Page 10 Savvy Senior by Jim Miller Understanding the Social Security Breakeven Age Dear Savvy Senior, I’m trying to figure out the best time for my wife and I to start taking our Social Security retirement benefits and would like to understand the breakeven age. What can you tell me? --Strategizing Sam Dear Sam, As you approach retirement, one of the most important financial decisions you’ll face is when to begin collecting Social Security retirement benefits. A useful concept to guide your thinking is the “breakeven age,” which helps you evaluate the trade-off between taking a reduced benefit early versus a higher one later. Here’s what you should know. SSA Waiting Game The Social Security Administration allows you to start collecting your retirement benefits as early as age 62. However, your monthly benefit will be permanently reduced – about .5 percent each month – if you claim before your full retirement age (FRA), which is 67 for those born in 1960 or later. Conversely, for every year you delay claiming beyond your FRA – up to age 70 – your benefit amount increases 8 percent each year. Your benefit maxes out at age 70, so there’s no financial incentive to wait longer. Breakeven Age The breakeven age is the point when the total benefits from waiting to claim equal the total you would have received by starting earlier. Live longer than that age and delaying pays off. Live shorter and claiming early pays more. It’s a simple benchmark for retirement planning. The exact breakeven age varies based on individual circumstances, but a common comparison is between claiming at age 62 versus waiting until FRA. For most people, the breakeven age for this scenario is around 78. Another common comparison is claiming at FRA versus waiting to age 70. The average breakeven age here is around 82. Other Considerations Keep in mind that while the breakeven age is a powerful tool, it is just one piece of the puzzle. It doesn’t account for other crucial factors like your health and family longevity. If you have chronic health problems or a family history of shorter lifespans, taking a reduced benefit early might be the most prudent choice to ensure you receive a significant number of payments. On the other hand, if you’re in good health and expect to live a long life, delaying your benefits to age 70 can provide a much higher income stream that acts as a form of longevity insurance. To estimate your life expectancy, try the online tool livingto100.com. Furthermore, a married couple’s claiming strategy can be complex. The higher-earning spouse’s decision can significantly impact the survivor benefits for the lower-earning spouse. Waiting for the higher earner to claim at age 70 can provide a larger benefit for the surviving spouse for the rest of their life. In the end, there is no one-sizefits-all answer. The breakeven age provides a useful framework for comparison, but the decision of when to claim your benefits should also consider your health, financial situation and family. Online Calculators There are several online calculators that can help you and your wife figure out the best time to claim your benefits. One that’s completely free to use opensocialsecurity.com. Or for a more thorough analysis use maximizemysocialsecurity.com. This tool, which costs $49 for a year, will run what-if scenarios based on your circumstances to find your best strategy for getting the highest possible lifetime payout. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. THE MALDEN ADVOCATE–Friday, May 8, 2026 OSPCD | FROM PAGE 4 Recommendation: Allow more business and industrial uses byright, site plan review, or special permit in appropriate zoning districts. To further limit unintended outcomes, set certain dimensional controls (i.e. size limits) for specific by-right allowances tailored to the zoning district. This would include uses like: • In Neighborhood Business (BN) zones: Allow the following commercial uses byright: club or lodge; medical and dental office (new use); recreation, gainful business, secondary to principal club/lodge; body art; and licensed massage therapy salon. • In Central Business (BC) zone: Allow the following commercial uses by-right: medical and dental office (new use); retail sales (between 5,000-10,000 sf); body art; kennels (with dimensional controls); licensed massage therapy salon; and research and development. Allow retail sales larger than those thresholds by special permit. Allow hotels and supermarkets by site plan review. • In Highway Business (BH) zones: Allow the following comOBIT | FROM PAGE 7 life lessons to everyone around him and created an enduring legacy that reached generations of students, coworkers, friends, and families. Chic met the love of his life, Colleen, in 1989 at My Honey Fitz in Malden. They shared 35 wonderful years of marriage and built a beautiful life together. Their three children, Cailyn, David, and Bailey, were the light of his life, and they are endlessly grateful to call Chic their dad. Whether it was listening to Bruce Springsteen, watching recorded playoff runs of Boston’s sports teams, feeding a crowd, working a game, petting a dog, or spending all the time he could with his family, Chic would have a smile on his face, a good story to tell if you’d listen, and every bit of mercial uses by-right: medical and dental office (new use); recreation, gainful business, secondary to principal club/lodge; adult day health center; restaurant (all other); retail sales (between 5,000-10,000 sf); body art; convenience stores; kennels; and research and development. Allow retail sales larger than those thresholds by special permit. Allow hotels and supermarkets by site plan review. • In Industrial 1 and 2 (I1 & I2): Allow the following commercial uses by-right: medical and dental office (new use); recreation, gainful business, secondary to principal club/lodge; body art; kennel; adult day health center; restaurant (all other); restaurant, fast-food (without drive-thru); warehouse (with dimensional controls); and wholesale and distribution (with dimensional controls). Allow hospital; warehouse (greater than by-right dimensional controls); and wholesale and distribution (greater than by-right dimensional controls) uses by special permit. Allow hotels and supermarkets by site plan review. Update Parking Requirements for Non-Residential Uses: love in his heart to give. Chic is survived by his loving wife, Colleen (Bennett) Chiccuarelli; his children, Cailyn Troiani and her husband David, David Chiccuarelli, and Bailey Chiccuarelli, Jean and her husband Jayden. He was the best Papa in the world to his granddaughter, Emilia Bennett Troiani, who brought him immeasurable joy. Anthony was the devoted brother of Matthew and Nancy Chiccuarelli and the late Linda (Chiccuarelli) Tamasi. He was proud to be an in-law to the Bennett family. He was a caring uncle to all of his nieces and nephews and was adored by many cousins and longtime friends. Chic will be remembered for his uncanny ability to know everyone’s birthday, his perfect sense of humor, unrelenting kindness, delicious cooking, love of dogs, and the way he made everyone feel welcomed and loved. He always found the best in people. He was one of the most incredible people we were lucky to know, and he will be so sorely missed. A Mass of Christian Burial celebrating Chic’s life will be held at the Immaculate Conception Church, 600 Pleasant Street, Malden on Saturday May 9th at 10:00am. Relatives and friends are respectfully invited to attend. Visitation with family and friends will be held at the A. J. Spadafora Funeral Home, 865 Main Street, Malden, on Friday, May 8th from 4:00-8:00pm. Interment will be in Forest Dale Cemetery, Malden. In lieu of flowers, donations may be made In Memory of Anthony Chiccuarelli to Massachusetts General Hospital Neuroscience at https://giving.massgeneral.org/donate/neuroscience. Issue: Our parking requirements are often higher than what the business needs, which restricts new development and makes it more expensive. These costs get passed onto the eventual tenant(s) and make Malden less economically competitive. Allowing greater flexibility with parking can lead to better design outcomes for all users since space previously required for parking can now be used for something else like open space. Commercial/industrial developers often know their parking needs and how to manage them better than government officials. Note that non-residential uses within the Central Business District are already exempt from offstreet parking requirements, see Sec.12.20.020.H. Recommendation: Remove parking requirements in Industrial 1 and Industrial 2 zones. Note: Any use that requires a special permit, like motor vehicle repair shop and motor vehicle storage, will still require discretionary review allowing for parking requirements to be added as a condition of approval.
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