's 67.
>> It actually goes up, you know, based on your birthday. So it can be 66 in one month,
66 in two months. So if you're born 1960 or later, then it's 67.
>> Okay.
>> And for a single person, here's the easy way to think about it. You can take Social
Security as early as 62 or as late as 70, and everything's around that full retirement
age. If you delay, for every year you delay after your full retirement age, you get 8% more
and conversely, if you take early, you get a lot less and if you go as early as possible,
75% of what you would have gotten if you started at your full retirement age. So here's the
simple rule of thumb. If you start early, you get less for as long as you live. Now
if you delay, you get that extra 32% for as long as you live.
>> Where is the break‑even point on this calculation?
>> We like to say there's a magic age of 80. So depending on you run the math and I won't
get nerdy on you‑‑ [ Laughter ]
you know, a discount rate of 0 to 1%, that break‑even age for a single person is just
after 80 and what that means is that if you live after 80, it makes sense to delay every
time, every time, but if you think you're gonna die before 80, then you'll want to consider
taking early so that's the break even, that magic age of 80.
>> So somebody who has a health condition that they know about might do better by taking
Social Security early?
>> Yes, and it's back to that age of 80 and you know, no one knows exactly when they're
gonna die but if you can look at your family history or your particular situation and come
up with a range, then you can apply it to the strategy that makes sense for you.
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