RRUGG wrote: My wife and I both took S.S. at age 62. It takes about 16-17 years to start falling behind. That means that it takes that amount of time to receive the same amount of money as if you started collecting at age 65. IOW, 16 or 17 years of a reduced amount compared to 13 years of the full amount. Of course, either way it's a gamble but none of knows how long we have left regardless of age. It made sense for us but only you know if it's right for you. Our thoughts were to retire as early as possible. I went out at age 54 and my wife at 55. That's 18 years ago for me and 14 for her and we have not regretted it for one minute.
I agree I took mine at age 62 instead of 66 because who says I will even live to age 77 or 78 whatever it worked out to in my case. Might as well get all I can.
Papa Bob
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I did the math and the break even point for me was just over 17 years, so I gambled that I would not make it to 80 or if I did, I wouldn't need the extra money at that age.
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Take it as soon as you are eligible. I did the math , it would take me over 14 years to catch up if I had waited after 62. Plus one never knows when ones end may be near so take the money and run with it.
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I have read all of the pro and con opinions but one thing that wasn't touched upon is whether or not social security and/or medicare will even be there when I am 68. I am 56 now and DW and I were both lucky enough to be able to retire at 50. You might say we are getting a head start on the mad rush of Boomers as they put a crunch on the system. I wonder what SS would be looking like in this economy if W would have gotten his way with privatizing the system. Any bets how heavily the money would have been invested in the housing market by financial institutions? I plan to take the money and run. Like the saying money in hand is better then Bush in the Whitehouse or something like that.
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My mother who never worked took hers at 62. Since Dad was 3 years older, he was 65. Both my older sister's have hit 62, so they are now collecting theirs. I'm planning on it, too. Have to make my time in the work force worthwhile!
I've calculated it will help increase our income enough so we can take time off between work projects to do even more traveling. Still have a few years before I hit that magic age, so am still doing the countdown.
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Take it as soon as possible, the math will not work in your favor. If you don't need the money re-invest, you will never catch up if you wait.JMO PS I do draw now...
Quote: Take it as soon as possible, the math will not work in your favor. If you don't need the money re-invest, you will never catch up if you wait.
The math works the other way. IF one lives long enough, and IF one can afford it, even including reinvesting the money, SS underpays those who draw the money early and overpays those who wait to start drawing their money. The higher payouts for those who start drawing close to 70 make it golden for those who can wait and live long.
I'm free of prostate cancer for 5 years now.
All men over age 50 should get an annual PSA blood test. Mine had a low reading, but the yearly jump was significant. The biopsy showed cancer just entering the aggressive stage. Dr. Hackenslash removed it.
We took SS at 62 instead of 66, which was the age of full benefits for us..
Since we no longer wanted to work/earn a wage, the early retirement worked for us.. The side benefit, we don't need to take as much out of our IRA's, giving us a side benefit..
That amount is calculated each year to stay below the TAX rate...
We will have to increase the IRA withdraws at 72, but that gave us another advantage of drawing our SS early over waiting.. I would rather spend SS money first and keep my Investments intact a little longer..
If you die early, SS stops, but the IRA's can be a benefit to loved ones..
We can control our taxable earnings on our withdraws, so no worries about being taxed because we took SS early.. There is a worksheet that will give you a figure to work from, before the SS is taxable...
Works for us, but everyone should calculate what will work for them.. and most of us just don't know how long we will live...
Those that want/need to work to 66 or longer, need to work the math before drawing early...
I took mine early, and if you don't need it, let it accumulate in a 3% savings acct. If you are still working, I believe the first $12k you will not get a deduction in SS. If you're making a super salary, then you might want to wait. As others have said, do the math. A bird in hand is worth 2 in a bush, I think it's an old chinese proverb.
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