Crazy Ray
Monroe,La
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62 for me. 
RET ARMY 1980, DW Donna , "Tiny" (furkid) . Class A, 2007 Bounder 35E, Ford Chassis, 4 SAMS 6VOLTS,405W Solar,TriStar 45 Controller,1750W INVERTER, YAMAHA 2400, TOW: Honda CRV. READY BRAKE. "Living Our Dream". NASCAR FAN 14,18,20,11 LOVE CO & NM
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Rick & Cheryl
Texas
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Joined: 09/28/2007
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We decided to take it at 62. Part of our thinking was that the "crossover" point was in the mid 70's (I forget what exact age I figured).
Another part of the decision entails the idea that as we age, we will likely become less active and therefore wont spend as much, or need as much as we do now.
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wandering1
Texas
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Not me, I can take the same amount of cash out of my IRA money market funds which gets less than 1% return and let my SS wait while my SS benefit grows at 8% per year. Better return than what you will get in todays investment markets.
HR
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rmalik1
Pittsburgh,Pa.
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We are looking at it a little different, the wife will take hers at 62 (her check would be smaller than mine) I will wait till 66yrs,and 2 months. I will get the bigger check and more than likely die before the wife leaving with the ability to take a higher survivor benefit.
Of course if we need the income all bets are off. We are both retired me @56 and my better half at 54.
* This post was
edited 10/10/11 09:34pm by rmalik1 *
2012 Cedar Creek 36RE w/ Level Up
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rmalik1
Pittsburgh,Pa.
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wandering1 wrote:Not me, I can take the same amount of cash out of my IRA money market funds which gets less than 1% return and let my SS wait while my SS benefit grows at 8% per year. Better return than what you will get in todays investment markets.
I agree with you about the 8% growth rate and your strategy, we have decided that as we look at family health in the past; we will gamble that we should live into our mid 80's.
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JAXFL
Jacksonville, Florida, USA
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wilpower wrote:Ivylog wrote:........above $12K) you will loose dollar for dollar above that amount.
The actual amount is a little over 14K, and you loose $1 for every $2 that you go over.
So with the above being a fact. If I make $60K a year and draw SS at 62 yo, it does me no good to draw it. But I still would pay taxes on it as it is a taxable income even thou I have to give it back, right?
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RRUGG
Newaygo, MI,USA
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Texan is right and I am right. SS does Not pay for medicare. We pay it via the unauthorized deduction from our SS.
RRUGG
2009 Chevrolet Silverado LTZ 1500 4x4 5.3L
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John&Joey
Some Location
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The Texan wrote:RRUGG wrote: SS does NOT pay for medicare. We each pay about $98 every month. Since when..  .. My medicare payment has been taken out of my SS monthly check since 2005, without any authorization from me.
X2, I'm guessing the $98 is for a supplement policy.
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wilpower
Florida
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JAXFL wrote:So with the above being a fact. If I make $60K a year and draw SS at 62 yo, it does me no good to draw it. But I still would pay taxes on it as it is a taxable income even thou I have to give it back, right?
Correct. If you're going to continue making $$ way over the limit, then it makes no sense to start collecting at 62. After "full retirement age", for now, there is no limitation what you can earn.
Wil & Cyndi & Einstein (African Gray)
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WeBeFulltimers
Here & There
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Joined: 04/01/2008
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samsontdog wrote:The DW and I both retired at 62 some years back and since neither of us really needed the money we both wished we would have waited
A person can decide to quit going to work and be retired without drawing SS. Since you did not need the money, you could have/should have waited.
2007 DODGE RAM 2500 4x4 QC CTD 5.9 4SPD AUTO TIMBRENS PRODIGY REESE 16K KWIK-SLIDE***PACBRAKE PRXB 2012 MONTANA 3585SA
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