SS Question: If You Have Recently, Are, Or Turning... - Page 2

KathyPet · ‎03-09-2010

As others have said the age at which you can start to collect your FULL SS benefit depends on the year in which you were born. IT varies by birth year. There are on line charts you can look at to determine when you can collect your full benefit. OBviously if you postpone receiving it past the year that you are eligible to start when you do decide to start collecting your benefit will be higher because you postponed your start date.

Big Sister · ‎05-15-2010

If you need the money now, then apply soon. The longer you wait, even to age 70, the larger your checks will be each month.

Pearl27 · ‎11-20-2016

It's not always best to wait longer. I qualified for a smaller amount of SS retirement, as I worked for the state of Ohio for a time, and they have a private retirement fund. I retired at 62. The amount of money per month I lost, by retiring early, would have taken me 11 years to catch up, before I would be taking a "loss" And with iffy health, it was better for me to relax and enjoy life now. Sign up online to MySocialSecurity.gov,to see your entire work history and all the figures that will help you decide. This is that green paper you used to get yearly, in the mail, before they discontinued sending them. I went into my local SS office, and was told 3 major facts, including how much I would get per month, WRONG !. I called the 800 number for SS, and got it straightened out.

CelticCrafter · ‎03-09-2010

I took mine as soon as I turned 62.

In my case, it didn't make sense to wait, if I died before collecting no one would benefit from it. Mine is 1/3 of what my husbands will be.

nyc1 · ‎03-19-2010

@millieshops wrote:
When you should take your social security depends on more nowadays than it used to. Remember that if you have other money to pay for your life style and that money is earning less than SS's 8%, lots of advisors are recommending you wait as long as you can until 70 when you'd get the maximum given your earnings.

Your own financial situation is one thing to consider, but your health, your potential longeviety, your plans for using the money - all come into play. Do careful research and be very careful about using opinions from oldsters whose SS experience is far different from today.

@millieshops You nailed it. Just finished a seminar and even though they won't tell you what to do since all those factors come into play, if you don't need the money and all else looks good for longevity.... leave it until you are 70. It's such a personal decision, but that is what was suggested, and for the reason you mention.

151949 · ‎03-09-2010

Personally, I retired on SSD at 58 so I do , in fact, get my max amount. My DH spoke at length about this with a financial counselor before he retired. As it worked out he chose to retire and take his SS at age 65 1/2. In fact to get your max possible amount you would have to wait until your 72 I think.

I will say that everyone I know who took their retirement at age 62 are sorry they did so. Now that they are needing that income to live on that 25% less each month is difficult to make do on. If my DH & I had done that we would have $970 less per month to live on - that is an awful lot of money! I suppose if you don't need your SS to pay the monthly bills it's a different story , but for most of us that is not the reality. You don't want to be spending down your retirement savings to pay the bills each month. Hopefully you can invest your savings and take your monthly payout from it's earnings without touching the principal, & that plus SS is enough to live on comfortably.

Mom2Dogs · ‎03-09-2010

I just recently signed up for SS, I will be 62 shortly. I took my benefits early because of the ridiculous cost of health care...it will help offset that monthly bill.

DH and I are self employed (mom and pop shop) so for many years I was a housewife on our taxes....I took over the business to add to my SS benefits. Our financial advisor has worked out our financial plan after retirement and under their advisement I am taking my benefits early.

I feel comfortable with our decision.

Dawnie · ‎03-09-2010

I'm waiting until 70 yo to collect SS. I started collecting 1/2 of my husbands at age 66. My husband is still living, there was a loophole for me to collect. I am very fortunate to be able to wait.

ALRATIBA · ‎07-15-2016

The "normal retirement age" was 65 and 10 months when I was nearing retirement age. I worked until I wa 68 .and 3 months .. and the difference in my benefit turned out to be almost $200 per month.

Well worth working a bit longer if you are able!

151949 · ‎03-09-2010

If you took half of your husbands when you were eligible to do so , can you then turn around and - while he is still alive - start to collect your own full amount at a later date? I thought once you committed then that was a final decision.