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Old 02-21-2012, 10:44 AM
 
Location: New York, NY
305 posts, read 604,626 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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Old 02-21-2012, 10:55 AM
 
2,674 posts, read 2,543,314 times
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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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Old 02-21-2012, 11:09 AM
PDD
 
Location: The Sand Hills of NC
5,858 posts, read 5,789,437 times
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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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Old 02-21-2012, 11:26 AM
 
183 posts, read 207,116 times
Reputation: 184
I will be taking mine at 62, and my husband will wait till he's 66.
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Old 02-21-2012, 11:56 AM
 
4,749 posts, read 8,453,141 times
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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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Old 02-21-2012, 12:02 PM
 
57 posts, read 89,554 times
Reputation: 115
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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Old 02-21-2012, 12:11 PM
 
Location: Maine at last
399 posts, read 342,019 times
Reputation: 649
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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Old 02-21-2012, 12:13 PM
 
487 posts, read 353,250 times
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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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Old 02-21-2012, 12:14 PM
 
Location: WA
4,027 posts, read 12,945,798 times
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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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Old 02-21-2012, 12:18 PM
 
23,640 posts, read 19,130,724 times
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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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