Taking SS early (62)

[Steve O]

How about you guys start your own teacher thread and get back to SS at 62…

Mule3006 everything I’ve seen about taking early is you break even 75-77 or so. I really don’t care if I’m theoretically losing money when I’m 77. I’m going to get what I want done before then-all that money will be for is scumbags trying to take it away from me by “treating” my ailments.

 

[Mike Islander]

Since we're all yapping about this, here's my take. For MOST people it's idiotic to take SS at 62. And it becomes even dumber if your SS is higher than your spouse and she is likely to outlive you.

Nope,not going to justify this. Instead, just take a few minutes to research this yourself. Spend a little time on AI. YouTube is a shit hole, filled with hucksters. Great advice by some, but difficult to separate the wheat from the chaff. Dave Ramsey Motley Fool are a couple of relatively reasonable sources as well.

 

[RyanT26]

Since we're all yapping about this, here's my take. For MOST people it's idiotic to take SS at 62. And it becomes even dumber if your SS is higher than your spouse and she is likely to outlive you.

Nope,not going to justify this. Instead, just take a few minutes to research this yourself. Spend a little time on AI. YouTube is a shit hole, filled with hucksters. Great advice by some, but difficult to separate the wheat from the chaff. Dave Ramsey Motley Fool are a couple of relatively reasonable sources as well.

Not even close lol , the break even point for me is 78 if I took it at 62 or I waited until 70. According to SS my life expectancy is 78.7 at birth or 79.7 if I make it to 65.
It will make almost no difference in my case if I take it at 62 or wait until 70. As far as my spouse, I don’t need to be paying for her and her new boyfriend to go on cruises after I’m dead. That is my money and I will use it how I want to use it.

 

[LostArra]

For me the "break even point" did not make the top 5 list on when to start SS. If that's your primary consideration then it's a simple decision.

Everyone's financial, family/legacy, health situations are different so there are many right answers. But there is not just one right answer.

 

[svivian]

This is how all the 20-40 year olds are looking at this thread

 

[prm]

I’ll be 59 soon. Plan is to retire and take SS at 62. I have so much I’d rather be doing than work. At least my current work. That’s the main driver for me. I will have healthcare covered and a little extra coin from my Navy retirement and some money invested. Should be able to match my current level of income.

 

[Kimber7man]

I’ll be 59 soon. Plan is to retire and take SS at 62. I have so much I’d rather be doing than work. At least my current work. That’s the main driver for me. I will have healthcare covered and a little extra coin from my Navy retirement and some money invested. Should be able to match my current level of income.

Thank you for your service

 

[49ereric]

49, you are lucky. You pay hefty school taxes to pay teachers......teachers are supposed to teach. In the 60's and 70's teachers taught and even then, parental help at home was not widespread or needed because teacher taught. Not the case for the past 20 years. Kid's are dumb as a freaking rock and most can't even figure change at a register even when it's telling them how much to give back. It's pathetic and I won't hear any excuses for these overpaid over benefitted and politically motivated horrible teachers that not only didn't teach but made our kids lazy. Just look around....if you can't see it you need an exam from the neck up.

Blaming teachers is a modern day fallacy. As parents we took responsibility and made sure the kids were doing the work. Paid their way thru college as well thanks to my IUOE 49 union card.

 

[Mule3006Elk]

How about you guys start your own teacher thread and get back to SS at 62…

Mule3006 everything I’ve seen about taking early is you break even 75-77 or so. I really don’t care if I’m theoretically losing money when I’m 77. I’m going to get what I want done before then-all that money will be for is scumbags trying to take it away from me by “treating” my ailments.

I checked. You're correct. I would be 77 and some change before I start coming out ahead. Older than that if I invest the money and get some return. Easy decision for me.

 

[SDHNTR]

With my luck I'll die at 66. I'm drawing at 62 when the times comes. With my retirement I won't need the money but I want to get some of my money back for as long as I can. I haven't ran the math. Total $ for 5 years (62-67), how long will it take me drawing at age 67 to make up the difference? My guess is I will die and never make up the difference.

Why would you make such a decision without “running the math”? Are you terminally ill?

If not, are you aware that you are wilfully accepting a significant financial penalty? It’s not just a reduced amount because you are younger, it’s that PLUS a penalty.

I don’t get it… most people avoid withdrawing early from their IRA’s or 401ks because there is a 10% penalty. This is literally the exact same concept. It’s like driving down the freeway intentionally asking for an expensive ticket.

 

[SDHNTR]

SD...bullcrap. If teachers taught, we would not be so far down the list of nations for education. It didn't happen by accident. Please explain why this is so, if teachers actually wanted to teach at their best ability. Sure, they might have had great intentions entering the classroom but were brought down to the bottom soon after and just gave up because the entire system is horrible and the teachers unions are largely responsible. SD, go back to bed and dream some more about how teachers and education in general are great while graduating students can't read, comprehend and do math. There is a reason most large companies rely so heavily on HB-1 visa programs for top student talent. They have no choice. Education here is a dumpster fire.

Yep, and all cops are bad too so we should de fund them. And Docs are bad so we should abandon vaccinations. And firemen are bad, and lawyers are bad, and accountants are bad…

You make highly emotional statements lacking reason.

THE problem with education is the US is the breakdown of the traditional family, not a scant few bad apples in the educational system bunch.

 

[RWT]

Yep, and all cops are bad too so we should de fund them. And Docs are bad so we should abandon vaccinations. And firemen are bad, and lawyers are bad, and accountants are bad…

You make highly emotional statements lacking reason.

THE problem with education is the US is the breakdown of the traditional family, not a scant few bad apples in the educational system bunch.

Agree with you 100% on this. I have buddies who are good teachers working for terribly dumb administrations. Most teachers want the best for kids and society. Administrations want to keep control and their paychecks. Remove administrations bonuses and you will see better students scores. Remove federal rules and allow either states or school districts to create their own curriculum and it will improve.

I’ve sat in a few classes over the years and every teacher I know should be given a raise, but then if they wanted real bonuses they should be judged on a merit system for how well their students score in testing. This of course is for the basics. Reading, writing, math, government and history. I can’t consider bonuses for art class and foreign languages.

Now back to SS. I am still working the math for mine. If my knees and back continue to give me trouble they may make the decision for me. There are only so many years I’ll be able to hunt like I want to. I am surprised no one has brought up the stash$ in a Roth so you can leverage that cash waiting for full SS age. $750k in a Roth is more than enough to get a person to 70.

 

[180ls1]

I am surprised no one has brought up the stash$ in a Roth so you can leverage that cash waiting for full SS age. $750k in a Roth is more than enough to get a person to 70.

Someone who has Roth assets likely has Traditional $$ as well. Due to taxation, RMD and so on, spending Roth first may very well be a 6 figure mistake.

It’s pretty cool someone can be hundreds of thousands richer just by getting SS and this right.