Why I took Social Security at age 62 (2015, retired, gift)
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yep . many of us do just that . once you have your 35 highest years inflation adjusted working longer adds no more money unless it will bump lower years . for a lot of us we go part time first so the later years after 62 bump out no older years
I saw discussion about this issue on another message board, and the posters were not as friendly. They basically said:
Unless you could afford to wait until 70 to collect Social Security while taking 4% or less out of your retirement assets- without tapping into SS, you were not ready to retire and should go back to work. (In other words, a person had no business retiring unless they could finance their full retirement expenses out of pension and savings only from age 62-70.) Translation: the 85% of people who retire before 70 and who file for SS before that age are just crazy.
Wow, never knew this. Its all new to me. Heck I just found out a few months ago that your spouse can collect half your ss.
Couple more if you dont mind...
-If I wait till 70 Im guessing spouse also has to?
-Im about half way to the 35 year mark. Will my current projected ss numbers change alot over the next 15 years? I only see about an increase of 2-3%/year from here on out.
i don't agree with that . at the worst you will not have the option to delay as i said above because of limited assets but you can retire .
but you will get a reduced benefit which may or may not matter down the road . the wild card though is survivor benefits .
you taking it early effects your wifes benefits and if she needs to take survivor benefits before her fra there is another penalty .
a wife who has to take survivor benefits at 60 gets a 30% cut from the husbands full , has to now file taxes single , and loses one ss check . that may be devastating .
if you didn't have enough assets to delay ss than perhaps you have to think about the surviving spouse and what it means to them
Wow, never knew this. Its all new to me. Heck I just found out a few months ago that your spouse can collect half your ss.
Couple more if you dont mind...
-If I wait till 70 Im guessing spouse also has to?
-Im about half way to the 35 year mark. Will my current projected ss numbers change alot over the next 15 years? I only see about an increase of 2-3%/year from here on out.
Thanks!!
depends on a lot of things now with spousal benefits . if she has her own work record things get a little complicated
Can you delay collecting ss from say 62 to 70, not work and still collect full retirement ss at 70?
Yes as mathjak said many of us do. I do not intend to head back to work. I am 59 and retired. I live on my wife's income and the first of my pensions. A year from now I will get my second pension and 3 years from now my wife will take her SS. I will delay until FRA then decide.
Quote:
Originally Posted by Money Guru
I saw discussion about this issue on another message board, and the posters were not as friendly. They basically said:
Unless you could afford to wait until 70 to collect Social Security while taking 4% or less out of your retirement assets- without tapping into SS, you were not ready to retire and should go back to work. (In other words, a person had no business retiring unless they could finance their full retirement expenses out of pension and savings only from age 62-70.) Translation: the 85% of people who retire before 70 and who file for SS before that age are just crazy.
Whoever said that has a screw loose. I can tell you that there is no reason to wait if you cannot wait.
Here are the real reasons the average person should take SS at 62:
1. Your boss is a jerk.
2. Your boss micromanages you and prevents you from doing your work.
3. Your boss stinks.
4. Poor people get all kinds of government benefits. Taking SS at 62 is more likely to make you poor.
5. You need not rely on SS forever. Invent something or write books as successful as the Harry Potter books.
6. Our system of government favors the very rich and very poor. In between, you get stomped on.
7. One of the most valuable life skills is learning to get by on very little money.
On the other hand, in your 60's you're more likely to need expensive medical care than when you were younger. If your employer provides good medical insurance, you should keep your nose to the grindstone.
Lots of friends and relatives are just like me. They retired from full time work at age sixty two and got Social Security the minute it became available. Without Social Security they could not have retired if they wanted to keep their annual withdrawals at 4% or less. I can't get over how relaxed and happy they are. They are almost like new people. Intellectually they understood it was logical that they keep working well into their 60s and not collect benefits until 70. But after 45 years of working tough blue collar jobs, they just didn't want to. I hope that is OK with Congress, the Financial Media and the experts on the subject!
Quote:
Originally Posted by eok
Here are the real reasons the average person should take SS at 62:
1. Your boss is a jerk.
2. Your boss micromanages you and prevents you from doing your work.
3. Your boss stinks.
4. Poor people get all kinds of government benefits. Taking SS at 62 is more likely to make you poor.
5. You need not rely on SS forever. Invent something or write books as successful as the Harry Potter books.
6. Our system of government favors the very rich and very poor. In between, you get stomped on.
7. One of the most valuable life skills is learning to get by on very little money.
On the other hand, in your 60's you're more likely to need expensive medical care than when you were younger. If your employer provides good medical insurance, you should keep your nose to the grindstone.
I saw discussion about this issue on another message board, and the posters were not as friendly. They basically said:
Unless you could afford to wait until 70 to collect Social Security while taking 4% or less out of your retirement assets- without tapping into SS, you were not ready to retire and should go back to work. (In other words, a person had no business retiring unless they could finance their full retirement expenses out of pension and savings only from age 62-70.) Translation: the 85% of people who retire before 70 and who file for SS before that age are just crazy.
And how many people decide to wait until 70 and don't make it that long?
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