Social security benefits question

Spent the day at Abbot Northwestern….sis in law, 67, had major heart attack, may not make it. Just took SS, still works, probably would have quit a few years ago and taken SS early if she knew what was in store for her. You never know. Different sis in law, same family, took SS at 65 while still working. Didn’t know the rules. Made 42k from job, about 20k from SS, and subsequently got penalized 10k for making too much $ while getting SS before her FRA (67). Suspect she wishes she’d have waited to take SS. Her financial life has been a $hit show. I know lots of guys that want to try and recoup every $ they paid in…they’re taking it early…whatever works…I tend to favor making sure something doesn’t royally screw things up for me…I don’t want to outlive my $, or have it happen to my widow…deferring SS historically has been a prudent way of avoiding that outcome. One thing I know for sure…I don’t spend much time thinking or worrying about $, especially during hunting season. That, to me, is a successful financial plan.
 
I am of the same thought process as BB with a twist or 2. I am using some funds I set aside in a T bill account. I have enough in there earning 4% I can wait a couple more years. I am pretty cheap live frugally don't need a lot. Everything I own is paid for. I do have nice stable of vehicles. Auto insurance is my largest expense. Followed by property taxes. I don't have a 401 k or anything the govt can force me to pull from. I paid my dues up front. I am going to wait until 69-70. I'll take that 8% raise. My goal is to collect as much as I can even if I am sitting in rocker looking out the window. When I do go my kids will be multimillionaires. They won't have to pay taxes thanks to the step up basis, unless they start to screw with that. I on the other hand I do dabble in individual stocks. I have no exposer to bonds. I do have some elf's. I rarely sell. I take my dividends and purchase more shares. About 7 years ago I bought a small stake in a little company called NVIDIA. Today that 30k investment is worth over 1M. Iv'e never added to it and I've never sold a share. Just let it ride. Split twice. Probably let the kids have that one. That's just one of several but certainly the best one. Being single for 32 years now allows me to take some risks a lot of guys can't without consulting the board. I don't play slots, bet on sports, buy scratch off lottery tickets etc , but I do roll the dice in real estate and the market. I made a fortune flipping houses during "the Great Recession". I had 4 or 5 going at a time. When that ended I transitioned to building spec houses and developing property. I've been debt free for over 20 years. My way is not for everyone. But it works for me. I've always been an odd duck. When everyone goes right I go left. When every one is panic selling I'm buying. When everyone is buying I'm sitting tight, wait for the next opportunity. My son is a CPA with an MBA. He has his own consulting business. He was a partner in a private equity firm and quit. He doesn't always agree with what I do. I still bounce a few questions of him once in a while. He does agree that waiting to claim is the best option unless you are in a bind or health becomes an issue.
 
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