Honored Contributor
Posts: 10,620
Registered: ‎09-22-2010

I took SS at full retirement age and had it deposited into a savings account.  I kept working for a few years more (I liked my job).  I paid cash for a new car with my SS.  I then retired from my job and took my pension as well as the SS.  I have never been sorry I took the SS before my actual retirement.

Frequent Contributor
Posts: 76
Registered: ‎03-16-2014

I know this sounds weird but Hubby is 12 years younger than me and we have been married 26 years. So he will be working for awhile yet.


Honored Contributor
Posts: 13,514
Registered: ‎07-15-2016

You should check the difference between collecting at 62 vs. at your full retirement age.  


"To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth. This example is based on an estimated monthly benefit of $1000 at full retirement age."


There's an easy to understand table  ....


From SSA website:

Honored Contributor
Posts: 13,913
Registered: ‎03-10-2010

@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.






Too many "if's" to suit me. Will I live that long as a starter? If not, I had no wife no kids, so it was an easy one. I've always been a: "bird in the hand" person anyways. My mom taught me that about 72 years ago. Appreciate what you have, and take care of it.


Lived my life that way and have had no reason  to change. Got $5 I "might triple" down and road? Nope, I'll stick with my $5, and be happy. 


Had company stock "they put it in an account" from their money, not mine. When I retired I crashed them all in, thankfully. My co-workers did not and their $$$ turned into pennies. Some worth 6 figures. 






Honored Contributor
Posts: 8,339
Registered: ‎03-20-2010

@esmerelda wrote:

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. 

Why is it sad? - it's reality.  It's not that I think I won't live that long - just a possibility.  "tomorrow isn't promised to anyone".   I took it as soon as I could and like I stated I knew too many who waited and  died before or shortly after taking it at the higher rate.  Even if I live to be over 100 will not be sorry I did that!!  Also by saving half of it every month that gives me more to draw on if I needed it later in life - probably now way more than what I would get if I waited those 3 extra years.  I feel sorry for those who wait and want the most which might be considered foolish waiting for just a small amount difference!   Cost it out. 

Trusted Contributor
Posts: 1,625
Registered: ‎03-12-2010

Re: Social Security

[ Edited ]

My DH took his at 62, but I am waiting until 70.  When I reached my full retirement age (66 for me), I qualified for spousal benefits and now receive a payment each month that is half of his monthly benefit.  My account can grow until I am 70 and then I will switch to my own account.  It is my understanding that you had to be born before 1954 to be able to do this strategy.  


To the OP:  It is interesting to read all the comments here, but this isn't a decision that should be made based on comments made by us.  Talk to your financial planner, your tax preparation professional, insurance person, etc.  There are so many factors to consider.  

Esteemed Contributor
Posts: 5,188
Registered: ‎03-11-2010

I took social security at 62 yrs and it saved me. 

Esteemed Contributor
Posts: 6,162
Registered: ‎03-10-2010

@kaydee50 Great advice! I recently did an 'apply & restrict' social security application. A lot of people are not aware of this option.


8% difference per year from 62 to 66, or whenever full retirement is, could make a difference if finances is an issue. But everyone's situation is different. Good luck with these decisions.      

"I took a walk in the woods and came out taller than the trees." Henry David Thoreau
Esteemed Contributor
Posts: 6,527
Registered: ‎03-10-2010

@chlema wrote:

@esmerelda That's not the reason so many of us opt to take it early.   I was told by the agent at Social Security that it would make more sense $ in my case to collect at 62.  Had nothing to do with not living till 65.  

@chlema Interesting. Did you ask or did the agent say why?

Keepin' it real.
Esteemed Contributor
Posts: 6,672
Registered: ‎03-10-2010

Re: Social Security

[ Edited ]

I am so glad I didn't have to make a choice.  I retired at 70 years of age and that is when I signed up for SS benefits.  Whether or not it is true I always heard you lose by signing early, but many here say that isn't true.  Since there are ways to determine if you benefit or lose it gives you the opportunity to determine which way to go.  Good luck in which ever you choose.

The moving finger writes; And having writ, Moves on: nor all your Piety nor Wit Shall lure it back to cancel half a Line Nor all your Tears Wash out a Word of it. Omar Khayam