Taking SS early (62)

[cnelk]

If anyone is wondering when you’ll die - check out the Death Clock

The Death Clock

Death Clock. Have you ever asked yourself 'when will I die?', use our advanced life expectancy calculator in combination with ai to accurately predict your death date and receive your own death countdown clock.

www.death-clock.org

 

[BBob]

If anyone is wondering when you’ll die - check out the Death Clock

The Death Clock

Death Clock. Have you ever asked yourself 'when will I die?', use our advanced life expectancy calculator in combination with ai to accurately predict your death date and receive your own death countdown clock.

www.death-clock.org

"You will live to be 107 years, 3 months and 18 days old!" Yeah right I will!

 

[eddielasvegas]

If anyone is wondering when you’ll die - check out the Death Clock

The Death Clock

Death Clock. Have you ever asked yourself 'when will I die?', use our advanced life expectancy calculator in combination with ai to accurately predict your death date and receive your own death countdown clock.

www.death-clock.org

It says I have ~10 years and I'm 100% okay with that, especially if my current health holds up for most of the next decade.



Eddie

 

[omicron1792]

80-85 seems optimistic.

See post below. Ha

 

[MallardSX2]

Basically, if you have been a good saver, you should take it at 62. If you don't have much saved for retirement, you better wait until you can get the max draw.

 

[Wheels]

If anyone is wondering when you’ll die - check out the Death Clock

The Death Clock

Death Clock. Have you ever asked yourself 'when will I die?', use our advanced life expectancy calculator in combination with ai to accurately predict your death date and receive your own death countdown clock.

www.death-clock.org

Looks like I’m dead at 64 years old… glad I drew my AZ tag this year.

 

[SDHNTR]

Basically, if you have been a good saver, you should take it at 62. If you don't have much saved for retirement, you better wait until you can get the max draw.

I would argue the exact opposite

 

[MallardSX2]

I would argue the exact opposite

Thats what makes the world great.

 

[AKDoc]

We each have different and unique circumstances and factors in our lives. A decision that works great for one person might not be so great for another. The best any of us can do is to be well informed and then make an informed decision that works best for us given what we know...none of us can see the future (not even the f'ing AI 'bot ).

BTW...I chose to wait and take SS at 66, which I did. (Edit: 66 is FRA for my DOB)

The best to you all in retirement...stay active you old farts!!

 

[SDHNTR]

We each have different and unique circumstances and factors in our lives. A decision that works great for one person might not be so great for another. The best any of us can do is to be well informed and then make an informed decision that works best for us given what we know...none of us can see the future (not even the f'ing AI 'bot ).

BTW...I chose to wait and take SS at 66, which I did.

The best to you all in retirement...stay active you old farts!!

66/67 FRA is fine. At least you waited to receive your full benefit, meaning you’ve received your full share based on what you’ve contributed to the system. I think what a lot of folks don’t realize is that if you take it at 62, you are actually agreeing to a reduced actuarial benefit, meaning you may not even receive back what you put in.

You aren't just taking a numerically smaller amount at age 62. You are in fact being penalized.

No one considers taking early withdrawals from their 401k and paying the 10% penalty a good idea, yet a majority of Americans willingly take a penalized SS amount. It makes little sense.

 

[cnelk]

Someone earlier mentioned to use ChatGpt and see what it says… so I did.

I retired 5 years ago next month with a pension, do some part time handyman jobs and asked about taking SS at 62 (next year)

This is what came back….

What This Means:

1. You're crushing it compared to national averages.
   • This puts you in the top 20–25% of retiree income earners in the U.S.
   • You’ve got a diversified income stream: guaranteed (pension + SS) + flexible (handyman).
2. That handyman income is powerful.
   • It can delay drawing from savings, or let you boost savings or spend more freely.
   • Plus, it can keep you active and connected, which is a big part of enjoying retirement.
3. If you're under full retirement age (67), be mindful of the earnings limit.
   • For 2025, the earnings limit before SS benefits are withheld will likely be around $22,320.

Reasons to Take Social Security at 62

1. You don’t need Social Security to cover basic expenses. Your pension is solid and likely more than enough to meet your core needs.
2. Social Security/month is “gravy.” That money could give you flexibility—travel, gifts, investing, or reducing withdrawals from any retirement savings.
3. It takes a long time to “catch up” by delaying. Even if your benefit increased by ~7% a year by waiting, the extra dollars from delaying might not outweigh the years of missed payments unless you live well into your 80s or beyond.
4. Guaranteed income is already covered by your pension. Since Social Security isn’t your main source, there's less pressure to maximize it.

Bottom Line

With:

• A strong pension,
• Early Social Security (with WEP repealed), and
• A flexible side income from handyman work,

You're in a very strong financial position.

 

[dallen]

Buuutttttt…….what if…..

Let’s say a guy chooses to draw at 62 at $2600 per month
Versus
A guy that starts to draw at 70 (which is my max benefit age) at $4500

Then let’s say that guy ends up face down at 75…….

The guy that starts at 62 got $375K
The guy that starts at 70 got $268K
(Numbers are rounded before some math nazi checks)

Who made the better choice?

It’s a actuarial bet……I’m hoping 75 ain’t it……..but who really knows.

 

[omicron1792]

Buuutttttt…….what if…..

Let’s say a guy chooses to draw at 62 at $2600 per month
Versus
A guy that starts to draw at 70 (which is my max benefit age) at $4500

Then let’s say that guy ends up face down at 75…….

The guy that starts at 62 got $375K
The guy that starts at 70 got $268K
(Numbers are rounded before some math nazi checks)

Who made the better choice?

It’s a actuarial bet……I’m hoping 75 ain’t it……..but who really knows.

No one know for an individual. But there are great averages for how long someone will probably live if healthy at 62. And it’s well over 75.

It would be like having 19 on a blackjack table and saying hit me. Sure you could draw a 2. But dang the odds aren’t in your favor.

 

[Lowell]

66/67 FRA is fine. At least you waited to receive your full benefit, meaning you’ve received your full share based on what you’ve contributed to the system. I think what a lot of folks don’t realize is that if you take it at 62, you are actually agreeing to a reduced actuarial benefit, meaning you may not even receive back what you put in.

You aren't just taking a numerically smaller amount at age 62. You are in fact being penalized.

No one considers taking early withdrawals from their 401k and paying the 10% penalty a good idea, yet a majority of Americans willingly take a penalized SS amount. It makes little sense.

if you take it at 62 and invest 100% at more 10% interest, does it make sense?

 

[SDHNTR]

if you take it at 62 and invest 100% at more 10% interest, does it make sense?

In theory, yes, but the problem is you aren’t getting 10% guaranteed. Whereas, if you wait (age 70) you are getting paid 8%+ guaranteed.