Social Security.... 62 or 65???

[frank_f15]

i just started collecting SS at 62 this past jan. if i would have waited till 65 and 10 months( my normal retirement age) which would have ment working almost 4 more years and paying into it 4 more years i figured it out it waould take me 13 years to break even which means i would be about 79 before i was ahead. now mind u everybodys situation is different , but for me 62 was the way to go.

 

[pajoube]

My intentions are to start drawing my SS at age 70. I retired at 58 with most of the males in our family living until their mid 90's. The beauty is that if I need to start taking it earlier I can.
PJ

 

[Junkman]

If you apply after your 62nd birthday, do they pay you retro to that date or does it start when you file?

 

[Deerlope]

In my case it was recomended that I apply 3 months before I turned 62. I did it all over the phone, they sent me 1 form that I had to sign and send back. Then about 2 months later I got a letter telling me when to expect the first check and how much it would be. Best thing to do is call them for the info that you seek.

 

[frank_f15]

it starts when u apply, so if u apply at 62 and 6 months u get a slightly higher payment than if u apply at 62, usually takes 3 months to get things going, i turned 62 on jan 3 so i applied in oct. because my bithday was in jan i did not qualify for that month, so my first qualifing month was feb, but they hold back a month, so my first check did not arrive till march.

 

[Henro]

A bird in the hand and all that...

When I hit 62 I will be taking what I can get. Even though I am an optomist, I also know I don't know the future. I plan on living to be 100 in perfect health and vitality. But who can say what cards I have been dealt? Plans don't always work out.

Better to take the money and invest it like OkeeDon did. If you kick it will be there for someone. If you don't take the money early and you depart the planet before you plan to, there will be nothing there for whoever.

Bottom line, for me, is that we all want to be here for a long time, but only those we leave behind will remember how long we walked here...take it while you can...that is what my thoughts are anyway... /forums/images/graemlins/smile.gif

And when I start loosing money I will love every minute of it!!! /forums/images/graemlins/grin.gif

 

[OkeeDon]

<font color="blue">And when I start loosing money I will love every minute of it!!! </font>

Ah, Bill, there you hit on the heart of it. Let's say I outlive my calculations and come to the point that I would have had a few more bucks each month if I had waited until later to start collecting. Will I be a bitter old man who regretted starting the payout early, or will I simply glad to be still alive, and look back at the grand joke I played on myself?

 

[JohnCt]

I knew a family that the mother lived to 96 sharp as a tack.1 son died at 77 'farm accident another brother 72 still going strong , yet another brother worked till 70 and then started to collect ss. He died 6months later. your choice ,good luck. I'd start when I can. My 2 cents.

 

[frank_f15]

JUST THE WAY I THINK. i love it! /forums/images/graemlins/smile.gif on the 2nd wed. of the month, it is deposited in my account. if i start loosing money at 80. GREAT I AM STILL HERE /forums/images/graemlins/grin.gif

 

[BB_TX]

My tentative plan is to start drawing at 62 also. BUT. Both my grandmothers lived to 94, my mother turns 90 next year, almost all her siblings lived into their 80's/90's, my father died at 76 but most all his brothers and sisters also lived into their 80's and 90's (some still going at 90+). It has been a rare person in my immediate family who died before 75. As stated, there are no guarantees. But my chances look pretty good. /forums/images/graemlins/laugh.gif