topic Re: Social Security in Community Chat

Social Security

char1976 — Sat, 06 Jun 2020 16:57:28 GMT

I was considering on siging up for early social security this year. I'll be 62 this year and retired. I retired at 56 and was working seasonal at a state park.. But due to CD-19 they are not hiring the seasonal back yet from last year due to a hiring freeze. Hubby thought i should wait until age 66. I don't see much difference in waiting and if I wanted to work we ive in a rual area so there aren't that many jobs avaiable. I draw 2 retirement checks so working is just my spending money for me. Just curious what anybody thought.. Thanks.

Re: Social Security

gidgetgh — Sat, 06 Jun 2020 17:09:13 GMT

@char1976 wrote:
I was considering on siging up for early social security this year. I'll be 62 this year and retired. I retired at 56 and was working seasonal at a state park.. But due to CD-19 they are not hiring the seasonal back yet from last year due to a hiring freeze. Hubby thought i should wait until age 66. I don't see much difference in waiting and if I wanted to work we ive in a rual area so there aren't that many jobs avaiable. I draw 2 retirement checks so working is just my spending money for me. Just curious what anybody thought.. Thanks.

@char1976 - I started drawing mine at 62. I have two small pensions and wanted the money. We didn't NEED it to live, but wanted it. Bird in the hand.

I am 64 1/2 now. No regrets.

Re: Social Security

May5 — Sat, 06 Jun 2020 17:01:10 GMT

You can go to the SS website and it will tell you how much you will receive at 62 and at 66.

Re: Social Security

Mominohio — Sat, 06 Jun 2020 17:01:15 GMT

I guess you need to calculate how much less per month you will take by doing it early and project your expected lifespan.

I've been told by a financial adviser that it is advantageous to do it early, but many in my family are living into their 90's and were retired for over 30 years, so waiting for the bigger amount was smarter for them I guess.

Re: Social Security

FrostyBabe1 — Sat, 06 Jun 2020 17:02:40 GMT

@char1976 - what I think is that this is a decision that only you and your husband can make together. Your situation is yours and yours alone. It's not ours. If you have a financial planner, advisor or perhaps accountant, they should be able to run some projections for you showing the point at which you breakeven (taking it now vs waiting). They should also be able to discuss any tax implications, be it state, federal or local with you.

Re: Social Security

kaydee50 — Sat, 06 Jun 2020 17:06:11 GMT

DH waited until he was 70 to collect. Since I was 66, full retirement age for me, at the same time, I started collecting based on his account. When I turned 70 this year I started collecting on my account. It's an 8% increase for each year you wait. We're happy we waited.

Re: Social Security

conlt — Sat, 06 Jun 2020 17:25:19 GMT

I turn 62 in a few weeks and I am waiting. When you take early SS, you can only make so much money out side of that or your SS decreases. Check that out, the pensions that you have may cancel out some of your SS money.

Re: Social Security

RetRN — Sat, 06 Jun 2020 17:29:50 GMT

I started collecting when I turned 62. Wouldn't have even considered not doing it. It has been wonderful, none of us know how long we will live. My retirement has been very enjoyable.

Re: Social Security

hckynut — Mon, 08 Jun 2020 17:00:43 GMT

@char1976

2 retirement paychecks at 56, interesting! I took my SS at 62? My reasoning, will I live to 65/what was the difference in pay at 62 compared to 65? The difference would take over 13 years before I benefited from waiting till 65.

I retired at 52, with only 1 retirement paycheck. Haven't been working on a time clock since. Those were my reasons and what my "now wife" thought back then? She didn't work in a hot factory doing heavy/dirty/noisy/hazardous work. I worked there for 33 years.

I know a few that are getting 2 retirement paychecks. Every single one of them worked for some branch of government. I don't know any blue collar workers drawing more than I retirement paycheck. That said, sounds like an easy choice for you, to me anyways.

hckynut

Re: Social Security

chprsp — Sat, 06 Jun 2020 17:31:34 GMT

I opted to take it at 62. My pension did not affect it at all. We've used it for travelling and remodels of the kitchen and bath.

Re: Social Security

MalteseMomma — Sat, 06 Jun 2020 17:43:05 GMT

@char1976

I agree with @hckynut

When I was 62( and a widow) my accountant had me start collecting. (on my Hubby's SS)

I wanted to wait. ....but he explained it that same way...

Re: Social Security

CelticCrafter — Sat, 06 Jun 2020 17:41:10 GMT

If you wait and die before 66 will anyone, i.e. your husband, benefit from what you paid in?

If the answer is no that I would start at the early age.

Re: Social Security

QVCkitty1 — Sat, 06 Jun 2020 17:52:43 GMT

I started taking mine at 62, and haven't regretted it for a moment. I looked at it this way, I'm here now, later, who knows ?

Re: Social Security

bonappetit — Sat, 06 Jun 2020 18:09:22 GMT

If you wait you get more $$. I'd wait as long as I could. 8% a year is a good return. Multiply that by all the years you miss and it adds up.

Re: Social Security

chickenbutt — Sat, 06 Jun 2020 18:11:00 GMT

I agree about looking at the numbers. Then, contemplate how much more in dollars you would end up with each way.

For example, the guy at SS showed me the basic numbers and, sure, it looks appealing to wait and get more per month. But then he showed me the number of dollars MORE I would end up with if I started earlier. I went ahead and did that.

That was my choice. Yours is yours, of course. Just be sure to look at the entire picture and see which way is better for you.

Re: Social Security

MalteseMomma — Sat, 06 Jun 2020 18:20:10 GMT

@bonappetit wrote:
If you wait you get more $$. I'd wait as long as I could. 8% a year is a good return. Multiply that by all the years you miss and it adds up.

Nope!!! It really doesn't! (just sayin)

Re: Social Security

Pook — Sat, 06 Jun 2020 23:01:31 GMT

I took mine at 62. I retired from my job at 56 and did have a retirement from there. I did the math and figured that for 3 years no medicare taken out it would have taken me nearly 15 years to show any benefit by waiting and maybe I wouldn't live that long. I also was able to buy a new vehicle and to save half of my SS each month so that was earning money for me. I know too many who never made it to collect the higher amount for any length of time to make out better.

Like others stated it is a decision you need to make for your own reasons.

Re: Social Security

esmerelda — Sat, 06 Jun 2020 18:22:58 GMT

I feel sorry for those who take it early because they think they may not live to collect it later. I think it's sad to live thinking that way.

Re: Social Security

bonappetit — Sat, 06 Jun 2020 18:23:42 GMT

FYI:If you start receiving benefits at age 66 you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase. ... 70, you'll get 132 percent of the monthly benefit

because you delayed getting benefits for 48 months.

https://www.google.com/search?q=is+it+best+to+wait+until+70+years+to+take+social+security&oq=is+it+best+to+wait+until+70+years+to+take+social+security&aqs=chrome..69i57.12059j0j7&sourceid=chrome&ie=UTF-8

Re: Social Security

chickenbutt — Sat, 06 Jun 2020 18:24:38 GMT

@Pook wrote:
I took mine at 62. I retired from my job at 56 and did have a retirement from there. I did the math and figured that for 3 years no medicare taken out it would have taken me nearly 15 years to show any benefit and maybe I wouldn't live that long. I also was able to buy a new vehicle and to save half of my SS each month so that was earning money for me. I know too many who never made it to collect the higher amount for any length of time to make out better.
Like others stated it is a decision you need to make for your own reasons.

This is another reason it also worked out best for me to start earlier. During these years I have not needed to use it and because I don't think we have enough for actual retirement (if HE stops working), I've been saving like crazy to try and get to a point where I feel secure. I'm only 65 right now and have managed to stash away a good chunk.