U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
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

Reply Start New Thread
 
Old 02-22-2010, 05:07 PM
 
Location: Red Hook,NY
30 posts, read 64,849 times
Reputation: 15

Advertisements

It is a good idea to file for benefits at age 62 and continue workings if you desire. If SS benefits change due to legislation, you would be exempt from the change.
Reply With Quote Quick reply to this message

 
Old 02-22-2010, 06:10 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
Reputation: 13936
Quote:
Originally Posted by cdelena View Post
SS is a really attractive program when compared to any other annuity so if you are able and have health and genetics on your side delaying until 70 to get the maximum is a good option.

I plan to spend down my retirement portfolio (mostly IRA) until 70 so that I can spread the tax load before SS, reduce the MRD after 70, and maximize SS payments. Of course a change in government policies or my health could screw up the plan.
I want to wait until I am 70 to maximize what I get. Got another 8 years to go.

Genetics are on my side. I am 62 and still have a living grandma.

Grandparents ages at death.

Grandfather on fathers side was 88
Grandmother on fathers side was 96
Grandfather on mothers side was 82
Grandmother on mother's side is 103 and still kicking in New Mexico. She lives with her daughter who is in her 80's.

Great grandmother on mothers side lived to be 104
Great grandmother on fathers side is unknown. Let's just say there was a farm girl, a hayloft and a traveling salesman but they did get married. Yeah, this sort of thing happened 100 years ago.

With two exceptions everyone in the last 100 years was considered to have died young if they didn't live to at least 75 with 90 being normal.

So I got to maximize because my genes are working for or against me depending how you look at it.

Our plan is for my wife to start collecting hers when she is 62 which isn't far off.
Reply With Quote Quick reply to this message
 
Old 02-22-2010, 06:34 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
Reputation: 13936
Big excitement coming.

Five generation pictures are rare enough but if grandmother is alive in six more months we will get our families first six generation photo.

Baby, mother, grandmother, great grandmother, great-great grandmother and great-great-great grandmother all living and all in the same photo. When the photo is taken great-great-great grandmother (born 1906) is seated holding the baby with the remaining 4 standing behind.

25 years ago there were a lot of five generation pictures when grandma Bessie was alive. Grandma Bessie was supposed to have been born in South Dakota where the family homesteaded (northwest of Rapid City the ranch is still in the family) but her parents had to wait until the army went in and put down the Indians who were making trouble. After the Indians were controlled (Wounded Knee happened several years later) the young family left Minnesota to South Dakota in a covered wagon.

100 years later whenever a new baby arrived all the grandma's (all in good health and living independently) would board an airline flight so a photo could be taken.

Grandma Bessie had a habit where every day except Sunday she would go to the "Saloon" and drink one beer then go home. She hated Indians with a passion to the point of sometimes being embarrassing but she was 102 and drinking a beer so what were you going to do? Absolutely no use for Indians, the army should have killed em all. No kidding.

She died at 104 in her own home in her own bed. The day before she was working in her garden (Rhubarb), had her beer and went to bed. The next morning she woke up, called for her daughter (grandma) who was visiting and when grandma walked in great grandmother said "I'm dying", fell back on her pillow and died instantly. We don't think she ever spent an hour in a hospital her entire life.

Anyway, we're all excited and I really need to take a trip out to New Mexico to see grandma.
Reply With Quote Quick reply to this message
 
Old 02-22-2010, 06:47 PM
GLS
 
1,985 posts, read 4,845,696 times
Reputation: 2408
Quote:
Originally Posted by nicet4 View Post
I want to wait until I am 70 to maximize what I get. Got another 8 years to go.

Genetics are on my side. I am 62 and still have a living grandma.

Grandparents ages at death.

Grandfather on fathers side was 88
Grandmother on fathers side was 96
Grandfather on mothers side was 82
Grandmother on mother's side is 103 and still kicking in New Mexico. She lives with her daughter who is in her 80's.

Great grandmother on mothers side lived to be 104
Great grandmother on fathers side is unknown. Let's just say there was a farm girl, a hayloft and a traveling salesman but they did get married. Yeah, this sort of thing happened 100 years ago.

With two exceptions everyone in the last 100 years was considered to have died young if they didn't live to at least 75 with 90 being normal.

So I got to maximize because my genes are working for or against me depending how you look at it.

Our plan is for my wife to start collecting hers when she is 62 which isn't far off.
I am willing to send you a small stipend beginning when you hit 63, if you can send me some of your family's genetics.
Reply With Quote Quick reply to this message
 
Old 02-22-2010, 06:49 PM
 
Location: High Cotton
6,131 posts, read 6,440,063 times
Reputation: 3657
Quote:
Originally Posted by nicet4 View Post
I want to wait until I am 70 to maximize what I get. Got another 8 years to go.

Genetics are on my side. I am 62 and still have a living grandma.

Grandparents ages at death.

Grandfather on fathers side was 88
Grandmother on fathers side was 96
Grandfather on mothers side was 82
Grandmother on mother's side is 103 and still kicking in New Mexico. She lives with her daughter who is in her 80's.

Great grandmother on mothers side lived to be 104
Great grandmother on fathers side is unknown. Let's just say there was a farm girl, a hayloft and a traveling salesman but they did get married. Yeah, this sort of thing happened 100 years ago.

With two exceptions everyone in the last 100 years was considered to have died young if they didn't live to at least 75 with 90 being normal.

So I got to maximize because my genes are working for or against me depending how you look at it.

Our plan is for my wife to start collecting hers when she is 62 which isn't far off.
Quote:
Originally Posted by nicet4 View Post
Big excitement coming.

Five generation pictures are rare enough but if grandmother is alive in six more months we will get our families first six generation photo.

Baby, mother, grandmother, great grandmother, great-great grandmother and great-great-great grandmother all living and all in the same photo. When the photo is taken great-great-great grandmother (born 1906) is seated holding the baby with the remaining 4 standing behind.

25 years ago there were a lot of five generation pictures when grandma Bessie was alive. Grandma Bessie was supposed to have been born in South Dakota where the family homesteaded (northwest of Rapid City the ranch is still in the family) but her parents had to wait until the army went in and put down the Indians who were making trouble. After the Indians were controlled (Wounded Knee happened several years later) the young family left Minnesota to South Dakota in a covered wagon.

100 years later whenever a new baby arrived all the grandma's (all in good health and living independently) would board an airline flight so a photo could be taken.

Grandma Bessie had a habit where every day except Sunday she would go to the "Saloon" and drink one beer then go home. She hated Indians with a passion to the point of sometimes being embarrassing but she was 102 and drinking a beer so what were you going to do? Absolutely no use for Indians, the army should have killed em all. No kidding.

She died at 104 in her own home in her own bed. The day before she was working in her garden (Rhubarb), had her beer and went to bed. The next morning she woke up, called for her daughter (grandma) who was visiting and when grandma walked in great grandmother said "I'm dying", fell back on her pillow and died instantly. We don't think she ever spent an hour in a hospital her entire life.

Anyway, we're all excited and I really need to take a trip out to New Mexico to see grandma.
That's great!!!
Reply With Quote Quick reply to this message
 
Old 02-22-2010, 08:39 PM
 
Location: Chapel Hill, N.C.
36,484 posts, read 43,738,878 times
Reputation: 47257
I'm 63 and have not had a paying job for at least 15 years and don't expect to for the rest of my life, although I do have income from rental property.

I started taking SS as soon as I was eligible. Am I correct to say my amount of SS benefits would not have been any higher if I waited till 65 or even 70 because I was not employed and didn't plan on being employed?
Reply With Quote Quick reply to this message
 
Old 02-23-2010, 12:08 AM
 
Location: WA
5,392 posts, read 21,385,099 times
Reputation: 5884
Quote:
Originally Posted by no kudzu View Post
...
Am I correct to say my amount of SS benefits would not have been any higher if I waited till 65 or even 70 because I was not employed and didn't plan on being employed?
Actually the monthly amount would be higher but the total might not be more as you started drawing earlier. Here is what SS says...

'As a general rule, early or late retirement will give you about the same total Social Security benefits over your lifetime. If you retire early, the monthly benefit amounts will be smaller to take into account the longer period you will receive them. If you retire late, you will get benefits for a shorter period of time but the monthly amounts will be larger to make up for the months when you did not receive anything.'

Depending upon your expected life expectancy and that of your spouse waiting for a larger payment can be an advantage. Analysis generally shows that married women should take Social Security benefits early and married men and single women should take Social Security benefits late.
Reply With Quote Quick reply to this message
 
Old 02-26-2010, 01:00 PM
 
Location: North Louisiana
42 posts, read 142,798 times
Reputation: 67
I will semi-retire in about 3 hours. Social Security benefits start in three days (my 62nd birthday). After a short vacation I will continue to work for the same company on a very limited part-time basis with greatly reduced work hours, less responsibility and much less stress until my wife retires in a few years. Fortunately her job provides the health insurance and other benefits such as life insurance, long term care, etc. It's reassuring to know most others have no regrets about taking SS at 62.
Reply With Quote Quick reply to this message
 
Old 02-27-2010, 04:22 PM
 
29,764 posts, read 34,851,819 times
Reputation: 11675
Quote:
Originally Posted by Ranrich View Post
I will semi-retire in about 3 hours. Social Security benefits start in three days (my 62nd birthday). After a short vacation I will continue to work for the same company on a very limited part-time basis with greatly reduced work hours, less responsibility and much less stress until my wife retires in a few years. Fortunately her job provides the health insurance and other benefits such as life insurance, long term care, etc. It's reassuring to know most others have no regrets about taking SS at 62.
The regrets don't kick in until about 79-94 if at all.
Reply With Quote Quick reply to this message
 
Old 02-27-2010, 04:27 PM
 
28,231 posts, read 39,872,938 times
Reputation: 36735
I'm hedging a bit on my answer as I'm not yet retired (semi-retired Mrs. Tek says), but I just finished my application for SS today and should start getting checks in July. Working part time will probably keep me under the max for earnings and even if it doesn't the earn/lose ratio isn't anything to get excited about. Of course if the rest of this year is as busy as February I'll be paying them!

Beam me up, Scottie!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top