Taking SS early (62)

[nm.otter]

We would have stuck with them if they had gotten the long-promised HDHP qualification that congress never quite got around to.

 

[RyanT26]

Not specifically Social Security, but retirement related. If you pension/company retirement has a lump sum payout option (10-50%) does it ever make sense to take it?

Take a 10% payout and payoff what is left on the house or just take the max monthly benefit?

 

[SDHNTR]

Not specifically Social Security, but retirement related. If you pension/company retirement has a lump sum payout option (10-50%) does it ever make sense to take it?

Take a 10% payout and payoff what is left on the house or just take the max monthly benefit?

Don’t guess. Don’t feel. Answer the questions with math.

 

[JustABritCrazy]

I had the option to pull my money out of the pension system or leave it in at a guaranteed 4%. Leaving it in would give me a higher monthly payout. Pulled it out and gave to the financial guy to manage. It’s been making me 6% for 4 years now. I haven’t touched it yet.

 

[Southpaw1331]

I will turn 63 tomorrow and will probably sign up for SS after the first of the year. I was curious if many people supplement their retirement income with dividend stocks. I have been moving my portfolio to income type assets the last five years or so. Mainly dividend ETFs, REITs, consumer staples, utilities and oil and gas.

 

[49ereric]

I had the option to pull my money out of the pension system or leave it in at a guaranteed 4%. Leaving it in would give me a higher monthly payout. Pulled it out and gave to the financial guy to manage. It’s been making me 6% for 4 years now. I haven’t touched it yet.

Bull market can make you better returns until the bear comes around.

 

[Fullfan]

No doubt I will take mine at 62. Retired at 49 12 years ago, and it is not that I need the $$. Wife runs her own business and makes way more than I ever did. Just feel that it is mine and I earned it, and also not one of us is promised tomorrow.

 

[JustABritCrazy]

Bull market can make you better returns until the bear comes around.

I understand that. View the stock market as a step above betting on a football game. My portfolio has a lot of stocks in it, but also bonds and annuities. Plus I think the market is overvalued. I’m surprised the bull has kept the bear away for as long as it has. I’m good with the return I’m getting.

 

[SDHNTR]

No doubt I will take mine at 62. Retired at 49 12 years ago, and it is not that I need the $$. Wife runs her own business and makes way more than I ever did. Just feel that it is mine and I earned it, and also not one of us is promised tomorrow.

That’s fine, but assuming you are healthy, your feelings are actually contradictory to the statement you just made. If you take it at 62, your feelings will penalize you and actually cost you much of the very money that you rightfully earned. The Gov is taking from you! Not the other way around.

 

[49ereric]

That’s fine, but assuming you are healthy, your feelings are actually contradictory to the statement you just made. If you take it at 62, your feelings will penalize you and actually cost you much of the very money that you rightfully earned. The Gov is taking from you! Not the other way around.

Plus if the funding is not fixed by @2033-2034 a @25% cut or more is coming.

 

[pacoalcracker]

We need to enroll congress into the same SS fund everyone else is. They will find a remedy for the funding real quick.

 

[nm.otter]

if the funding is not fixed by @2033-2034 a @25% cut or more is coming.

Don't bet on that happening. It's been intermittently looming since about 1976.

 

[49ereric]

Don't bet on that happening. It's been intermittently looming since about 1976.

Social security amendments of 1983 was the last major overhaul I believe.
Not betting on congress fixing the funding issue. Waiting until 70 to file.

 

[nm.otter]

Attached PDF (from the guy behind ShadowStats) has some interesting backstory.

 

[texag10]

I will turn 63 tomorrow and will probably sign up for SS after the first of the year. I was curious if many people supplement their retirement income with dividend stocks. I have been moving my portfolio to income type assets the last five years or so. Mainly dividend ETFs, REITs, consumer staples, utilities and oil and gas.

I've seen it a ton with clients, and like about everything in planning, it's a case by case basis if it makes sense.

The thing I see that drives me crazy is people who are going for dividends over everything in their taxable accounts, lose out on total return, then are going to be in a tax pickle once they got RMD age with the combo of forced income from taxable dividends and IRA distributions.

 

[TaperPin]

The wife and I just had this discussion and the only way getting an early payout makes sense is if someone is sickly, not likely to live a long time, and not the higher earner. Survivorship benefits become the higher of the two payouts.

Plenty of drinkers and two pack a day smokers are living well into their 80s, and active healthy people are common in their 90s, so that’s a lot of years of reduced payments taking it early. Two of my friends should definitely take it early, they are luckily to make it this far, and another couple will easily live to be 100 at the rate they are going.

The talk of it going away is perpetuated by corporations and billionaires that don’t want to pay their fair share of taxes and spend huge amounts of money to get tax breaks at our expense. Even Warren Buffet thinks the funding should include more of a contribution from the highest tax bracket. People vote for things against their best interest by believing those who do benefit, which makes no sense whatsoever, but is what it is.

 

[DLSJR]

Perhaps a dumb question and I apologize if already asked and answered before.

Does your start date begin when you file? Or does it start in the month you begin receiving payments? I’m debating whether to file now at 66 years and 10 months ot wait till 67, which is just a few months away. I’m wondering if filing a month before I turn 67 will penalize me vs waiting until that birthday? If I file for 66/10 I’m basically there now as just a couple weeks from that date.

Does any of this make a difference for my situation?

 

[Wheels]

Perhaps a dumb question and I apologize if already asked and answered before.

Does your start date begin when you file? Or does it start in the month you begin receiving payments? I’m debating whether to file now at 66 years and 10 months ot wait till 67, which is just a few months away. I’m wondering if filing a month before I turn 67 will penalize me vs waiting until that birthday? If I file for 66/10 I’m basically there now as just a couple weeks from that date.

Does any of this make a difference for my situation?

From SSA page.
You can apply up to 4 months before your enrollment month.

 

[KnightExtreme]

What I experience was pick the month you want the benefits to start carefully, I waited 4 months after my FRA. So I thought it would "start" in September as that was the month I went with well that is not the true month you benefits start it is the following month. Seems just how SSA works. They is no information that tells you that though I applied back in May of 2025 being 4 months after my FRA was Aug 30th. I was advse it is a month after the month picked and it also depends on what day you were born on as being the 30th for me I get the last week of each month and that is never the same 1 month it was the 22 the next was the 24th . Hard to get any details and they frowned on me visiting the local SSA Office to apply yet a friend did 2 years back and got all his Q's answer while applying. Times I guess have changed so any Q's are many unknowns, you can call but you might be on hold for a while as my sister in law was. But at least so far I am getting what I paid in over the 50 years I worked...
KE

 

[Broomd]

Pardon me for not reading every post. I skimmed through and didn’t see much if any mention of insurance coverage for those that retired earlier than 65. What are people doing?


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