travelmania
California
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Joined: 05/16/2007
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I am waiting until at least 66, possibly 70. Break even is 76. I ran the numbers and since my family lives well into their 80's and 90's I figure I'll need the money more as I get really old. Of course, this does not take into consideration interest I could earn by simply putting the money into a savings accout between now and 70.
Here is more to ponder: The number crunchers in government are not interested in our welfare. They are interested in the economics of running the government. If it did not save Social Security money to offer us early retirement, they wouldn't do it. SSA knows we are living longer and want to lock us into a smaller benefit. This is not offered to help retirees. It is offered to save the government money.
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Nascarcruzin
Home is where the RV is parked.
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Joined: 01/06/2005
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If I could get it now, I would. I just hope it's available in 6 more years.
Rebecca
Ronnie & Rebecca
Check out our journal: North to Alaska
Another website to view our trip to Alaska:
Adventure to Alaska
FMCA #388387
Full-time RVer's since 2004
Monaco LaPalma Workhorse chassis 37' 2-slides
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stanbnv
Goldendale WA, La Peñita de Jaltemba, Nay.
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Joined: 02/03/2006
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Take it and enjoy the time you have left. For us it was a no-brainer. We retired early, took SS at age 62. We have no idea what the future holds for us and the difference between 62 and full age wasn't worth the wait. Sometimes overthinking an issue complicates it even more. It is a nice supplement to our retirement at this age. We're still able to enjoy life to the fullest. Lindy
Stan & Linda
Loki & Hobo
06 Dodge 3500 CTD 6 sp Quad Cab Bighorn
04 Laredo 29GS
"The Chief Warrent Officer was unimpressed by everything and seldom spoke except to express irritation."Joseph Heller,Catch 22
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greg121
TX
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Joined: 10/28/2004
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Scott Burns had a column in the recent past that if I recall correctly indicated you could draw early - then repay and redraw at the higher rate should you have made it that far (sorry don't have it ready to hand)
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Popsie
Livingston, TX, USA
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Joined: 04/04/2003
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The social security payouts favor women over men.
The pay scale is based on age, but everyone knows that on average, US women out live men by 7 to 8 years.
This means that no matter what age you start drawing social security payments, women will collect more than men.
Since most people don't know how long they are going to live, on average, men can maximize their payout by taking social security early, and women can maximize by waiting to start.
curious Bob - we fulltime with our Cairn Terrier, in 01 National Islander, and 00 Saturn LW2
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RRUGG
Newaygo, MI,USA
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Joined: 08/08/2003
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What many don't think about is when you retire you generally drop into a lower tax bracket, you no longer pay into social security, and you probably are not investing for your retirement. My wife and I have two pensions and each with social security. I'm at the age where I have to withdraw from my IRA but don't need it so I take the minimum required. Our total income is much lower than when we were both working but we have more disposible income than we've ever had and still do not spend all we take in. We pay some tax on our social security but not much. I'm a firm believer in retiring absolutely as young as you can make the finances work. We do not know how much time is left to us regardless of age, so why not make the most of it.
RRUGG
2008 Dodge 2500 QC 4x4 SB Cummins 6 speed auto 3.73
1997 Holiday Rambler 29FK travel trailer
2006 Summit 22RB travel trailer
2003 Dodge Grand Caravan Sport
Bob & Grace professional retirees
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Camped in 49 states. Missing Hawaii.
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smkettner
Southern California
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Joined: 03/21/2005
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All that I have read is that compared to an actuarial table of average life expectancy it is about even either way. Also you can balance it by hitting the middle somewhere rather than only thinking 62 or 67. Nothing wrong with starting at 64. I also read a provision that if you take SS early and change your mind at full retirement you can. The catch is you have to pay back every cent you have received. If both have worked I think one could start early and the other later if that helps balance things. A lot will depend on your investments and income and it is probably best to lay it out to a planner to guide your individual situation.
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Chuck&Gail
In the Colorado Mountains
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Joined: 06/16/2004
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I did a Return On Investment calculation which showed that waiting gave a really lousy return. You might try that yourself.
If I had it to do over I'd still get it at 62, and so would my wife.
Chuck
Wonderful Wife
Lovely German Shepherd.
1999 Mercedes ML320 TV
2003 Wanderer 187TB Toybox (3620# UVW, 4800# loaded)
Not yet camped in Hawaii, 2 Canada Provinces, & 2 Territories.
I can't be lost because I don't care where this lovely road is going
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TomW2
Southwest Washington State USA
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Joined: 05/23/2005
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My wife started drawing hers at 62. She is 8 years older than I and the difference would never be made up between then and the time I start drawing mine at 62. Her SS check isn't all that much and will increase a fair amount when she starts drawing her half of my (reduced) amount.
I'll be drawing a pretty good pension and the amount provided by the SS benefit, even reduced, will be a nice raise.
Medical between when I retire next year (at 57) and the beginning of my SS benefits is a major cost but the DW will begin Medicare a few months before I retire so that at least reduces it a bit. I'll have a VEBA account containing the value of my unused sick leave (I won't be able to replenish it) that will pay the medical for 30-40 months depending on the cost of medical. That will leave me with about 2 years of full self-pay for the medical. I have savings (US savings bonds) set aside for that purpose whose current value already covers that need. It does mean that there will be 2-3 years where a good portion of that SS benefit "raise" will be used for this purpose.
For us, the numbers say start drawing at 62.
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vtchris
vermont
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Joined: 05/24/2005
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I think you can still earn like $35K while taking ss before a penalty is an issue, not a problem for me! I took mine at 62. For one thing I retired at 59 so was no longer contributing (if you look at those extrapolations, they assume you will continue working and contributing), so I wouldn't get that much more if I waited. Retiring early was much more important to me, I always planned to. Plus I figured the money in my pocket was much more valuable than in Uncle Sam's pocket, i.e. I can make money with money. Plus, get it while the getting is good, who knows how long the gov't will be able to afford the SS benefit. There's my 2 cents!
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