Getting Part or Full Benefits from Social Security (55, pensions, retired)

[Waterlily]

I just got my read out from Social security. They send them out now once a year.
If you were born between 1943 and 1954 then you won't recieve full benefits from social security until you are 66 years old. You can draw reduced benefits at age 62.

Your benefits would be reduced 25% if you draw it at age 62 or reduced 20% if you draw it at age 63. Now this was news to me.Somehow I thought if you were to draw at age 62 you'd only get half of your benefits. That would not be enough to do.

Now I'm thinking we might draw social security at age 63. It depends how things are at that time. We'll have 2 pensions too.

What are your plans as far as drawing S.S.? Will you wait until you are 66?

[maggiekate]

Originally Posted by Waterlily

I just got my read out from Social security. They send them out now once a year.
If you were born between 1943 and 1954 then you won't recieve full benefits from social security until you are 66 years old. You can draw reduced benefits at age 62.

Your benefits would be reduced 25% if you draw it at age 62 or reduced 20% if you draw it at age 63. Now this was news to me.Somehow I thought if you were to draw at age 62 you'd only get half of your benefits. That would not be enough to do.

Now I'm thinking we might draw social security at age 63. It depends how things are at that time. We'll have 2 pensions too.

What are your plans as far as drawing S.S.? Will you wait until you are 66?

I think I am going to wait til I hit 64

[yellowsnow]

The day I hit 62! When you're old, nothing is for sure. I'd rather collect a little than nothing at all.

[windflower]

I struggled with this question for a while myself but have decided that unless my financial situation absolutely compels me to start drawing SS early, I will wait until my full retirement age eight years from now.

I realise that this is somewhat like playing the Lottery: I'm betting that the SS system will be able to pay my "full" expected benefits from 2015 through ... oh well, let's be optimistic here as far as my longevity is concerned ... 2048.

[Waterlily]

Originally Posted by maggiekate

I think I am going to wait til I hit 64

That's a good choice too. Your benefits would only be reduced by 13 and 1/3%. I may decide to wait for that.
Getting your full S.S. would be ideal but I don't know if we'll want to wait that long.

[Gypsy-Moth]

I plan on waiting til I'm 66 to start drawing SS, and I might be living in Mexico when I do it.

[Bones]

The way I look at it is; Start @ 62 or 66, not in between.
Don't forget, medical does not start till 65 !!!

[maggiekate]

Originally Posted by Bones

The way I look at it is; Start @ 62 or 66, not in between.
Don't forget, medical does not start till 65 !!!

what is wrong with starting at 64? that way you gain extra money.

[cdelena]

This is an excellent summary of the SS issues being discussed...

http://www.foxnews.com/story/0,2933,265980,00.html

Sometimes it is good to start SS early but often better to wait. Read this article fully and then comment.

[Bones]

Originally Posted by maggiekate

what is wrong with starting at 64? that way you gain extra money.

You also get extra money if you wait till 65, even more if you wait till 70 !!!!!

My take is start early and get it for a longer period of time even at a reduced amount. Who knows what tomorrow will bring. My boss several years ago retired last day of November. The 15th of December he had a massive heart attack - never got his 1st pension or SS check !!!!