Community Forums

ArmandV · 06-19-2017, 03:50 PM

Quote:

Originally Posted by Cover Dog

The fourth Wednesday of this month I will get my first Social Security check. I turned 64 on May 30. If I waited till I was 65 it would take me 13.4 years to make up the money I would've lost by not taking it at 64. I'm not a gambler but this seemed like the best choice for me. My lifestyle is healthier than my parents but my dad died at 66 and my mom at 67.

I am healthier than my parents at 63 when they were at my age. My dad died at 71 and my mom died at 76. That played a big part into my thinking when I decided to collect at 62. I am not a big gambler either.

SS is not the big part of my income. Just a little icing on the cake.

As I said earlier, no regrets.

Crabby Mike · 06-20-2017, 07:00 AM

Neither early nor late seemed like the perfect solution to us, so we're opting for the middle ground. I'll file at FRA (66 for me) in less than two years, and a few months later DW will turn 66 and "file and restrict." She's one of the last who will be allowed to file for spousal benefit only, while letting her own benefit grow 'til 70. (Only works for people born before 1/1/54.)

We did the same "break-even" analysis as everyone else, and lots of spreadsheets, but in the end the deciding factor for us was that we didn't "need" to take it at 62 (I was still working part-time), so we could afford to let it grow, at least for awhile. We have enough other income (investments, IRAs, and a small pension) to be comfortable now, and we were more afraid of needing the higher benefit later than of leaving money on the table when we die. To me, the scariest possibility is to outlive your money.

manderson2228 · 06-20-2017, 07:09 AM

As a guy in his late 30's. I'd be happy to get any benefits at any time. Entire thing is a big ponzi scheme anyways... Wish they would give me my money back i paid in and not pay me anything.

rvethereyet · 06-20-2017, 07:38 AM

Quote:

Originally Posted by Crabby Mike

Neither early nor late seemed like the perfect solution to us, so we're opting for the middle ground. I'll file at FRA (66 for me) in less than two years, and a few months later DW will turn 66 and "file and restrict." She's one of the last who will be allowed to file for spousal benefit only, while letting her own benefit grow 'til 70. (Only works for people born before 1/1/54.)

We did the same "break-even" analysis as everyone else, and lots of spreadsheets, but in the end the deciding factor for us was that we didn't "need" to take it at 62 (I was still working part-time), so we could afford to let it grow, at least for awhile. We have enough other income (investments, IRAs, and a small pension) to be comfortable now, and we were more afraid of needing the higher benefit later than of leaving money on the table when we die. To me, the scariest possibility is to outlive your money.

Question Crabby. WHo told you spousal benefit was only good for those born before 1/1/54? You may be right but I do not understand it like that.

rvethereyet · 06-20-2017, 07:48 AM

Quote:

Originally Posted by Mr_D

The question was: Anyone regret taking SS benefit early"

My answer was "NO"

Gotcha MR D. I thought you were answering the previous post. NO regrets.

Weather or not it is the best financial decision, after 22 pages of responses 99.5% have no regrets about taking SS early. Thanks for sharing

nothermark · 06-20-2017, 07:50 AM

Quote:

Originally Posted by rvethereyet

I did nt want to sign up for something. Please tell us what the secret $16K + is and how I can get it.

You follow the 18 pages of clickbait and let us know...

I would not have bothered but thought it worth pointing out that the first thing I check is the number of pages in the article. When I see p1 of 18 or something similar I it tells me they want my attention but are not going to tell me any more than they can help.

JohnBoyToo · 06-20-2017, 07:55 AM

https://faq.ssa.gov/link/portal/3401...ement-benefits

nothermark · 06-20-2017, 07:55 AM

Quote:

Originally Posted by Mr_D

The question was: Anyone regret taking SS benefit early"

My answer was "NO"

If you are saying you have no regrets that's fine.

I am saying that I know people who have done it at 62 and regret it at 72 give or take a few years as they started running short of play money because the doctor bills started coming in and the investments stopped paying more than a few per cent. That is aside from the one's I know who are still working in their 70's.

Crabby Mike · 06-20-2017, 08:00 AM

Quote:

Originally Posted by rvethereyet

Question Crabby. WHo told you spousal benefit was only good for those born before 1/1/54? You may be right but I do not understand it like that.

No, not the spousal benefit, just the ability to restrict your claim to spousal only, letting your own grow until you switch to it later. That was one of the changes made a couple of years ago, along with ending the "file and suspend" strategy.

rvethereyet · 06-20-2017, 08:05 AM

Quote:

Originally Posted by JohnBoyToo

https://faq.ssa.gov/link/portal/3401...ement-benefits

Thanks john boy

rvethereyet · 06-20-2017, 08:07 AM

Quote:

Originally Posted by Crabby Mike

No, not the spousal benefit, just the ability to restrict your claim to spousal only, letting your own grow until you switch to it later. That was one of the changes made a couple of years ago, along with ending the "file and suspend" strategy.

I did not know that was changed. Thanks for the update and clearification

rvethereyet · 06-20-2017, 08:12 AM

Quote:

Originally Posted by manderson2228

As a guy in his late 30's. I'd be happy to get any benefits at any time. Entire thing is a big ponzi scheme anyways... Wish they would give me my money back i paid in and not pay me anything.

Good luck to you in the future.

A32Deuce · 06-20-2017, 08:28 AM

Quote:

Originally Posted by rvethereyet

Good luck to you in the future.

I hope you are already 10 years,into saving for your retirement!

Crabby Mike · 06-20-2017, 08:48 AM

Quote:

Originally Posted by manderson2228

As a guy in his late 30's. I'd be happy to get any benefits at any time. Entire thing is a big ponzi scheme anyways... Wish they would give me my money back i paid in and not pay me anything.

Mike, for what it's worth, when I was your age, I figured my SS contributions were just $$ I'd never see again. Now, lo and behold, it's 30 years later, and I'm about to start collecting. Who knows, you may see a miracle too.