social security

[randy41]

i'm coming up on 62 and am considering getting social security. anyone decide to start getting social security at 62 and a few years later regretted doing so?
i did the math assuming i live to 80 and it doesn't make sense to me to wait until 65 to get 10k over 15 years over what i would get if i started at 62.
the only thing i don't like about getting social security at 62 is that they withhold some if i earn over around 15k.

 

[DAY]

been there, done that. Do it, and don't look back.

 

[brin]

i'm coming up on 62 and am considering getting social security. anyone decide to start getting social security at 62 and a few years later regretted doing so?
i did the math assuming i live to 80 and it doesn't make sense to me to wait until 65 to get 10k over 15 years over what i would get if i started at 62.
the only thing i don't like about getting social security at 62 is that they withhold some if i earn over around 15k.

Once you are 66 you can make as much as you want...I would take it at 62 if I were you...I did....If you do the math you will see like you did...it would be crazy not to take it...You earned it, paid into it...it is yours.

 

[MarkV]

I plan to take it while it is still available. I vote go for it.

MarkV

 

[randy41]

"Also, if you are self-employed, we consider how much work you do in your business to determine whether you are retired. One way is by looking at the amount of time that you spend working. In general, if you work more than 45 hours a month in self-employment, you are not retired; if you work less than 15 hours a month, you are retired. If you work between 15 and 45 hours a month, you will not be considered retired if it is in a job that requires a lot of skill or you are managing a sizable business."
i did some more research and found this, which seems to be in addition to the earnings limitation. i work more than 45 hours a month on my farm but i don't make the earnings limit. this seems to preclude me from getting social security at age 62.

 

[edlegault]

There was another thread here recently. The general consensus of those of us old enough or almost old enough to collect SS was to start at age 62. I ran the numbers and I can use the money to pay off mortgage very early and/or even buy another rental property :licking: ...both of which are worth more to me than waiting and maybe living old enough to collect it after age 80, if the guvment still has the $$$ to pay.

 

[beppington]

If I was you I would retire at 62.

But I'm going to advise that you wait as long as possible ... so there's still some left for me when I get there. I'm only 43!!! :laughing:

 

[nybirdman]

Take it now ,no question.I am about to draw my 4th check,turned 62 in December.Worked 39 years and paid in about $140,000 and my employers about $160,000.
I started drawing one of pensions early(55),even with a reduction it makes more sense.Put it all in a 401k and beat the taxes.

 

[JDgreen227]

Did the math a long time ago, before I retired in late 2002...I can begin drawing at age 62, if I wait until age 66 I will collect more per month BUT I will be close to 76 years old before I break even. My benefits when I begin drawing at 62 as I plan to do will be less but it will take me at least 14-16 years to catch up and collect the extra 4 years of benefits if I wait until age 66. Everybody that I know is drawing or plans to draw at age 62.

 

[beppington]

People on this site are too smart to fall for "delay retirement until 65 & get this much more, woo hoo!"

Translation: They'll have to change the rules soon.