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Old 06-09-2017, 09:58 AM   #1
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Anyone regret taking SS benefit early?

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.
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Old 06-09-2017, 10:03 AM   #2
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My investment guy told me I'd have to be in my seventy to make up for not taking early. But everyone s situation is different!
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Old 06-09-2017, 10:03 AM   #3
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I did and haven't regretted it a bit. Yes, I got less, but now that the DW died I got a $500 a month increase by claiming on her benefits. Had my benefit been higher from claiming my benefits later I would have gotten less or even no increase.
My family has long life, both parents lived till their mid 90's, grandmother to 104. My late DW's parents never lived past their 60's so that entered into the decisions too and some of those were made in 1998 when I retired at 51 after 30 years with the state.
Having you wife of 30 years die due to liver cancer treatments is not the best way to receive higher benefits though. I don't recommend it!
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Old 06-09-2017, 10:05 AM   #4
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Originally Posted by rvethereyet View Post
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.
Good questions. Wondering about the 62 vs 65 vs 67 ages.
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Old 06-09-2017, 10:06 AM   #5
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I did not take mine early, but I've been told many times that I should have!
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Old 06-09-2017, 10:18 AM   #6
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As you state, everyone has a different and personal situation that may dictate how you decide to proceed. In my case, I waited until 66 to take mine, my DW took hers at 62. I delayed mine based on a couple of factors. I am in good health, the yearly increase in SS per years after 62 worked out to an increase of about 8% per year. I could not count on getting that sort of increase anywhere in the market that I was willing to go. Also, by waiting until 66, my DW will be able to draw on my SS retirement at a higher rate than if I took it when turning 62, should I die. She will be able to get an increase due to my higher earning level over what her's was.

So, all that being said, it still is a personal decision and a bet against yourself. By that I mean you want to take as much now as possible because you may die before you draw much of your money from SS. I bet and won, some others maybe not.

Good luck with your decision.
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Old 06-09-2017, 10:21 AM   #7
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I think the rule of thumb is 10 years; that is, if you expect to live beyond age 72 (10 years) and you don't need the money early (at 62), your're better off waiting to take your SS at 72 or later. Also, more ways than one to 'take' your SS, that I have heard about but don't understand. Check with your adviser or SS.
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Old 06-09-2017, 10:26 AM   #8
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It is MOL math so I can't imagine there's a reason to not take it when you can.....

IMO; If you take it early and don't need it than you can invest and very likely do better overall. Maybe not but worth the risk IMO.

If you take it early because you need it ..... speaks for itself.
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Old 06-09-2017, 10:27 AM   #9
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I did not take mine early, but I've been told many times that I should have!
I think there is more to this story... care to share?
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Old 06-09-2017, 10:29 AM   #10
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I am probably going to use these folks when I get close:
SSAnalyze - Bedrock Capital Management
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Old 06-09-2017, 10:29 AM   #11
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Good questions. Wondering about the 62 vs 65 vs 67 ages.
Thanks for the reply. Lets stay on track
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Old 06-09-2017, 10:29 AM   #12
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My investment guy told me I'd have to be in my seventy to make up for not taking early. But everyone s situation is different!
Interesting. My investment guy told me not to claim at 62 unless I needed the money to live on, which I don't as the wife is still working, and I work part time as well as drawing a pension. He said every year I wait I gain an additional 8% in benefits. Of course, he also said it's a gamble either way - you are just betting on how long you will live. If you think you'll live well into your 70's and into your 80's, then you'll be better off delaying. If you think you'll pass earlier than that, you should file early. So, I held off for now. I may file when I turn 65 as my circumstances will change then in regards to healthcare. (Medicare and supplements, vs a generous employer plan for pre-65 retirees). And, if the wife wants to continue to work, I may hold off a little longer - but certainly I see claiming by 66 or 67. I don't see waiting any longer than that. 8% per year is a pretty nice incentive.
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Old 06-09-2017, 10:29 AM   #13
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There are over 8,000 different ways to draw social security. Please seek out an expert.

The only experience I can share is from hearing someone that said to take it as early as possible and knowing someone that passed to early to draw anything.
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Old 06-09-2017, 10:30 AM   #14
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As you state, everyone has a different and personal situation that may dictate how you decide to proceed. In my case, I waited until 66 to take mine, my DW took hers at 62. I delayed mine based on a couple of factors. I am in good health, the yearly increase in SS per years after 62 worked out to an increase of about 8% per year. I could not count on getting that sort of increase anywhere in the market that I was willing to go. Also, by waiting until 66, my DW will be able to draw on my SS retirement at a higher rate than if I took it when turning 62, should I die. She will be able to get an increase due to my higher earning level over what her's was.

So, all that being said, it still is a personal decision and a bet against yourself. By that I mean you want to take as much now as possible because you may die before you draw much of your money from SS. I bet and won, some others maybe not.

Good luck with your decision.
Those are some good things to think about. Thanks
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