Social Security - 62, 66 or 70?

[Teikas Dad]

For those of you retired, what do you think? What did you do?

Take it at 62, 66 or 70? I put together a spreadsheet and if I take it at 62 the break even point vs 66 is age 72 and 80 for taking it at 70.

If I live to be Older than 80 then it works out better to wait until I'm 70...but, you never know. I guess it comes down to the government betting that I'm going to croak younger than I think that I am. That's why they want you to wait, hoping you won't collect as long.

What experience can you guys lend to the thought process?

 

[KiotiKowboy]

I will take mine at 62. You may not live until 80. Besides, I think I'd rather enjoy the extra money while I'm a little younger.

 

[nybirdman]

I was told by a very smart guy to take any retirement/SSI the minute that you can,I did and don't regret it.
I am fortunate to have a very good retirement account +401k.I started full time work at 19 and retired at 58.
I had always planned at retiring at 60 but got a good offer to go at 58.The other hold-up for most people is health care;Medicare doesn't kick in until 65.

 

[MossRoad]

For those of you retired, what do you think? What did you do?

Take it at 62, 66 or 70? I put together a spreadsheet and if I take it at 62 the break even point vs 66 is age 72 and 80 for taking it at 70.

If I live to be Older than 80 then it works out better to wait until I'm 70...but, you never know. I guess it comes down to the government betting that I'm going to croak younger than I think that I am. That's why they want you to wait, hoping you won't collect as long.

What experience can you guys lend to the thought process?

Have you looked into your survivor benefits? If you have a spouse that is considerably younger than you, or is expected to live quite a while after you go, you may want to postpone taking SS until later years. Do some research and see if it applies to your situation.... SS survivor benefits.

 

[coobie]

I will take mine at 62. You may not live until 80. Besides, I think I'd rather enjoy the extra money while I'm a little younger.

++1 agree,life is short.

 

[Tractor Seabee]

Well I guess I am in the minority so far. I waited to 65 and am now 79 and still kicking. I am fairly comfortable having 5 retirement accounts; SS, two union pensions, military reserve, federal civil service, and a state pension survivor's annuity from my deceased wife. After giving up the trade at 65 went on to make big bucks working for contractors as a PM and then started a consulting business when I decided full time work sucks. By continuing to pay into SS after 65 I drove my $600/month annuity up to over $1600/month. 27 years of civil service little was paid in. My Reserve ACDU pay though made some of those years SS credible. Yeah I am a Federal Pension triple dipper.

My best deal though was my 401Ks after 65. I now have to take the mandatory withdrawals. My financial advisor has me in a portfolio that so far is growing faster than the withdrawals. My principal is larger now after drawing out almost $100K than is was when I started with him. Medicare and Military Tricare for life puts my medical bill below the deduction threshold every year.

I am enjoying life, new younger wife keeping me young, and lot of quality clutch time.

You young guys! Some food for thought in there somewhere.

Ron

 

[wroughtn_harv]

I'm 66 and won't probably touch it until I'm 70 if everything goes on the way it is. I just had the annual Agent Orange registry physical at the VA and all the numbers everyone worries about seem to be getting better each year in my case. I don't take any medicine of any kind except for the occasional Allieve for arthritis in the joints. I love my work and am having way too much fun. When I'm in my eighties the three to four hundred extra for waiting might come in handy.

 

[oosik]

I quit work at 45 and took retirement at 62. My reason - if I waited there may not have been any money left. Besides, I want the money when I'm younger and can enjoy it.

 

[jeff9366]

If you take SS at age 62 and continue to work, SS is reduced. If you take SS at 66 or later you can work and not have SS reduced.

Only 85% of SS tis subject to income tax. For me, this is important.

As Moss Road says in Post #4, when you die your wife gets your SS in lieu of hers, if yours is larger.

 

[MossRoad]

If you take SS at age 62 and continue to work, SS is reduced. If you take SS at 66 or later you can work and not have SS reduced.

Only 85% of SS tis subject to income tax. For me, this is important.

As Moss Road says in Post #4, when you die your wife gets your SS in lieu of hers, if yours is larger.

And women typically out-live men, and men typically marry younger women, soooo..... if you don't need it and she could use it, you could play the odds and get her more. It all depends on how much she made, you made, who made, what, etc.... :laughing: