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View Poll Results: When did you (or when do you plan to) start taking Social Security benefits?
Age 62 66 55.00%
Age 63 2 1.67%
Age 64 3 2.50%
Age 65 10 8.33%
Age 66 19 15.83%
Age 67 or older 20 16.67%
Voters: 120. You may not vote on this poll

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Old 03-30-2010, 06:40 PM
GLS
 
1,985 posts, read 4,845,696 times
Reputation: 2408

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Quote:
Originally Posted by jim9251 View Post
I retired last year at 58. I am bringing home $100.00 a month less that I was when I was working. Plus I got a nice cash payout. I went to a Social Security seminar before I retired put on by the Social Security Administration. The guy putting it on asked this same question. Most people said 67. He asked, "what if you die at 63"? Well after the seminar, everyone changed their answer to 62.

When I turn 62, in 3 years, I will draw Social security and along with my monthly retirement income be making more each month that I did when I was working.

That's kinda cool.
Even though you don't state a dollar amount/month you are bringing in, the implication is that you don't really need the SS check now, and probably won't when you are 62. The "Devil's advocate" question then becomes can you get a better rate of return with the money if you start to draw at 62 vs waiting?

Also, the counterpoint question to the guy conducting the SS seminar is,
" what if you die at 97?"

You are in the enviable position of basically making the same income in retirement as you did working. Most people are not, and don't have your options, i.e. they need the SS to survive. Since you are not like most people, you are the only one who can decide which decision is better for you both financially and emotionally.
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Old 03-30-2010, 07:04 PM
 
Location: Western Colorado
11,081 posts, read 12,461,714 times
Reputation: 26084
GLS - you make a valid point. I cannot speak for anyone but myself. For me, drawing SSI at 62 makes the most sense.
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Old 03-31-2010, 12:11 AM
GLS
 
1,985 posts, read 4,845,696 times
Reputation: 2408
Quote:
Originally Posted by jim9251 View Post
GLS - you make a valid point. I cannot speak for anyone but myself. For me, drawing SSI at 62 makes the most sense.
Agreed. My situation is that I am now 63, and plan to wait until FRA (66), because I can still work now. I have no other "pension" (other than SEP IRA, etc) and want the SS to be higher to help in the years I won't be able to work. Also, with several chronic disease risk factors, my projected lifespan is about 80, so I don't want to delay starting drawing it until 70 because statistically, I won't break even. There are other factors in my decision, i.e. younger, working spouse, etc.

Therefore, I guess this illustrates your point that what's good for me isn't the best for someone else. I'm glad you are able to start at 62.

PS I once told someone that based upon a careful financial analysis, I will be able to retire six months after I die.
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Old 03-31-2010, 09:03 AM
 
Location: Western Colorado
11,081 posts, read 12,461,714 times
Reputation: 26084
OH don't get me wrong, I can still work. After 35 years in law enforcement, I'm done. I've had it. I want to live a normal life without carrying a gun everyplace I go. Now when you're 25, being 58 sounds really really old. It isn't. I'm healthy, young in spirit, and love being able to do what I want, when I want. No one is yelling at me anymore.

I have a friend who will work until he is 72 when they will force his retirement. He's 63 now. Work is his life, it defines him.

EW.
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Old 04-04-2010, 09:25 AM
 
Location: Los Angeles area
14,018 posts, read 17,726,438 times
Reputation: 32304
I can relate to what Jim9251 is saying when he writes, "I'm done. I've had it." Sometimes one's mental health is more important than maximizing a pension. High school teachers (of which I was one) are especially prone to burn-out, depending on their particular situation. Fortunately, I was able to hang on until 34 years of service at age 61 to get a decent pension, but I know some colleagues who bailed early because they were done (they'd had it). After 35 years in law enforcement, Jim9251 should have an excellent pension and in my book he has earned every penny of it.
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Old 06-19-2015, 05:02 AM
 
Location: RVA
2,164 posts, read 1,264,598 times
Reputation: 4451
I found this thread, which was 5 years before I even heard of C-D, humorous for many reasons. First because of its age, that this same topic just keeps going and going and going! Second, because the majority of the respondents are the same ones that still weigh in today about the same stuff.. Third, because of all the pre bull market comments about it inflation taking off, when instead it dropped. And lastly, because the SS rules did indeed change with regards to payback and starting over, and then doing a Roth conversion to take advantage of the negative or greatly reduced income. Now you can only pay back a years worth, and reset. Hard to make a good case to do that, that I can think of. Besides MJ, who's SS plan obviously changed big time from this thread, anyone else have a major change of heart since this oldie??
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Old 06-19-2015, 05:36 AM
 
Location: Duncan, Oklahoma
2,601 posts, read 1,230,629 times
Reputation: 2011
I answered that I would take social security at my full retirement age of 66. I will be 62 in October, and I have decided to go ahead and take the early benefit.

I plan to go online and sign up next month.
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Old 06-19-2015, 07:21 AM
 
Location: RVA
2,164 posts, read 1,264,598 times
Reputation: 4451
May I ask what changed your mind from 5 years ago? I'm especially curious because I am in the exact same frame presently. I'll be 62 in 4 1/2 years and I plan on taking it at FRA .
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Old 06-19-2015, 08:28 AM
 
2,429 posts, read 3,221,988 times
Reputation: 3330
I think I've seen a few people change their minds.

I haven't even retired yet, and so haven't made a decision...and I've changed MY mind....or can you change your decision if you haven't even made it yet....oh yeah that's called UNdecided INdecision
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Old 06-19-2015, 09:18 PM
 
9,352 posts, read 6,249,009 times
Reputation: 17631
I took Social Security at 66. The full retirement age. I am 69 and will be retiring next month right before I turn 70.

I picked 66 instead of later because of genetics. Both parents had heart surgery as did I in my 40s. My parents and sister all had cancer.

I took the sure thing and still worked at a job I love making great money. SS went to pay off house and all debts before my last day of work
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