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Old 07-01-2018, 04:05 PM
 
2,138 posts, read 1,150,540 times
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[quote=Mircea;52365804]No, they don't. I don't know where you got that information, but it's wrong. The average age is 64, and as of May 2018, there are 59,312,000 beneficiaries and 44,984,000 are 65 and older.
/QUOTE]

Actually, yes they do.

https://money.usnews.com/money/retir...ocial-security

Comparing current ages of beneficiaries has nothing to do with when they started.
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Old 07-01-2018, 04:07 PM
 
64,563 posts, read 66,100,109 times
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that article you posted is based on info years old , like 2013 . the age people have been filing has been going out longer and longer yearly . not only that but it states right in the article most are no longer filing at 62 and that was based on info back in 2013 . it clearly says in 2013 42% of men and 48% of women filed at 62 down from 60% of women in 2005 and 55% of men . it may be a popular age but most are not filing at 62 .



"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."
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Old 07-01-2018, 04:13 PM
 
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Jesus man, yes they do.

https://www.fool.com/retirement/gene...ecting-so.aspx

Average age doesn't mean a damn thing when a higher percentage of people take it earliest as possible. Average can be skewed and regardless an average has nothing to do with the original claim.
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Old 07-01-2018, 04:21 PM
 
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it has nothing to do with average age . you have the biggest clump taking ss at 62 but not the majority which is actually spread out over a wider range of years .

if 100 people are going to file and 40 file at 62 and 60 file at older ages , spread out over 7 more years , then most have not filed at 62. it only means that there was the biggest clump filing at 62 but that is still less than 1/2 of those who file . .

the latest data from may 2018 says delaying longer is still going on and now both men and women are a bit over 40% down from 60% in 2004 .

Last edited by mathjak107; 07-01-2018 at 04:33 PM..
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Old 07-01-2018, 04:33 PM
 
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The most people file for social security at age 62.

Most file at another age other than 62.

Both are correct. When comparing ages people collect at the first is likely more relevant. Especially since the data showed most collect earlier than fra. Which was really what this was about.

Yes, the gap is closing but most aren't waiting until fra and as a percentage 62 is the most popular age by a good margin still
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Old 07-01-2018, 05:42 PM
 
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i did not see any one claim most are waiting until fra . the statement was that most people file at 62 , and mircea said that was false . he is correct . the majority of filers are filing after age 62 . only a bit over 40% of filers for retirement benefits file at 62 .

this is only for retirement benefits , not kids , survivor benefits or ssdii

Quote:
Originally Posted by freemkt View Post
Turns out most people actually file for SS at 62. It's not clear how many are forced into it by health issues and/or unemployment.



it used to be true back in the early 2000's that the majority filed at 62 but no longer
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Old 07-01-2018, 06:38 PM
 
Location: Durham
1,710 posts, read 2,100,023 times
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If you have only SS coming, you really need to start something else NOW. SS was never intended to be a full retirement plan, only a supplement. People lost sight of that.

If your employer offers a 401K or simple IRA with any matching contribution, sign up for it your next work day. Matching contributions are a 100% return on your money right away. Best return of all. Learn to invest the money wisely, as you have some control over how it is invested. Take a class in finance if needed, or consult some qualified person you know.

If your company offers nothing, start an IRA on your own with a bank or financial adviser. Most people need more than SS will pay and you don't want to struggle in retirement.
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Old 07-01-2018, 07:37 PM
 
24,718 posts, read 26,785,278 times
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Quote:
Originally Posted by JOinGA View Post
A pension is not "someone else" taking care of you. Those of us with pensions contributed out of every paycheck all of our working lives to the pension fund. The pension system was part of our compensation package and is an earned benefit. Whether you can rely on the pension is another matter, but it is not being taken care of by someone else.
But my employer also contributes a ton of cash to the pension plan, much more than I do, so it's not like the employee is contributing the whole amount. In my case, my employer contributes more than 100% of my salary just toward the pension (people don't believe me when I tell them this, but it's true), because the pension plan is underfunded. And it's essentially a formula created by someone else. I want the flexibility to live my life by my formula, not someone else's. If you save only a minimum amount or nothing at all, in my opinion, you're letting someone else take care of you.
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Old 07-01-2018, 09:00 PM
 
Location: San Francisco Bay Area
4,150 posts, read 2,159,275 times
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Quote:
Originally Posted by mathjak107 View Post
most people don't have the assets or other income sources to layout and delay without working . they really have no choice as to when to take it. it is pretty much cut and dry because it is either work longer and delay , or stop working and file
For others it can be either stop working (either by retiring with a pension or just stop working by choice), live below your means for awhile (if necessary), and then file at Full Retirement Age.
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Old 07-01-2018, 09:44 PM
 
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"Letting someone else take care of you" will be more like "living under a bridge" in many cases.
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