My feeling is that Mike’s calculator is not that helpful. It does not include COLA adjustments to SS payments, nor does it include the “lost opportunity cost” of investing any SS payments if you start early.
I read the README, and it does not include “lost opportunity cost”. So based on his calculations waiting until 70 is a load of bunk? As opposed to nearly all other retirement advice including the above article. I gather his assumption is based on me dying before the benefit of waiting until 70 catches up.
I have some problems with the Open SS calculator. It’s is not transparent and provides no rationale for its output. I am 67.5 and still working and in my simple case it’s tells me NOT to delay until 70.
So it seems the author of Open SS believes that the “lost opportunity cost” of investing SS income now is higher than the benefits of waiting for a higher benefit. That is arguable. It would be much better if he laid out the exact assumptions behind that.
Comments
My feeling is that Mike’s calculator is not that helpful. It does not include COLA adjustments to SS payments, nor does it include the “lost opportunity cost” of investing any SS payments if you start early.
Post: Missing That Paycheck
Link to comment from April 27, 2024
I read the README, and it does not include “lost opportunity cost”. So based on his calculations waiting until 70 is a load of bunk? As opposed to nearly all other retirement advice including the above article. I gather his assumption is based on me dying before the benefit of waiting until 70 catches up.
Post: Missing That Paycheck
Link to comment from April 27, 2024
I have some problems with the Open SS calculator. It’s is not transparent and provides no rationale for its output. I am 67.5 and still working and in my simple case it’s tells me NOT to delay until 70. So it seems the author of Open SS believes that the “lost opportunity cost” of investing SS income now is higher than the benefits of waiting for a higher benefit. That is arguable. It would be much better if he laid out the exact assumptions behind that.
Post: Missing That Paycheck
Link to comment from April 27, 2024