Why Wouldn’t You Take Social Security at 62?

[StealthRabbit]

Originally Posted by mathjak107

Actually I have been explaining the same thing over and over so much , I copy and paste a lot

C-D would benefit from a 'data-base' / sticky with reference topics and charts / links (Would save a lot of typing and searching.) but.... website like to log higher "User-time-on-site" ("Stickiness of users" adds value to site)

Probably gonna draw at FRA, tho had planned a Start (63)-Stop(66.5)-Start(70) until SSA advised me my future payments would ALWAYS be reduced to the original Start date %.

in the mean-time...
pre-age 65) living off 'taxed' accts while qualifying for ACA, (65) Must remain under $65,840 MAGI
(65 - 66.5) Taxable T-ira (reducing T-ira later RMD obligations)
65 - 70 - doing more Roth rolls (to 12% tax rate)
70+ RMD's and Tira and LTCG > 12% tax rate) Use Roths for special needs (travel (roofs) and transportation)
80+ Transfer RE (sell on contract or liquidate) to income producing accts
90+ (unlikely to live that long) ROTHS / appreciated assets

[FireStation46]

Op

1. You can at 62 just a lesser amount. One could opine you could collect more if you waited but then you would also need to know your expiration date in advance to make an accurate calculation

2. You cannot collect Medicare until 65 so if you do not work past 62, you have to figure out where/how to pay medical if you plan at 62 is not available

3. If 2 is not an issue, go early unless you like work or your better half hates you being at home all the time

[JayCT]

Thanks again everyone for the information. It’s been very helpful. Jay

[gentlearts]

So, as I’ve said before, if you don’t need it before 70 1/2, don’t take it. If you are out of a job at between 62 and then, take it. This happened to both my husband and I. We do not have pensions, but just a nest egg that is invested.

We get by just fine, with just a draw for a car payment.

[ysr_racer]

I'll gladly pay you Tuesday, for a hamburger today