Taking SS early (62)

[RWT]

Watching and running the spreadsheets. 54 now and haven’t seen a male in the family live past 77. Taking better care of myself than they. did so I am improving my odds, but there is no guarantee. If I trusted my Merrill people to work beyond there prebaked calculators I would consider early withdrawals. Biggest challenge is finding a CFP I trust and can actually run real numbers that are not gloom and doom.

If I give my requirements to 3 CFPs I get 3 totally different scenarios. Each one is a significant change in annual income. A $12K delta per year is a seasons worth of hunting for me. If there was an agreed to mathematical standard I would like to see it and feel more comfortable with the decision.

 

[pacoalcracker]

As I already stated before.....Vanguards Bogleheads are a very diverse and smart group of investors and are proficient in everything financial..they ran the numbers, ran the statistics etc etc....and their advise is.....if you are a male, take SS at 62 UNLESS you have a bit younger spouse OR a spouse that will be heavily reliant upon your SS income, then wait as long as you can until 70, because you are doing this to benefit HER since there is a 90% probability she will outlive you, by a lot. On the bell curve peak, 50% of males die around the age of 72/74. 25% below that, 25% above that. However, the males living past that average 81/82 breakeven point get thinned out pretty quickly. Plus, most males above 82 aren't really engage in very many, if any activities since most are having health or mobility/strength issues. Visit the local nursing home to get an in-your-face picture of it. With 287,000 CFP do you ever expect to get a straight solid answer to any financial question....just ask 287,000 wives "whats for dinner".

 

[JustABritCrazy]

It’s all a crap shoot. Both grandfathers made to 81. One was good up to the final 3 months when stomach cancer got him. Other was bed ridden in a nursing home for the final 8 years. On Dad’s side his two brothers died from colon and lung cancer in their late 70s. Mom’s side one brother who did 3 tours in Vietnam died at 69 of a heart attack. Other two made into their late 80s. One was an avid golfer. Slipped on the ice landed on a curb and broke both legs below the knees. Never golfed again. Spent the last several years in a nursing home. Other was a shop teacher and an avid and talented woodworker. Got macular degeneration went mostly blind and spent the final several years listening to the tv and radio. Mom just passed at 89 and Dad is 91. He is in fairly good health but essentially quit hunting several years ago.

Guy I worked with was just found dead at home at 71. Always struck me as a fairly healthy guy. Guy I played football with in high school had the widow maker two days before he was to retire.

So my lesson regarding SS with a break even age of 79.5 was take the money now while I can enjoy and use it. Yes I know it’s going to cost me some money if I make into my 80s. However my odds of really enjoying it then are significantly lower than they are next week. This like some of the financial discussions elsewhere on the forum. It’s not always math that’s the deciding factor.

 

[Steve O]

It’s all a crap shoot. Both grandfathers made to 81. One was good up to the final 3 months when stomach cancer got him. Other was bed ridden in a nursing home for the final 8 years. On Dad’s side his two brothers died from colon and lung cancer in their late 70s. Mom’s side one brother who did 3 tours in Vietnam died at 69 of a heart attack. Other two made into their late 80s. One was an avid golfer. Slipped on the ice landed on a curb and broke both legs below the knees. Never golfed again. Spent the last several years in a nursing home. Other was a shop teacher and an avid and talented woodworker. Got macular degeneration went mostly blind and spent the final several years listening to the tv and radio. Mom just passed at 89 and Dad is 91. He is in fairly good health but essentially quit hunting several years ago.

Guy I worked with was just found dead at home at 71. Always struck me as a fairly healthy guy. Guy I played football with in high school had the widow maker two days before he was to retire.

So my lesson regarding SS with a break even age of 79.5 was take the money now while I can enjoy and use it. Yes I know it’s going to cost me some money if I make into my 80s. However my odds of really enjoying it then are significantly lower than they are next week. This like some of the financial discussions elsewhere on the forum. It’s not always math that’s the deciding factor.

I wish we had a big set of clapping hands


When I’m 80, I won’t care at all if I have a few hundred more dollars coming in, I’ll be enjoying everything I did from 62 to 79!

Money isn’t everything.

 

[BBob]

When I’m 80, I won’t care at all if I have a few hundred more dollars coming in, I’ll be enjoying everything I did from 62 to 79!

That's where I'm at when I look at it all.

 

[NRA4LIFE]

I ain't messing around, taking everything I can get from the government. Extra $2500 a month take home is going to go far come hunting season.

 

[Scotto]

I haven't read all posts in this thread but, for those over 62 and planning to wait until 67/70, if the "one big beautiful bill" manages to become law and exempt federal tax on SS, will it change your calculus to take SS early?

 

[Cheb]

I’m turning 63 soon and planning on taking social security at 67. Even if the big beautiful bill passes, I probably won’t take it any sooner. Heard a good podcast (released yesterday) on the decision of when to take it on the “Ready for Retirement” podcast.

 

[Oldrook]

I retired at 60, read that the company eliminated my entire division and me along with it LOL.. Outsourced to a 3PL operation. I started a small business that kept us cashflow positive and at 62 I started drawing SS and actually retired. Agonized over it a good bit, but our financial guy ran the numbers and overwhelmingly it was the right call.. Been one year and I'm very happy we did it.. IRA is up substantially for the year even with our withdrawls. Had we not taken SS it would absoltutely be a different scenario as we would have to pull so much more to live on. I want to spend the government money and leave our money to our child. FWIW

 

[Hydra6]

I retired at 60, read that the company eliminated my entire division and me along with it LOL.. Outsourced to a 3PL operation. I started a small business that kept us cashflow positive and at 62 I started drawing SS and actually retired. Agonized over it a good bit, but our financial guy ran the numbers and overwhelmingly it was the right call.. Been one year and I'm very happy we did it.. IRA is up substantially for the year even with our withdrawls. Had we not taken SS it would absoltutely be a different scenario as we would have to pull so much more to live on. I want to spend the government money and leave our money to our child. FWIW

I am drawing at 65 so that I start spending SS and leave more of my savings as inheritance. Plus on medicare now so the medicare fee comes out of the SS check.

 

[survivalistd]

I waiting a few years to take mine im eligible now.

 

[*zap*]

Started @ 66.

 

[Colorado Cowboy]

I retired and started drawing my SS at 58. I am 83 now and still doing fine. I also get my company retirement plus a veteran disability ( I am 50% service connected). I also have some investments . I have no debts, everything free & clear. My wife has her SS too. We live on around 80k a year. We travel and pretty much do what we want. If it had not been for the medical coverage that medicare and my retirement provides, we would not be where we are financially. I have 2 replacement knees, 2 replacement shoulders from playing college football and my wife has both knees and hips replaced too. Health issues are one thing you can't get away from!

 

[JVS]

You could die tomorrow. Just sayn. I'd take what I could get as soon as I could. If you don't necessarily need to live on now, I would roll into good income ETFs like JEPQ or QQQI or even XRP cryptocurrency.

 

[rgrx1276]

Got a question for you guru's please... I'm about to turn 62 in a week... Got a nice return in pension and savings between my wife and I... Got a job paying about 5-6K a month 1099... I obviously need to talk to my accountant, but he's an accountant, not a pension guy.. Building a home in Co, mostly paid for by a previous home sale... no bills, no CC debt...but no man in either side of my family made it past 76. I'm fit at 5'8" 167 lbs and do lots of work and still like it... 2500.00 monthly with SS,, 4000 monthly at 70.
Ideas as to retirement age?
Thanks.

 

[Rapp8507]

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)

I’m turning 62 this year, but waiting till 70 to take to maximize the Survivor benefit for my wife ( 7 years younger), its a guaranteed 8% return each year over your max benefit date ( mines 67). You’ll take a fairly large haircut taking it early at 62 as well. Lots of factors influence the decision, but I can afford to wait, both myself and wife have longevity in the family, and at least one of us want to maximize the benefit for the survivor.

I didnt read through all the rest of replies, But probably covered already, I’m sure.

Good luck!


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[j3h8]

Where is everyone getting this 8% increase by waiting? I just did the math on mine and it's a 6.7ish% gain per year for every year that I wait.

 

[Rapp8507]

Where is everyone getting this 8% increase by waiting? I just did the math on mine and it's a 6.7ish% gain per year for every year that I wait.

The 8% increase is calculated off your full retirement age SS amount…… each year. It does not give the 8% increase of the first year post full retirement age and increase it 8%, and so on for following years. The 8% is always based on your full retirement age amount.


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[49ereric]

66 now waiting until 70 for SS is the plan but wouldn’t take it before 66/10 months to max spousal benefit. Inflation is chewing up a fixed income so waiting works for us but I do have a modest pension that some would call less than modest though and we saved. Living a simple life in the woods year round. We don’t require much though to enjoy life.