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Unread 02-21-2012, 10:44 AM
 
Location: New York, NY
298 posts, read 552,651 times
Reputation: 75
Default Collect Social Security at 62 or 66?

If you're retired at 62 and don't need the money, would you take S.S. at 62 or would you wait to 66?

I took it at 62 since my calculations indicated that I would be ahead of the game through age 80.

If you collect at full retirement age, 66, you will have to wait until 80 to break even when compared to those who started collecting at 62. If you kick off before that, you lost money.

It's a gamble but I figure I would have more fun with the money in my 60's and 70's, than on medical bills in my 80's.
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Unread 02-21-2012, 10:55 AM
 
2,591 posts, read 2,090,558 times
Reputation: 3035
I am 62 and so far not collecting. I will try and wait until 66 because we don't need the money but if it appears that there will be slashes to social security then I'll run to collect.
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Unread 02-21-2012, 11:09 AM
PDD
 
5,319 posts, read 4,494,662 times
Reputation: 5448
Quote:
Originally Posted by SHEPNYC View Post
If you're retired at 62 and don't need the money, would you take S.S. at 62 or would you wait to 66?

I took it at 62 since my calculations indicated that I would be ahead of the game through age 80.

If you collect at full retirement age, 66, you will have to wait until 80 to break even when compared to those who started collecting at 62. If you kick off before that, you lost money.

It's a gamble but I figure I would have more fun with the money in my 60's and 70's, than on medical bills in my 80's.
Agree , I made the same calculations as you and planned to start collecting at 62. Unfortunately of fortunately depending how you look at it I had to apply for disability payments at age 60 and that amount was based on my 66 YO full retirement benefits. So I have been collecting the full amount for the last 8 years.
I would much rather have waited to 62 to retire but that was not possible.
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Unread 02-21-2012, 11:26 AM
 
168 posts, read 163,885 times
Reputation: 174
I will be taking mine at 62, and my husband will wait till he's 66.
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Unread 02-21-2012, 11:56 AM
 
4,611 posts, read 7,538,099 times
Reputation: 5620
How much of a difference in Social Security payments if you wait to collect until age 70 or perhaps 75, 80 or even 90?
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Unread 02-21-2012, 12:02 PM
 
55 posts, read 72,724 times
Reputation: 105
Take it as 62. You never know what may happen. You can die at 63. Plus if you need money, then just a get a small part time job. A bird in the hand is worth 2 in the bush!
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Unread 02-21-2012, 12:11 PM
 
Location: Maine at last
399 posts, read 270,023 times
Reputation: 646
Taking it at 62 without a doubt. Health concerns and the odds pretty much force me in that direction. My wife I believe will wait until 66 to get a bigger amount.
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Unread 02-21-2012, 12:13 PM
 
475 posts, read 279,923 times
Reputation: 956
I am collecting mine at 62 - 17 months, 10 days away. Plan on working part time to supplement. Cant stand this horrible rat race, traffic, azzholes. Zippity-doo-dah
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Unread 02-21-2012, 12:14 PM
 
Location: WA
3,848 posts, read 11,520,821 times
Reputation: 2549
Depends upon your tax situation and what you might be doing regarding other savings that may be impacted by government rules at 70. It is not always a simple calculation.
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Unread 02-21-2012, 12:18 PM
 
22,361 posts, read 16,818,722 times
Reputation: 5007
Quote:
Originally Posted by cdelena View Post
Depends upon your tax situation and what you might be doing regarding other savings that may be impacted by government rules at 70. It is not always a simple calculation.
And now with so much uncertainty about government policy it is even more difficult.
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