Quote from: Biodom on Today at 03:22:49 AM

Quote from: JayJuanGee on Today at 01:27:35 AM

Quote from: Biodom on January 03, 2024, 05:51:36 PM

yea, 67 is now a full SocSec age....used to be 65, but then they changed to something weird (for most: some years plus months, but for people born after 1960-67 years exactly).
I still have a few years to go, but for people approaching the date and still working the question is: do i take it at full retirement age (FRA, like 67 or slightly less ) or at 70. More money at 70 (as much as 24% more), but you miss out on 3 years when you could have used the cash to, for example, invest in something like bitcoin, property, etc. Considering that SocSec would have some kind of "crisis" by 2033-2035 (with a potential 20-23% cut), maybe it literally pays to take it at FRA.

Any of us in bitcoin should be able to make up the difference between 62 and 68 or whatever it might be, so I am sort of a fan to just start collecting it right away.. but surely the variables are going to differ. .and then how much is it that you need in order to be at fuck you status (even if you are not completely there)?

Let's say for example that a few years ago, you thought that your social security, pension and 401k and/or whatever else you have (not counting bitcoin) was going to be able to pay around 140% of your monthly expenses, but then a lot of things might have had to have been cut in half in regards to your expectations, so I am not saying any of that would be going to zero, including social security, but the debased dollars are likely causing it to be way lees able to pay your expenses than you had anticipated.. Accordingly, you need a supplement, and in comes bitcoin... so maybe you don't have full entry level fuck you status with bitcoin but if you have 50% of entry-level fuck you status, then it may well be enough to supplement your other items... yet with anything, it sure would feel comfortable to have a wee bit of a cushion, and likely bitcoin will have good chances of keeping up with inflation (debasement) in such a way that it makes up for several of the short-falls of the other funds..

Of course, we likely don't have guarantees, yet bitcoin does seem to be an ongoingly great hedge as a supplement income..

Without going into too much detail..of course it matters, but only if you continue to work.
Say, you decided to take soc sec at 62, but continue to work..this would result in government "taking/deducting" $1 out of each $2 you earn above $22320 per year. They simply subtract these $$ from your "benefit", presumably until there is a "0", potentially, so there is ABSOLUTELY no point in getting social security at 62 if you continue to work and make average salary (or above) in US, which is currently 60k/year. Sure, if you make 22-23K (or below), then, by all means, taking soc sec at 62 might make sense.
https://www.ssa.gov/pubs/EN-05-10069.pdf
That said, if bitcoin continues to deliver, this would be all academic.

I was assuming that you were choosing to not be working as of 62, so you were electing to get the smaller Soc Sec benefit by drawing early versus waiting to get the larger benefit by drawing later.

I know each person has to do their own calculation.. and see what would be the difference between those two numbers.

I probably would not be willing to be so flippant about it, except that I have a bit of an assumption that bitcoin is going to do well whether someone is turning 62 in the next few weeks or maybe within the next 5 years or more, and surely the longer that we have before turning 62, the more we would be able to build up our BTC investment prior to reaching that date in which we would be able to choose the option of starting to receive the benefit early versus choosing to receive the benefit at a later date.

And sure my assumption was that the non bitcoin portion would add up to something like $3,333 and the bitcoin would supplement that by adding another $3,333.. so that would be the presmptive entry level fuck you status, and even if the non-bitcoin portion did not keep up its end of the bargain by keeping pace with inflation, we might be able to get the bitcoin portion to keep up its end of the bargain.

Maybe I am presuming too much?

Even my entry-level fuck you status chart is showing 68.85 coins being necessary for full entry level fuck you status, so if right now you might need 34.425 BTC, then maybe some guys would not have enough if they were 62 years old right now.

If we were to ONLY be in the ballpark of 57 years old right now, so having another 5-ish years to reach 62 years old, then by the end of 2028, which is 5 years from now, my estimator (my entry-level fuck you status chart) shows that we would ONLY need just under 21 BTC at that time for full entry-level fuck you status (even your 20 coins seems to be close to being enough for full entry-level fuck you status in 5 years) and therefore 10.5 BTC for 1/2 entry level fuck you status. That seems to be a pretty decently sized reduction in the quantity of coins needed, just in the next 5-ish years.. and yeah of course, no guarantees, even though I consider my current numbers to be pretty conservative in the whole scheme of things.