Why I took Social Security at age 62 (acquaintance, inheritance, 2013)
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My DH had a managerial job with a large company. He can count 15 male friends, cousins, and coworkers that have died, none in an accident. Youngest at 59, oldest at 74. Most seemed to be around 70. Seems most from cancer or heart issues. I have lost one female friend to cancer at 59. Yes, I think some people think they are going to live to be 100!
I tend to avoid the "what if I die" scenarios because you really should plan financially for the opposite. But I think most of us would agree that getting to 85 for a man is an age you can't complain about. So if you work to 70 that means you have worked your entire life for a retirement that lasts only 15 years. And of course those are not healthy years for the most part.
Even if you like your job that does not make much sense to me if you can afford to retire a few years earlier.
except retiring is not a right , it is a privilege for those who can afford not to work . other wise the retirement plan here is work until you can't , like it or not .
but the fact is , once again , delaying ss without working is only for those with the assets to do so or other income sources . so how long you work is irrelevant for those folks . they can stop work whenever their assets say they can. delaying ss is a separate issue from how long they chose to work since they have choices .
I think retirement is a right if you work for forty five years like I did and put money into Social Security. (I worked from age 16 to 61) It is also a right if you put money into a retirement account to supplement Social Security payments, that will give me amount of money in retirement that allows me to cover my expenses and not depend on anyone else for support from age 62 on.
Where retirement from work is not a right-- is if someone stops working and is in good shape mentally and physically and expects the government or relatives to pay for your living expenses. Even though I don't have as much in savings as some of the other posters on this board, does not mean that I don't have a right to retire at age 62. My standard of living in retirement on $2500 a month is not high, but I get by just fine with the low cost of living in my small town with a house that is paid for, etc.
I think retirement is a right if you work for forty five years like I did and put money into Social Security. (I worked from age 16 to 61) It is also a right if you put money into a retirement account to supplement Social Security payments, that will give me amount of money in retirement that allows me to cover my expenses and not depend on anyone else for support from age 62 on.
Where retirement from work is not a right-- is if someone stops working and is in good shape mentally and physically and expects the government or relatives to pay for your living expenses. Even though I don't have as much in savings as some of the other posters on this board, does not mean that I don't have a right to retire at age 62. My standard of living in retirement on $2500 a month is not high, but I get by just fine with the low cost of living in my small town with a house that is paid for, etc.
I think what Mathjak is saying is that SS is a right, due to the nature of the SS administration's rules, but retirement is not. Retirement means not working any more, with or without having SS. I am going to retire next year, but won't have SS until 2019; they are not the same thing.
Edit: Posted this before MJ's post showed up. Sorry for the dupe..
i am not so sure ss is even a right . they can modify it anyway they want . they already have by removing some spousal benefit choices as well as pushing the ages out when you get it . one day it may be means tested as well , in fact it already is as some get taxed and have some taken away and some don't.
when we sold an asset in 2014 our 2016 medicare premium shot up 300% taking away 3/4's of my wifes ss check . so i wouldn't exactly call it a right
The Internet is full of articles telling us we should wait till we are seventy (70) years old to sign up for Social Security benefits. But most people ignore the articles and start collecting before their full retirement age. 40% collect at 62 and 70% before age 66. Only about ten percent will wait until they are 70.
But if you were only reading financial message boards you would think that nearly everyone waits until they are seventy.
Here is why I collected my benefits at age 62:
I was laid off my job at age 61 and could not find a new job. I could not stand for long periods of time and had terrible aches and pains. My body was shot. 40 years as a blue collar worker. I was over working.
I wanted to follow the logical rule that you should only take 4% a year out of your IRA and or 401K. I have no pension or other income.
Because of my assets, I needed a combination of my Social Security and the 4% annual withdrawal to cover my bills and minimum lifestyle. (And my minimum lifestyle was watching every penny and scaling down my comfort level significantly. It was $2500 a month in spending.)
My friends said I should just take out 9% a year out of my IRA and 401k until I reached 70 and then I could go down to a 2-3 percent withdrawal because my Social Security check would be 80% higher if I waited until I was 70. I thought about it but it seemed risky.
Did I make the right decision?
You probably did the right thing if for no reason other than peace of mind. If you live past 82, you will probably think you made a mistake.
I'm leaning toward taking at 62 because I think they'll eventually put up a wealth/income test to keep from paying me....might as well get what I can till then.
After paying into it for 40 years I think it's fair to say that receiving SS payments is a right.
we would like it to be , that is for sure .
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