Summary of Reddit Comments on When to Collect Social Security

Factors to Consider:

• Timing: The earliest age to collect Social Security benefits is 62, but delaying can result in higher monthly payments.
• Financial Situation: Consider your financial needs now versus in the future.
• Health: Health considerations and life expectancy play a role in deciding when to collect.
• Spousal Benefits: Consider how your decision affects your spouse's benefits.
• Retirement Plans: Evaluate your retirement goals and income needs.
• Political Climate: Opinions vary on the impact of politics on Social Security benefits.
• Potential Changes: Beware of potential changes in Social Security policies.
• Investment: Some suggest taking benefits early and investing the money for greater returns.

Pros and Cons of Early vs. Late Collection:

• Early Collection (at 62):
  • Pro: Immediate financial support if needed.
  • Con: Reduced monthly payments compared to full retirement age (FRA) or later.
• Late Collection (at FRA or beyond):
  • Pro: Higher monthly payments and potentially more financial security in the long term.
  • Con: Delaying means forgoing earlier benefits.

Impacts of Political Changes:

• Political Stability: Views differ on potential political impacts on Social Security.
• Employment Concerns: Speculation on government layoffs and its effect on Social Security benefits.
• Political Climate: Considerations about healthcare and Social Security policies based on current political environment.

Legal Advice on Social Security & Identity Theft:

• Reporting: Urged to file a police report for identity theft.
• Tenant Rights: Advice on dealing with a landlord who commits identity theft.
• Consequences: Potential legal actions and implications of landlord's actions.

Social Security Tax Deferral:

• Employer Opt-Out: Some employers opted out of the tax deferral.
• Tax Implications: Discussion on taxation impact of the deferral and potential complications.
• Repayment: Concerns about higher tax collection in 2021 due to the deferral.

Miscellaneous:

• Medicare vs. Social Security: Key differences between applying for Medicare and Social Security.
• Unusual Suggestions: Unconventional ideas like tax protests and government actions regarding social support programs.

This summary provides various perspectives on when to collect Social Security, discussing factors like timing, financial considerations, political implications, legal advice, and tax deferral impacts. It encompasses a wide range of opinions and considerations to help individuals make informed decisions regarding their Social Security benefits.