Community Chat

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@Pearlee wrote:

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@BornToShop wrote:

I just turned 65 & want to retire now before my retirement age of 66.  I have researched that my monthly payment would be $170 per month less if I retire now.  My first question is, does that amount minimize the closer you get to 66?  For example, I am 8 months to 66.  Does the $180 gap become less if I retire 4 months or so before 66?  My second question is, should I take IRA/401k withdrawals until 66 to ensure maximum Social Security payments?  TIA!  

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@BornToShop  I think there is a chart on the SS site that tells you exactly how much more you'd get per month.   I've grappled with this myself, and am choosing not to receive my benefits until age 70 (I turned 66 already so already qualify for them) when I'll receive 8% more (the max I could get).   But I seem to remember there is a lot of info on that site, including a chart that lets you know exactly what amount per month more you'd get.

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That chart on the website is only an estimate.

Around this time of year, you can check the website to see your specific income reported to SSA each year you worked.    But even at that, your monthly SS check is still an estimate.

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@CelticCrafter wrote:

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@Sooner wrote:

There's also the question is you retire earlier, take the ss income and bank it, how much would you have in the bank by the later retirement age, and how long would it be before you made up that amount.  

You can take it early then pay back and get a higher amount in some instances or it used to be that way.

Lots of numbers to shuffle and you need someone who knows the angles.  It isn't just about the difference per month to think about.  It's your total financial situation.

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@Sooner - the reason I decided to take mine as soon as I could at 62.  

#1 - it would have taken 13 years to make up what I left on the table while waiting for a higher amount.

#2 - if I died before collecting any of it, no one would receive any of what I paid into it.

I dont' regret the decision one bit.

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I so agree

I retired at 65 + 1 month.    

If I had waited until full retirement (66) my monthly check would have been $50 higher.

I had already adjusted my lifestyle & the extra $50 was not worth it to me to stay in an intense job with a long commute.  My health was already going downhill  I've never regretted a minute of it.

This will sound flip but it's only money.     I'm sad when I read posts from people who worry themselves crazy over decisions like this.   

[this is my nic]

DH, the engineer, worked out both scenarios and came to the right decision for us was to start SS early.  He's very detail oriented, so he considered everything in his computations.  

[topcat10]

@NicksmomESQ, I believe I said that a lot of factors come into play and that SSA will not know until they look at her record (every claim is different)....so if anyone is receiving a pension from their employer and have 30 years of coverage (substantial years of Social Security earnings), then they are fully exempt from the Windfall Elimination Provision - if not, then yes ma'am their SSA benefit amt will be affected....so I do not know that she is receiving or will be receiving a future pension from her employer - I just mentioned that because that is looked at also and will definitely come into play in the monthly benefit amt....so if your friends say that they are receiving their full SSA amt, then they are "fully exempt' and as stated above, every claim is different.

[topcat10]

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That chart on the website is only an estimate.

Around this time of year, you can check the website to see your specific income reported to SSA each year you worked.    But even at that, your monthly SS check is still an estimate.

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EXACTLY!!!!!!!!!......Everything is an estimate, until that claim goes into the SSA office and is examined!