Taking SS early (62)

[JustABritCrazy]

I’ll be 63 next month. Retired at 60 with a decent pension. I had originally planned on waiting until 67 or 70 to take SS. My break even was age 79 and half between taking it at 62 or waiting. I called it the actuarial crapshoot. After a lot of thought I decided to take it at 62 and as my wife is also retired she can draw off of my account. Main factor in taking it now is watching my dad and uncles as they aged. My dad is 90 and started having issues in his late 70s. His brothers died at that age range. My mom’s brothers made to their late 80s but had health issues also starting in their late 70s. Figured use the money now as opposed to having some nursing home get it. The extra 800 a month isn’t going to be doing me any good then. I’m using the SS funds to get major projects done on the house and not touching my retirement account

 

[JustABritCrazy]

Forgot to add. I was ready to leave my employer and not ready to quit working so I started a consulting business. Business is doing far better than I ever dreamed of and my income from it is way over the maximum limit you are allowed to earn. So I’m going to get hosed come tax time. Did not see that coming. Something else you need to factor into the decision process. I am going to continue taking SS. Financial guy said I’ll end up getting some of it back through increased benefits.