Taking SS early (62)

[cnelk]

Any input for anyone that has taken SS at 62 instead of waiting?

(If you aren’t close to be eligible for SS, there isn’t any reason to reply)

 

[survivalistd]

Im waiting a few more years im 64 now.

 

[Wildwapiti]

I retired just before turning 62. In my case when running the calculations it took about 16 years to break even by waiting. Then I spoke to my financial advisor and he confirmed my calcs.

 

[Wheels]

I retired at 55 and am getting close to that decision time. With the way our legislators are eyeballing SS and Medicare, I’m thinking seriously about taking it at 62. Even if they make changes, I’m thinking they won’t make cuts to current payees.

 

[flathead#2]

58 - hoping to retire @60 and defer to 62.
If SS is still available.

 

[cnelk]

Im 18 months away fom 62 and have been running the numbers.

I fall under the WEP [Windfall Elimination Provision] since I worked for an employer for 25+ years that didnt contribute to SS [I have a pension]

My SS is greatly reduced so it looks like taking it at 62 is beneficial

 

[Hydra6]

I am 64+, I plan on drawing at 65 (full payout is 67, yes even more at 70). It is all about guessing when you will die. I see tipping point as 84 - I would do better to wait if I live to 84.

I probably will live to 84 as my parents were both mid nineties when they passed.

My thoughts.
1) Government is crazy - may as well start drawing.
2) At 65 will start Medicare - might as well start SS at same time as Medicare and let Medicare fees come out of SS check.
3) Married - wife will start drawing when she turns 65 (spousal off my record)
4) If I do not draw SS then I will be spending my savings (IRA/401k). If I draw SS and spend that money then I should be able to leave some more inheritance.

I ran a spreadsheet with scenarios of me drawing at 64, 65, 66, 67, and 70 assuming I die at 84. It was better to wait but no so much better than I am waiting past 65.

 

[KenLee]

I'd take SS at 62 if not for the rape of your benefits if you continue to actively earn over $22k.
I was considering cutting back to 2 days a week, but was figuring about 40k earnings.
I'm 56. Looks like I need to come up with a cash trade. Just kidding, IRS.

 

[flathead#2]

I'd love to keep working till 65 or so but my B.S. Filter is full.
Dont know how much longer I can take it.

 

[NRA4LIFE]

I'm 61 and will take at 62. I figure I should get it while I still can. We started my wife's when she turned 62 also.

 

[BBob]

I'd love to keep working till 65 or so but my B.S. Filter is full.
Dont know how much longer I can take it.

I'm with you there. I can take it now and have seriously contemplated it but I've momentarily held off for a couple of years until Medicare benefits kick in. Financially it'd be better to wait with the corp paying for the medical benefits at the moment. I could easily change my mind anytime though!

 

[AKBorn]

I retired at 58, and started taking SS a few months after turning 62 (waited a few months to start taking it in a new calendar year, just my preference to simplify taxes the last year before I started taking it).

I ran the numbers when I retired - overall (total SS funds accumulated since I started taking them) I would not see any benefit to waiting until 65 or 67, until I reached my 78th year. I couldn't find anyone who could guarantee me that I would live past 78, so I started taking mine shortly after turning 62.

I don't have a pension, but socked quite a bit of money away in my retirement funds when I was working, and do not need my SS funds to live. Just off of my retirement funds alone, I figure that I'm good until at least 90 - and again, can't find anyone who will promise me that i will live that long.

No regrets at all on taking now versus waiting. Shoot me a PM if I can answer any other questions, and good luck with your decision.

Michael

 

[roadrunner]

Not close to being eligible yet, but too bad. Replying anyway.

As mentioned, I have no guarantee to live past 70, so I will likely take at 62. My wife is 6 years younger and I will be over 65 when she retires. We will stay on her health insurance plan through her job until she retires with full benefits.

Anyone in their 50's should be thinking about these things...

 

[NRA4LIFE]

One of the reasons we chose to take it at 62 is our retiree medical benefits may sunlight before we turn 65. So we may have to get some kind of Obama-care for a couple years and SS would help out.

 

[Steve O]

I retired at 58, and started taking SS a few months after turning 62 (waited a few months to start taking it in a new calendar year, just my preference to simplify taxes the last year before I started taking it).

I ran the numbers when I retired - overall (total SS funds accumulated since I started taking them) I would not see any benefit to waiting until 65 or 67, until I reached my 78th year. I couldn't find anyone who could guarantee me that I would live past 78, so I started taking mine shortly after turning 62.

I don't have a pension, but socked quite a bit of money away in my retirement funds when I was working, and do not need my SS funds to live. Just off of my retirement funds alone, I figure that I'm good until at least 90 - and again, can't find anyone who will promise me that i will live that long.

No regrets at all on taking now versus waiting. Shoot me a PM if I can answer any other questions, and good luck with your decision.

Michael

That’s the plan I’m going with. I’m going to grab that money asap; when I’m 90 I’m not going to need it that’s for sure. And I’ve done a good job saving; if you don’t NEED the SS money-invest it aggressively and you will make a lot more then letting the scum in Washington keep stealing it.

 

[KenLee]

"My wife is 6 years younger and I will be past 65 when she retires. We will stay on her health insurance plan through her job until she retires with full benefits."

Damn you! That's the first time I've thought about getting married again

 

[Boarmaster]

62 in Sept. I gambling I will live awhile. I still work and love what I do and don't intend to retire unless I cant work. I”m single. My job is not physical. Not really that stressful as I know what to expect after 35 years in the business. I may need the more income later was my thought. Doing ok now. I will admit I havent really thought much about it.
I might add I work with my hunting buddies and good friends so its more like life not work.

 

[LostArra]

I worked until 70 so I waited. I'm also old enough that I was able to file a restricted application for spousal benefits off my wife when she reached full retirement age(66) while my benefit kept growing for 4 more years until 70 when I applied. Then we swapped and she took spousal benefits off me. That double dipping loophole has been phased out if you are born after 1953.

Your financial situation, expenses, health, family history/life expectancy is probably more important than "running the numbers".
The government has already run the numbers and it's a wash for them or they wouldn't give you the options. Everyone's situation outside the numbers is different.

 

[Wapiti7]

If you do not take SS early, everybody should make sure that they sign up for Medicare (even if you don't accept coverage). There is a 6 month window when you are 65. There are penalties if you subsequently want to get on medicare and didn't sign up on time. I think if you take SS early, you are automatically enrolled in Medicare within the window.

 

[AKBorn]

62 in Sept. I gambling I will live awhile. I still work and love what I do and don't intend to retire unless I cant. I”m single. My job is not physical. Not really that stressful as I know what to expect after 35 years in the business. I may need the more income later was my thought. Doing ok now. I will admit I havent really thought much about it.
I might add I work with my hunting buddies and good friends so its more like life not work.

One thing to think about if you keep working and take SS while still working - if you are younger than full retirement age, your SS benefits will be reduced if you earn more than the yearly earnings limit (and I don't think the yearly earnings limit is all that much).