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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 disagree with pretty much every one of these notions.
No way would I give up a job and be in a worse financial position because (1) my boss was a jerk or (3) my boss stunk. I certainly would not give up a job because my boss was (2) a micromanager. In any case it seems none of these apply to the OP. The OP lost his/her job and was unable to find another.
I would also disagree about the supposed (4) benefits and (6) advantages of being poor. It is much better to have money than try to get by without. Fortunately, again, this does not seem to apply to the OP who will be able to get by with social security and their investments.
The idea of (5) writing a best selling book or coming up with some major invention is just plain silly. If you think either is easy, go right ahead and try.
Finally I would have no praise for (7) learning to get by on very little money. Most of us have been there at least sometime during our lives. Getting by with little may be a necessity but it is not fun and not some remarkable skill.
My H died and I get Widow's Benefits from SS. I will lose them when I collect my own SS. I am hoping to hold out on collecting my SS till FRA. But just knowing they are available when I am 62 makes me rest a lot easier! I don't know if I will make it but I will do the best I can. I don't think there is even a small chance of me holding out till 70! I just figure anything extra I can get by holding out a few more years is gravy!
by the way no one who has the assets to delay safely waits until 70 to take more money . they take the draw they want day 1 and just refill later
I have assets to delay and I can convert my SS payment into a lump sum at 62 of $375,000 or about $660,000 at 70. I'm spending what I want today and this is just a nice 70th birthday gift to myself. So yeah, my spending will go WAY up at 70.
I believe you made the right decision. I am curious as to what you plan to do for health insurance. My husband and I have discussed various retirement scenarios, but health insurance has been the biggest obstacle to early retirement.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,080 posts, read 7,533,882 times
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YMMV
We took SS at first opportunity.
5 years of tax free SS.
New health issues (me) make taking early SS a very wise choice. We'll know the extent of the health issue on the reading of the second CT scan.
Currently 66/69. Took SS at 62/64
If I hear one more person reference the 8% increase as if it starts at age 62 my head will explode. At 62 the increase is 5%, it gradually goes up from there but does not increase to 8% until FRA to age 70.
If I hear one more person reference the 8% increase as if it starts at age 62 my head will explode. At 62 the increase is 5%, it gradually goes up from there but does not increase to 8% until FRA to age 70.
That is all.
I understood that from 62 to FRA, it was a consistent ~5%/year; and from FRA to 70 is a consistent ~8%/year. Is that incorrect?
edited to add: Never mind. I misread your post the first time through. Dontcha just hate it when the fingers type faster than your brain can comprehend?
If I hear one more person reference the 8% increase as if it starts at age 62 my head will explode. At 62 the increase is 5%, it gradually goes up from there but does not increase to 8% until FRA to age 70.
That is all.
no it is not 5% .
early retirement and delayed retirement use increases based on different reference points . they are not comparable .
after fra you get increased 8% a year off the fra amount so we can put that to bed .
pre fra for someone who's retirement is 66 it varies .because it is a discount off full .
if your full benefit is 100 .00 dollars than your .
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