Poll: Poll Thread: Did You Or Are You Going To Start Collecting Social Security Retirement Income At 62, Full Retirement Age or 70.

[arakboss]

Note the poll is for Social Security Retirement Income not Social Security Disability Income.

As part of my retirement planning effort, I am considering the age at which I might start collecting SS retirement income. Both my parents started collecting early at 62. They are both near 80 now and my mom is regretting not waiting until full retirement age to start collecting. My current projected benefit amounts, by age, are in this chart. I am leaning towards planning to collect at 62 but if my health is good when I get close to 62, I can put it off. I expect social security benefits to be reduced by 30% or more for everybody by the time I am 62. I will plan for the amounts in the chart to be cut in half. If no reductions are made, it will be a bonus. If benefits are cut by more than 50%, I'll be screwed.



Here is an article discussing some pros and cons of collecting early, FRA, or late:

What's Your Social Security Break-Even Age? It Matters a Lot. | The Motley Fool

If you want to delay claiming your Social Security benefits until age 70, you won't come out ahead until you live beyond your break-even age.

www.fool.com

Read More

 

[Andy54Hawken]

I am going to keep on working , till I can no longer be effective at my job...or be relevant to the kids at school.
I enjoy my job immensely....it is a good fit so to speak.
Andy

 

[Certaindeaf]

62 because the whole house of cards will collapse shortly and there's nothing like blowing your government check on hookers n blow in the meantime. probably

 

[Nosferatu]

I hate work. I'm getting out as soon as I can.

 

[Lilhigbee]

One important piece left out of the discussion; if you are in a position to make this decision then you don't actually NEED* the SS money. That being the case, the argument for waiting until 70 years of age doesn't include the investment opportunity lost with the money that you would have gotten starting at age 62. In other words, at 62 take the money and invest it wisely, like you wish the government had from the beginning of their pyramid scheme, and you will always be ahead of where you would be if you waited.

* By NEED I mean having to have it to get by. Absolutely no implication that you shouldn't get it if you don't need it. It is after all your money held hostage.

 

[jayR]

COLA's will never keep pace with inflation. It's baked in. Law of diminishing returns.

 

[Alexx1401]

Next year I will start the process. Assuming I can still hold my own at the job I can work and collect. The extra will be nice. Wife already put in for hers. Have couple pensions coming but those I have to actually quit working. The way its going not sure there will be anything left of those by then

 

[Nosferatu]

One important piece left out of the discussion; if you are in a position to make this decision then you don't actually NEED* the SS money. That being the case, the argument for waiting until 70 years of age doesn't include the investment opportunity lost with the money that you would have gotten starting at age 62. In other words, at 62 take the money and invest it wisely, like you wish the government had from the beginning of their pyramid scheme, and you will always be ahead of where you would be if you waited.

* By NEED I mean having to have it to get by. Absolutely no implication that you shouldn't get it if you don't need it. It is after all your money held hostage.

I have a different approach, especially since I just have a pittance of 401k and savings, my wife has no 401k or IRA.

Our plan is to make sure we go into retirement with zero major debt. The property will be paid for, vehicles will be paid for, etc.

SS will cover the daily living. We're both very healthy with a healthy family history as well, so we don't anticipate any major medical issues. I'm more likely to die riding my motorcycle off a cliff into Flathead lake than from a brain tumor.

Which brings me to my biggest thing: I don't want to die at 65 while "working towards retirement" at 70. I want to enjoy some of my time on this planet. I'm willing to give up some SS income in the meantime. Tomorrow is promised to no-one.

 

[Longwalkhome]

Medicare won't kick in until you are 65 so good health is important. I retired at 62, actually quit working four months early because I was tired.

It's my opinion if you know how to start a new life then you will enjoy retirement but you have to save up and get out of debt to be truly free.

It's a freedom most can't understand and struggle because they don't know how to handle being free.

Inflation is a killer.

71 now so nearly ten years of freedom.

 

[TTSX]

As soon as they're going to give me my money back, I'm taking it. And walking out the office with my middle fingers held high, never again to return to work.

 

[arakboss]

One important piece left out of the discussion; if you are in a position to make this decision then you don't actually NEED* the SS money. That being the case, the argument for waiting until 70 years of age doesn't include the investment opportunity lost with the money that you would have gotten starting at age 62. In other words, at 62 take the money and invest it wisely, like you wish the government had from the beginning of their pyramid scheme, and you will always be ahead of where you would be if you waited.

* By NEED I mean having to have it to get by. Absolutely no implication that you shouldn't get it if you don't need it. It is after all your money held hostage.

Good point.

 

[Hawaiian]

If you take it early at 62, your benefits are further reduced by any earnings over 21K.
At full retirement age there is no reduction for earnings.
I started collecting full at age 66. I continued to work and used the SS benefits to pay off all debt so I retired debt free.
I focused on making sure the wife would be OK financially as I expect her to outlive me.

 

[Jerry]

My full SS was at 66.5 yrs. I collected for 6 months while working and then retired.

 

[Ruger Rich]

I took Medicare and SS at 65. I worked full time thereafter until 78.
I don't regret it at all. And I still miss the comradery I had at work.
Truly my only downside to retirement. And Oh Yeah, you can't hang
on to your IRA's forever. I now have to withdraw an ever increasing
percentage each year.

 

[JustSomeGuy]

Note the poll is for Social Security Retirement Income not Social Security Disability Income.

As part of my retirement planning effort, I am considering the age at which I might start collecting SS retirement income. Both my parents started collecting early at 62. They are both near 80 now and my mom is regretting not waiting until full retirement age to start collecting. My current projected benefit amounts, by age, are in this chart. I am leaning towards planning to collect at 62 but if my health is good when I get close to 62, I can put it off. I expect social security benefits to be reduced by 30% or more for everybody by the time I am 62. I will plan for the amounts in the chart to be cut in half. If no reductions are made, it will be a bonus. If benefits are cut by more than 50%, I'll be screwed.

View attachment 1476722

Here is an article discussing some pros and cons of collecting early, FRA, or late:

What's Your Social Security Break-Even Age? It Matters a Lot. | The Motley Fool

If you want to delay claiming your Social Security benefits until age 70, you won't come out ahead until you live beyond your break-even age.

www.fool.com

You left out another option; waiving your benefits, which is what I elected to do.

 

[arakboss]

If you take it early at 62, your benefits are further reduced by any earnings over 21K.
At full retirement age there is no reduction for earnings.
I started collecting full at age 66. I continued to work and used the SS benefits to pay off all debt so I retired debt free.
I focused on making sure the wife would be OK financially as I expect her to outlive me.

Another good point.

 

[Longwalkhome]

Another point, it cost money to work. If you don't have all the work expenses then you actually save money. Your car won't wear out so fast nor will your clothes. You eat what you like at home and exercise as you please which saves you in doctor bills. If you can learn how to retire then being a free man is really great.

 

[Alexx1401]

Another good point.

There are two reasons I look forward to collecting and working assuming I can. One the money of course. A BIG one is the health insurance. Had to sign up for Medicare while back but, the job offers FAR better insurance for Wife and I. So the longer I can hang onto that the better.

 

[Mayberry59]

We both retired at 62. I'm retired military so no insurance worries. House is paid off, no real bills. Get va disability. Calculated we would be 85 before we came out ahead working till we were 66.5. Had no intention of working again so we didn't care about earning limits.

 

[ma96782]

65 or "full retirement age"? Rrrrrrrright...... What am I planning to do with my SS money?



Yup......my check will be sooooo small. But I don't care (once I've cornered the market).

Aloha, Mark

PS........