Taking SS early (62)

[Maxhunter]

Applied in December when I turned 65. I’ll received my first check in February. Going to use it as go have fun account. I don’t need it right now. I’ll use it why I have good health since nobody knows what will come down the road health wise.

 

[Buckhunter55]

It is nice being on SS Benefits but the Direct Deposit is so Random. 1 Month it comes early the next it is several days later and so on. Hard to know as it is all the date you are born on being late in the Month so it is just in time sometimes to pay some bills. When Needed!!! Guess depending on SS is just 1 of those but better than taking IRA Distributions instead? Hoping my IRA continues to grow...
KE

Mine is always on the 3rd Wednesday of the month and never late if anything it comes one day early.

 

[KnightExtreme]

Mine is always on the 3rd Wednesday of the month and never late if anything it comes one day early.

Nice, but today is the 3rd Thursday (if you are counting full weeks? it would 4 if you are just counting Thursday of the month of January 2026.) Not yet to see it hit my account? Oh well just me I guess... Will just stop buying hunting gear till I have saved 3 or 4 months of SS. But with the cold temps my energy bills will be some $! Till March / April rolls in and temps raise...
KE

 

[Tenstrike]

For those who have filed, once everything is settled, how does your benefit amount compare to the estimated amount on your pre-filing statement? Larger, smaller or about the same? Thanks.

 

[Freewilly]

Your benefit amount is the same as projected, but you need to consider taxes on that number and Medicare costs when the time is right

 

[Tenstrike]

Yes, of course, I should have said "gross" amount, thanks.

 

[NRA4LIFE]

Your benefit amount is the same as projected, but you need to consider taxes on that number and Medicare costs when the time is right

This is sage advice. You're medicare costs are based on your previous 2 years of income before 65. My wife and I accidentally F-d that up by just 1000 dollars.

 

[ELKMO]

One thing to think about if you keep working and take SS while still working - if you are younger than full retirement age, your SS benefits will be reduced if you earn more than the yearly earnings limit (and I don't think the yearly earnings limit is all that much).

There is a way to get the penalized money back if you exceed the maximum earnings while taking SS…dont know the details…the “rules” of retirement cash flow is a huge pia!! God forbid if you spend or make too much of your money while retired!!

 

[Matt_C]

I waited till I was 67.8 months but I would have opted out at 62 if I could have. Worked in Telecommunictions and IT for 45 years and it took a toll on my getting up almost every night. I say take it at 62.

 

[JustABritCrazy]

You never know. Very good friend and I this discussion on his back porch in October. We are a month apart in age turning 65 this year. I’m partially retired, took SS at 62. He was working full time planning on going to at least 67 really loved his job. Had a widow maker while on vacation. His funeral was last week. Never collected a penny after paying in since he was 16.

 

[Maxhunter]

You never know. Very good friend and I this discussion on his back porch in October. We are a month apart in age turning 65 this year. I’m partially retired, took SS at 62. He was working full time planning on going to at least 67 really loved his job. Had a widow maker while on vacation. His funeral was last week. Never collected a penny after paying in since he was 16.

That sucks! Sorry for your loss! My brother die at 55 and worked since he was 15. Also never collected a penny.

 

[nm.otter]

Damn, that hits close to home. We've lost a couple of friends recently who weren't close to their warranty dates.

Hopefully his widow gets at least some additional benefit out of the tragedy.

 

[49ereric]

One of brothers died at 54 but not everyone makes it to SS