Signed up for SS in October 2017, three months before my birthday as recommended on the government website. Because of the way the system is administered, I will not receive my first payment until March 23rd, more than two months after my birthday. Your government at work. Had I waited another 4 years to begin collecting benefits, it would have required 13 years to accumulate the $48,000 dollars I will collect in the interim, which is the $300 monthly difference between reduced benefits versus full benefits multiplied by 48 months. ( $300 x 12= $3,600 x 13=$46,800)That money will be accumulating an average of 6% growth in my IRA, which will add another $10,000 by the 4 year mark. Many factors can be considered as to when a person should begin collecting SS, but I personally do not agree with those who advise to wait until full retirement age. I think that is propaganda by a government headed towards bankruptcy because of incompetence, and
I prefer to handle my own money and enjoy life while I am relatively young and healthy.
The way that the government set up my particular payment schedule( the 3rd Wednesday of every month) is that there are occasionally five weeks between checks rather than the customary 4 weeks in a month. Although the annual payments are the same, fortunately I am not living paycheck to paycheck as some people are, hence the extra week is a nuisance rather than a hardship. Your government at work.
