Community Forums

Dcbenny · 06-11-2017, 03:49 PM

Retired at 60 can't wait for 2 more years so I have no regrets on taking it at 62 the only regret I have is I am home looking at this instead of in RV traveling somewhere just got back leaving in 2 weeks

rvethereyet · 06-11-2017, 05:00 PM

Quote:

Originally Posted by Dcbenny

Retired at 60 can't wait for 2 more years so I have no regrets on taking it at 62 the only regret I have is I am home looking at this instead of in RV traveling somewhere just got back leaving in 2 weeks

Nice. You are too funny. Thanks for sharing

texkayaker · 06-11-2017, 06:01 PM

Revethereyet, I have never been good at math but my simple math tells me I have collected about $306,000 total at 79 years of age. I can assure you I passed the break even point long ago. My contributions were no where near that amount.

u04601 · 06-11-2017, 07:01 PM

I won't regret it when I start taking it early at age 62. For me, my benefit statement tells me that I will get a monthly benefit of $722 at age 62, $990 at age 66.5, or $1267 at age 70. A simple spreadsheet shows that that cross over point for early vs full is at approximately age 77, near the median life expectancy of a US male.

June 2017 reported median life expectancy for US male - 76.4, female - 81.2

Mike H 2002 Revolution · 06-11-2017, 07:07 PM

See a lot of replies suggesting taking early. I recommend getting an analysis done and I can tell you I get far more by waiting. Let the numbers decide for you.

nothermark · 06-11-2017, 07:19 PM

I'm 72 and waited until 67 when I retired. Several friends took it at 62 because they were worried about not living long enough "to get their money back". Now they are getting pinched and wish they had the several hundred a month extra.

The point is that there is a school of thought that wants to maximize their total payout that suckers in a lot of us. If our health is good in our mid 60's then the chance of living significantly longer is very good. Translate that to you will wish you had the significantly larger payments you will get if you wait as long as you are working and not forced into early retirement.

Yes, I know one can collect it and invest it but conservative investing pays peanuts. That leaves you will sucker investments to get the "big bucks" but at high risk. You broker wins either way. How much you want to roll the dice with your retirement is up to you. We have seen that too. High risk means a good chance of losing.

UFO Pilot · 06-11-2017, 07:35 PM

My 8th grade class had about 70 of us. We are now 72 and 73 years of age. As far as I know about 25 to 30 are deceased now. Five of my close friends from that group died before their 70th birthday. I don't know if our group is average or not but that is a large percentage who collected nothing or very little of their Social Security.

My IRA money can be passed on to my heirs, SS can't be. The bottom line is I took mine at 62 and have never looked back.

Chiefig · 06-11-2017, 07:42 PM

you must have been working till 72 otherwise there was no reason to wait till 72 since all increases in ss stop at 70.

UFO Pilot · 06-11-2017, 07:43 PM

Quote:

Originally Posted by Chiefig

you must have been working till 72 otherwise there was no reason to wait till 72 since all increases in ss stop at 70.

Fixed it.

rvethereyet · 06-11-2017, 08:11 PM

Quote:

Originally Posted by texkayaker

Revethereyet, I have never been good at math but my simple math tells me I have collected about $306,000 total at 79 years of age. I can assure you I passed the break even point long ago. My contributions were no where near that amount.

That is a nice sum. when did you start taking SS? HAPPY TRAILS

rvethereyet · 06-11-2017, 08:14 PM

Quote:

Originally Posted by u04601

I won't regret it when I start taking it early at age 62. For me, my benefit statement tells me that I will get a monthly benefit of $722 at age 62, $990 at age 66.5, or $1267 at age 70. A simple spreadsheet shows that that cross over point for early vs full is at approximately age 77, near the median life expectancy of a US male.

June 2017 reported median life expectancy for US male - 76.4, female - 81.2

No regrets. Sounds like you got a plan. Good info. Thanks for sharing

Railhead · 06-11-2017, 08:14 PM

aquote here The OP’s question: Did you take SS benefits early and if so do you have regrets, is such a personal question that any answer has to be backed up with an explanation. For those who took SS early and 10 yrs later say they have no regrets they either financially planned for early reduced benefits or have learned to live on the resulting income.

If you plan on using advice on this forum to plan your financial future you are indeed in trouble. Pensions, savings, 401k’s, IRA’s, SS benefits and debt all play into a retirement plan. If you have any savings at all, and I presume most folks on this forum have at least some disposable income, get professional help. This forum is not that.
__________________
Tim

I am very interested in learning about this...in this forum. It is free advice. I don't have to pay a financial planner one red cent. Financial planning is a crap shoot anyway. Carpenter union pension fund. United Airlines Pilots retirement fund. Others I'll pass on. If you tell someone you have money in your mattress, or own precious metals, they will say you are crazy. Time will tell. The real question is...How much will it cost you to live? and can you afford it?

rvethereyet · 06-11-2017, 08:17 PM

Quote:

Originally Posted by Mike H 2002 Revolution

See a lot of replies suggesting taking early. I recommend getting an analysis done and I can tell you I get far more by waiting. Let the numbers decide for you.

There is one thing that everyone has agreed on...that is it all depends. Nothing wrong with info. Info is power. But no one has the power to predict the future. You will get more if you live long enough. Thanks for sharing

D00d · 06-11-2017, 08:21 PM

Quote:

Originally Posted by rvethereyet

As I am approaching retirement and SS is part of retirement...How many of you who took SS benefit early regret having done so. Or are you so glad you did. Now I know everyones situation is different. I have not thought much about it until recently and wanted some of your thoughts.

For me the difference is this.... My break even point where what I have collected at 62 is matched if I wait until 66-1/4 or 70. The answer is 76-1/2 if I wait until 66-1/4; 79 if I wait until 70. As the other posts have said each situation is different. I will start at 62.......in 6 months. ~Steve & Gaye