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Thanks, Bideshi. My husband decided to take retirement at 63 because he was exhausted from upper level corporate life. Now, due to health reasons, he feels he made the right decision. He will start to draw in May this year.
The reduction for him is less than 25% (I am thinking the 20% range), but still reduced payments. I have been reluctant to do this still having a mortgage, trying to sell at the worse time possible, and not knowing, like you mentioned, just how long one has to live. Will we collect long enough that the reduced payments make up for what we are forfeiting by retiring early?
It is a quandry that I wish we didn't have to deal with, but that must puzzle many.
Hi Gemkeeper,
Here is the page from Social Security that addresses the issues of working after retirement.
I just spoke to a friend of mine about this today. My full benefit does not kick in until I'm 66 years, 8 months.
He said to take the 62 yr old rate......that it took 19 years before it pays to do the other way.
But I guess there are other things to also consider. I'm just beginning to learn about this....
I just spoke to a friend of mine about this today. My full benefit does not kick in until I'm 66 years, 8 months.
He said to take the 62 yr old rate......that it took 19 years before it pays to do the other way.
But I guess there are other things to also consider. I'm just beginning to learn about this....
Frank D.
Yup, around 18 - 19 years is the break even point, but don't forget the cost of living raise each year....hehehe
It could be a tough choice to make. I know my husband and I don't qualify for full benefits until we are 66. We've both decided to take the money and run at age 62.
It's all going to depend on a persons' situation which is best for them.
the break even point is 13 years-then if you take the money early-62-factor in the money for medicare? if you have saved, and do not need this now- if you do have stocks-this is the time to take a profit- anyway-25 percent-is a big loss. why at age 62, if you are healthy-you still can work-ad to an ira etc. just a thought.
I just spoke to a friend of mine about this today. My full benefit does not kick in until I'm 66 years, 8 months.
He said to take the 62 yr old rate......that it took 19 years before it pays to do the other way.
But I guess there are other things to also consider. I'm just beginning to learn about this....
Frank D.
wise, why I did post this question, we all have lots to learn, and to factor in lots! and do not forget the medicare pay factor!
then you only may earn a set amont of money, and pay your own health care? How wise is that, if you can work? yes-take the 62 rate-you can earn say 13 to 14 thousand- then health insurance etc.? therefore, how do you make a living?
Of course current law allows you to take SS at 62 and then at a later time when you qualify for a higher benefit pay it all back and start the larger payments. You can actually make a good amount of money because you can invest the payments and pay back the SS payments without interest.
It is a win/win situation where you guarantee you get the benefit and if you are still alive later get the larger payments and keep the interest. Not all are in a position to do this and the law may also change later.
Bunky is correct, take the money and run. Who knows what tomorrow will bring...
however if you get a magic 25 percent wipe out-how bright is that. then for many people at 62-you can only work and earn like 13000-then, pay the health insurance. therefore can most people do this?
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