Taking SS early (62)

[Backyard]

You can pay for Cobra until your eligible for Medicare, although it’s a little pricey.
I think you can only be on it for 18 months.

Thanks, but most can get private insurance for less than Cobra and even that’s too expensive. There in lies the problem.


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[KenLee]

You can pay for Cobra until your eligible for Medicare, although it’s a little pricey.
I think you can only be on it for 18 months.

My health insurance is $1478 a month now. Cobra would likely be over 2 grand in 4.5 more years.

 

[KnightExtreme]

Went without for 2.5 years after I opted and retired. And have a chronic condition but still covered my meds. Just have to be careful what you do so no need for health insurance till I hit 65 and it was decent cost for Part B & Part D. Had to take the chance. Sometimes if works out...
KE

 

[Mike Islander]

Th
Thats my biggest hangup on retirement at 62.
Not married.

Remember, you get Medicare at 65, and you can get full Part B with Medishare for $99/month. Yet another reason not to take it early.

 

[JayRoot]

Remember, you get Medicare at 65, and you can get full Part B with Medishare for $99/month. Yet another reason not to take it early.

Why would collecting early affect Medi cost? Trying to figure health care out. Planning on collecting at 63

 

[mtwarden]

It won't effect medical costs when you turn 65: I think the point he was making that health care costs (when not employer provided) when pre-65 are ridiculously priced; very ridiculously.

 

[Mike Islander]

Why would collecting early affect Medi cost? Trying to figure health care out. Planning on collecting at 63

No affect. My point was that if someone retires early at 62 and loses healthcare coverage, they have a challenge which may include very expensive self-pay insurance (as several stated here). If they continue to work and have health coverage, when they turn 65 they have much less expense for healthcare. So that is a thing that they might want to include in their decision on when to retire.

 

[Mike Islander]

I’m 61 and planning on retiring @ years end. I’m in good shape on 401K, savings, and we’re down to 6 years on our mortgage. My wife is 14 years younger than I and is a Neonatal Nurse Practitioner. She’s going to work for another 18 years, which is a big help. I absolutely cannot wait. 43 years in the lumber/millwork business is enough.

That's the thing. If it doesn't matter when you take SS (because you have other money), then it doesn't matter when you take SS. ;-)

 

[omicron1792]

That's the thing. If it doesn't matter when you take SS (because you have other money), then it doesn't matter when you take SS. ;-)

Except you want to maximize the money the government owes you from what they took from you for 45 years.

In general, people with money know how hard they worked for it, and work hard to maximize the money they are owed. At least in my experience.

 

[Backyard]

No affect. My point was that if someone retires early at 62 and loses healthcare coverage, they have a challenge which may include very expensive self-pay insurance (as several stated here). If they continue to work and have health coverage, when they turn 65 they have much less expense for healthcare. So that is a thing that they might want to include in their decision on when to retire.

This^^ EXACTLY!
The only thing keeping me working. Im 63. There needs to be better options in this country.


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[Fatcamp]

This thread has really lit a fire under us.

We have a couple ideas for insurance, sure don't want to wait for Medicare.

 

[JayRoot]

No affect. My point was that if someone retires early at 62 and loses healthcare coverage, they have a challenge which may include very expensive self-pay insurance (as several stated here). If they continue to work and have health coverage, when they turn 65 they have much less expense for healthcare. So that is a thing that they might want to include in their decision on when to retire.

Copy! I was thinking that's what you were getting at. But just wanted to make sure I wasn't overlooking something on the path to retirement. Thank you for the clarification.

 

[Mike Islander]

Except you want to maximize the money the government owes you from what they took from you for 45 years.

In general, people with money know how hard they worked for it, and work hard to maximize the money they are owed. At least in my experience.

I was responding to cj7zrcool. He said he's got plenty in the 401K and is taking SS at age 62. He can do that because SS is not his primary source of income, so HE doesn't care.

For almost anyone whose source of income will be SS, waiting until full retirement age (67 for most) is good, and waiting for age 70 is even better. But this assumes you enjoy working or have no choice. It's especially important for the highest earner if they care what happens to their spouse if they die. Remember, the lowest earner collects the full spouse benefit after their death, and that can be MUCH higher than the lowest earner makes.

 

[Backyard]

I was responding to cj7zrcool. He said he's got plenty in the 401K and is taking SS at age 62. He can do that because SS is not his primary source of income, so HE doesn't care.

For almost anyone whose source of income will be SS, waiting until full retirement age (67 for most) is good, and waiting for age 70 is even better. But this assumes you enjoy working or have no choice. It's especially important for the highest earner if they care what happens to their spouse if they die. Remember, the lowest earner collects the full spouse benefit after their death, and that can be MUCH higher than the lowest earner makes.

Unless things change, I plan on retiring at 65, but waiting till 67 to start claiming SS benefits. Even if I retire today (63) I still wouldn’t start till 67. If one can live off of investments until claiming SS later, it’s far more beneficial.


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