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Old 05-16-2008, 03:09 PM
 
16,092 posts, read 36,583,468 times
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I'm not sure if knowing you can retire at any time really makes it easier. I think it is worse in some respects!
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Old 05-16-2008, 03:09 PM
 
Location: Great State of Texas
86,093 posts, read 72,525,560 times
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As another poster stated..you can take it at 62 and then pay back at your full retirement age and start all over again with full SS payments.

For me that would be 4.5 years so if I plan to have that much in savings earning interest or appreciating, then I'm ahead of the game and get 4.5 years of early payments and still get full benefits at 66.5
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Old 05-16-2008, 07:33 PM
 
Location: SCCL, Lancaster, SC
444 posts, read 1,492,897 times
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I am 62 and I took my SS and it came exactly two months later than my 62nd birthday. We did the math and it didn't make sense to wait until 65.
The limitation on money earned only applies from 62 to 65 I believe. At 65 I will receive benefits from my retirement.

So, good luck all you retirees and future retirees. Enjoy, you deserve it!!!

Dunroven
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Old 05-16-2008, 07:34 PM
 
Location: southern california
55,667 posts, read 74,637,859 times
Reputation: 48179
i will grab it. need to do it b4 it runs out the great danger on any retirement money is when you apply they say sorry no can do.
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Old 05-22-2008, 04:27 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,994,499 times
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My husband and I will wait and see if we need it when I'm 62.5 if we are doing ok I will let it sit, but is nice to know that it's there (we hope) when we need to get it started. I like the previous poster that said they can draw on the SS and let the IRA continue to gain, I had not thought about that but he/she is very correct, something to consider
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Old 05-22-2008, 05:10 PM
 
2,317 posts, read 4,639,959 times
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well I would have another 13 years to collect at 62..who knows what will happen past then...
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Old 05-22-2008, 07:17 PM
 
48,516 posts, read 83,955,483 times
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I will take it when I'm 62 and even if I invest it i'll do better than letting the governamnt sit on it for basically free.
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Old 05-23-2008, 04:51 PM
 
Location: home...finally, home .
8,236 posts, read 18,519,100 times
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will take it when I'm 62 and even if I invest it i'll do better than letting the governamnt sit on it for basically free.

Yup.....
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People may not recall what you said to them, but they will always remember how you made them feel .
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Old 05-23-2008, 09:23 PM
 
Location: WA
5,395 posts, read 21,401,588 times
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Quote:
Originally Posted by texdav View Post
I will take it when I'm 62 and even if I invest it i'll do better than letting the governamnt sit on it for basically free.
Actually there is great benefit in the increased payments when you are older.

If you do take it at 62 and don't have to spend it, plan to pay it back (without interest) when you reach full retirement age and you can reapply for the larger payments and keep the earnings from the investment.
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Old 05-27-2008, 06:59 PM
 
Location: The Woodlands
130 posts, read 410,167 times
Reputation: 79
Hmmm I am questioning the rationale of paying it back. I guess if you take less over the time you receive payments than you get paid with full benefits that the formula works in your favor and you pay it back. I started at 62 and have a teenage son with an added $1000/month benefit as a result of me taking payments starting at 62. It is great to be retired, removed from the stress of corporate life. That should add years to life expectancy. The actual need for money in later years is less than the early years. Some people forget that. When you reach your 80's, you are not going to spend a lot of money anymore. You typically need a declining income but the investment companies will tell you otherwise. Their goal is to give your children the money and have you not lose anything. Uncle Sam does not want you to spend the money either. Take SS at 62 and run with it unless you will be depending on it for living. I use it for living and retirement money for playing ... well, sort of. Enjoy the last quality years of your life if you can.
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