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JMonroe · 06-15-2017, 08:33 AM

Those that talk about finding themselves "short" in later years further illustrate the point I and others have made, you need to consider your particular and specific circumstances when making the decision as to when to start taking SS. For most of us that will require seeking professional help.

If your sole or a majority of your retirement income will be that SS check then waiting for as long as you can may well make sense. It is the availability of other income sources, be it a pension, 401k or IRA that may alter the equation in favor of taking it early.

For our particular circumstances taking it at 62 made sense and to directly answer the OP question, we've not regretted it. For others it may not make sense. These many pages of responses illustrate that the answer really can't be found here.

rvethereyet · 06-15-2017, 01:29 PM

Quote:

Originally Posted by JMonroe

For our particular circumstances taking it at 62 made sense and to directly answer the OP question, we've not regretted it. For others it may not make sense. These many pages of responses illustrate that the answer really can't be found here.

Oh but you did answer the question as many others have. You took it early and have no regrets.

JohnBoyToo · 06-15-2017, 01:40 PM

One thought is whenever you DO take it, put it to use, don't expand your living expenses...
Either put it into a savings/investment vehicle, or pay off debt, or ....

nothermark · 06-16-2017, 01:38 AM

One has to be careful of "expert" advice. Their goal is not always your goal. It sounds good to start taking it before you really retire but conservative investments don't pay that well. Risky one's leave you sweating and maybe you lose. If one is still going to work anyway the increase per month is significant for holding off. Nobody else gets a piece of that action though. That tilts some advisors.

jpharley · 06-17-2017, 09:47 AM

I would have to be about 85 years old to make up the difference. Nope, I am going to enjoy it now. Besides, the federal government is betting on you dying before you take it at a later age so they do not have to pay anything.

vapor3000 · 06-17-2017, 10:08 AM

I retired at age 59 and started SS at 62. Never regretted it after 10 years of retirement. 40 years of working is plenty!!

Boomertx · 06-17-2017, 10:46 AM

Took it! Love it, no regrets at all!

rdrv831 · 06-17-2017, 10:47 AM

I helped my mother in law a dew years ago with this question. We wrote down what she was making at her job and the expenses (gas, food etc) per month then figured out what she would take home if she took SS early (63) and her retirement. It ended up being a about the same. Taking early SS allowed her to look after her dad for the last few years of his life without having to work. Financially it was a wash with the difference being that she didn't have to work and can live life doing what she wanted. Side effect her health improved now that she wasn't stressing about work etc. Each situation is different. I did the same with my mom and sure enough financially the numbers ended up being a wash.

My 2 cents.

P.s. I am only 45 son in have a long road aged if SS is still viable for me :-)

hoosierrun · 06-17-2017, 11:24 AM

Very long thread here, so couldn't read it all. If you take it early and big inflation comes back, you may be screwed. That is what happened to my Dad in the 70's. He retired at 60, drew his pension, and took SS at 62. Inflation ate up his buying power and he struggled financially in his later years.

My plan is to burn through a lot of my pre-tax money (IRA and 401K) since that combined with SS (if I took it) would put me in a pretty high tax bracket now. The Government will force me to take IRA and 401K withdrawals when I hit 71, so I should hold off on SS to limit the amount of maximum income I have in my late 60's. Right now I am comfortable, able to travel, financing the RV, and primary home taxes, insurance, and maintenance.

By taking my SS at 70, I also have some inflation protection built in. At age 66, I took spousal benefits against my wife's record and she is collecting her benefit. That more than pays the Medicare part B and a supplemental plan for both of us.

I am not concerned about collecting the most that I can over my lifetime. It is more about having good incoming cash flow for later years.

awol50 · 06-17-2017, 06:55 PM

Whenever the government says it is in my best interest to do something (wait on SS), I do the opposite.

Superslif · 06-17-2017, 07:20 PM

Three things: savings, other pensions or income, one's health and family history and ones spouses family longevity and his or her health. Sad to say my DW being a life long smoker will greatly factor into me waiting till 67. The only caveat is changes SS has in the future. I'm 54 now and retired a year ago.

awol50 · 06-18-2017, 03:59 PM

I think around 75% take SS at 62. Alot of reasons to do so, everyone with different circumstances.
Some crunch the numbers and feel comfy with the results. Some just do it and worry about the decision later. Some are pushed into it by health or employment problems.

rvethereyet · 06-18-2017, 05:46 PM

Quote:

Originally Posted by awol50

I think around 75% take SS at 62. Alot of reasons to do so, everyone with different circumstances.
Some crunch the numbers and feel comfy with the results. Some just do it and worry about the decision later. Some are pushed into it by health or employment problems.

So what have you decided to do?

nothermark · 06-18-2017, 06:05 PM

Provoked my curiosity.

The Most Popular Ages to Sign Up for Social Security | Retirement | US News

"Age 62. The most popular age to claim Social Security payments is age 62, the earliest possible age you can sign up. However, the proportion of people signing up for Social Security at age 62 has been declining since the mid-1990s, according to the Center for Retirement Research at Boston College analysis of Social Security Administration data. Some 48 percent of women and 42 percent of men signed up for Social Security at age 62 in 2013, down from around 60 percent of women and 55 percent of men in 2005, CRR found."

As noted, the number is dropping.

I expect at least part of that is because if one reaches 65 the chance of living another 15 - 20 years is continuing to rise and the number of people making it to 65 is continuing to rise.

I will also toss this in. If anyone cares to look up the number of folks who will depend on their SS payment for the bulk of their retirement is huge. That makes the decision for a lot of folks or, as I have seen, makes folks wish they had waited 10 years down the road. Most of those folks can't afford to be in a group like this.