Community Chat

[abbeythe 8th]

@gidgetgh

I took my SS at age 62 and have no regrets.  As others have said you need to live into your 80s before you'd come out ahead waiting until full retirement age.

My husband is almost 67 and will retire in a few months.  He plans to wait until he is 70.

We have planned well for our future  I am aware of our finances and will not have to depend on my son or daughter to tell me what to do. It is a burden they should not have to carry. 

[QVCkitty1]

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@gidgetgh wrote:

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@151949 wrote:

I'm curious why you chose to sign up at 62 and get 25% less per month for the rest of your life than wait til your full retirement age?

I know a few folks who signed up early and now they are fully retired and need the money to live on they are sorry.

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@151949- I'm assuming you're directing your question to me. 

I haven't worked since 2014. I really don't have any plans to go back to work. I have two smallish pensions that I've been drawing for several years. We do not "need" my social security income. 

But, just looking at a ballpark payment of $1,000/month (that's not what my payment will be, just using a fake figure), if one waits till age 65 to start collecting social security, right out of the gate, one would miss out on a total of $36,000 of income, waiting to be 65. That's just too much money to leave on the table, in my opinion. 

You would have to live years and years and years beyond 65 with the "take it at 65" payment to recoup that $36,000. 

Let's say one waits and and takes it at 65. And then one dies at 66 or whenever, way short of their mid 80's. That person has lost all that money when they could have had it.  They would never have made up that $36,000 with their increased payment. 

When it comes to finances, I'm definitely a bird in the hand person. 

If I were still working, of course I wouldn't draw it now. I've toyed with the idea of working part time, but even that isn't on the table right now. 

 So, for me, "show me the money". 

Yes, every situation is different. I took my SS. early, back in 2011, and haven't touched my savings. You have to know your financial situation, I'm good with money.

[gidgetgh]

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@CelticCrafter wrote:

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@gidgetgh wrote:

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@Blingqueen023 wrote:

I'm waiting until I'm 65.  I could do it now also but I hate to lose money.  You get more at 65. 

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Yes you do. And even more if we you wait till 66. But I'm not working anymore and my two pensions are very small so I went with the "bird in the hand" theory. Just for my personal situation I didn't want to lose three years of benefits. 

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If you do the math, it takes years and years to make up those 3 lost years. In my case, it would be almost 13 years to make up what I would have given up by waiting.

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@CelticCrafter- exactly. That's why I'm taking mine at 62. 

[geezerette]

I read a lot of information about taking Social Security early vs. waiting for your actual full retirement age.  Besides the specific instances where one might or might not need the money at any given time, pretty much everyone said that within a few years one way or another really doesn't make much difference.  If you wait for full retirement, you get more each month, but if you take it early, you get the extra monthly payments.

[kivah]

@software

I also started receiving social security almost 15 yrs ago when I turned 62. I desperately needed the money. Yes - the time goes sooooo fast --- and from the time I turned 62 yrs old to now - 76 yrs old, it went even faster.

[151949]

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@chickenbone wrote:

Is it true 85% of it is taxable? I did mine online & was shocked when they called to verify a few things & said I was done. I don't have to go to the SS office. 62 in Oct.

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Actually it depends on what your income is what % is deductible and what you pay taxes on. For a couple the first $34,500 is not taxable - so what % that is varies by income. We take only a small amount from our IRA each month so we have low taxable income and we pay very little taxes.

Max SS payment right now is $2639 - so even if both people got that much you would still only be paying taxes on about $18,000.

[libbyannE]

@gidgetgh

Congrats! I was going to wait for years (til age 70) to sign up for SS, but our cpa ran various numbers, making the point that, yes, you get more per month if you wait but that one has to add up the SS income one has given up in the meantime. i hadn't thought if it that way so I ended up taking it at 65.  Even if you don't need it, it's nice to just put it in the savings account. 

[Kachina624]

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@QVCkitty1 wrote:

Congratulations ! I took mine early, and never regretted it. 🌺

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Me too, I think in the long run, I'll draw more money. 

[Katcat1]

@gidgetgh,   Welcome to the retiree club!  I was disability for 4 years starting at 63 and then taken off disability automatically and placed on retirement.  That's the way it works in case anyone wants to know.  That's why you really have to be in an awful way if you are young (20's or so) to be granted disability and you always need a lawyer.  I am going on and on - sorry.  Congratulations on your retirement.  You no longer need an alarm clock!  

[Annabellethecat66]

I only worked for the government for a few years (out of high school).

When I had my first baby I quit and never worked again.  My husband had me working for him when he first started his company and after he sold it (in between he had about 200 employees).

So the money he paid into it for me wasn't enough to count (money lost).

I always say that if he hadn't been so successful I'd be working at Walmart or somewhere because I didn't get social security and it's impossible to live on $2,000 a month.

I live on the investments and never touch the principal and I use the social security money.  I don't know how people are expected to live on such a small amount.  It's crazy!

My daughters are paying into it and will never get it.