Taking SS early (62)

[OH_hunter]

I'll be 62 in December, plan on waiting till 70 as I expect to work till then.. If the kids takes take over the company sooner, I may take it at 67. I enjoy my work and as long as I am healthy I figure why not keep going to the office... However - I can't wait til 65 for medicare - healthcare costs me $2400 a month just for me!

 

[Boarmaster]

I'll be 62 in December, plan on waiting till 70 as I expect to work till then.. If the kids takes take over the company sooner, I may take it at 67. I enjoy my work and as long as I am healthy I figure why not keep going to the office... However - I can't wait til 65 for medicare - healthcare costs me $2400 a month just for me!

Thats where I am. I wish they would give you the choice between medicare or SS at 62.

 

[tops911]

I took SS at 62, my dad waited until 65 and never even drew a full month before passing. Plus with the increase in Montana's property tax I needed the money to pay taxes

 

[Weldor]

My dad was the same way, drew less than a year or so. SS figures that into all the benefits I'm sure. Would be nice to know the average length of time people after 65 draw benefits before they pass. That would help people decide for sure.

 

[flathead#2]

The Govt. knows this and wants you to draw as little as possible and wait as long
as you can because SS is on it's last legs.
Gonna be interesting when SS collapses and everybody who paid in wants their money back.

 

[30338]

Retiring soon. Will take SS at 62 years and not a day later.

 

[Buckhead]

Retired at 65, but am waiting till full retirement age (66 and 8 mos) to draw. Ran the numbers and that made the most sense for me. Break even with deferring to 70, occurs mid 80s.

If you have health issues, probably makes sense to draw early. No size fits all.

 

[EdP]

I retired at 56 and took SS at 62 using the logic presented by another poster that the gov't won't change anything for someone already receiving benefits. Also, I had no need or plan to be employed again so the limits on what I could earn without a penalty didn't apply. Now that I am almost 70 and have not needed the money, I guess I could have waited and would have received a little more starting at 66 1/2. I did have everything paid out between 62 and 66 1/2 invested and that's not worth nothing.

 

[*zap*]

I started at 66.5.

 

[180ls1]

Are you DIY or working with an advisor?

Many times optimizing SS can make a six figure difference.

 

[mtwarden]

If you’re retiring; really retiring, ie not working (not working as in making more than $22k), then take it early and often

 

[Maxhunter]

I have three pensions coming in and I’ll be 64 the December. I’m waiting till 65. It’s a personal choice. Like stated no one knows when we’re going to die. Sometime family health history is always good to look at concerning SS.

 

[GLB]

Yes! Just turned 62 a couple months ago and got my first SS check this week. I talked this over with my financial guy and he and i agreed that drawing early (62) was better for me at least.

 

[Kenn]

I took it at 70, but there are many calculators on Fidelity and other investments sites to help you optimize the benefit. It's always a gamble, but it's better to see the numbers crunched than just get a bunch of opinions on a forum. My calculation from Fidelity gave several scenarios and what the results would be. If you're convinced they'll stop paying SS the calculations won't help you much.

 

[Pony Soldier]

I retired at 62 but after two months I found another job. I returned the money I had received and worked until 65.

At that point I could make as much as I can with no limitations. One year I even made nearly $100,000 on top of SS. The next year I ended up buying a baler. I work for farming.

 

[Fatcamp]

I retired at 62 but after two months I found another job. I returned the money I had received and worked until 65.

At that point I could make as much as I can with no limitations. One year I even made nearly $100,000 on top of SS. The next year I ended up buying a baler. I work for farming.

So after 65 you can make as much as you want?

 

[cnelk]

So after 65 you can make as much as you want?

Depends on your FRA [Full Retirement Age]

The full retirement age for anyone born between 1943 and 1954 is 66 years old. The number increases by months for those with birth years between 1955 and 1959. Individuals born in 1960 or later have a full retirement age of 67.

 

[Fatcamp]

Depends on your FRA [Full Retirement Age]

The full retirement age for anyone born between 1943 and 1954 is 66 years old. The number increases by months for those with birth years between 1955 and 1959. Individuals born in 1960 or later have a full retirement age of 67.

Gotcha. I'm 67.

This conversation has sparked some debate and research on the part of my wife and I. Been so busy raising kids we just haven't looked at the details.

Not sure what we will do but have plenty of time to figure it out.

 

[LFC911]

 

[Elkhntr08]

I retired with a pension at 58. Turned 62 and started SS ASAP. I ran the numbers based on advice from a friend that is an accountant and found that my break even point was 91 years old.
Tomorrow is guaranteed to no one, let alone another 8 or 29 years.