social security

[randy41]

i'm coming up on 62 and am considering getting social security. anyone decide to start getting social security at 62 and a few years later regretted doing so?
i did the math assuming i live to 80 and it doesn't make sense to me to wait until 65 to get 10k over 15 years over what i would get if i started at 62.
the only thing i don't like about getting social security at 62 is that they withhold some if i earn over around 15k.

 

[DAY]

been there, done that. Do it, and don't look back.

 

[brin]

i'm coming up on 62 and am considering getting social security. anyone decide to start getting social security at 62 and a few years later regretted doing so?
i did the math assuming i live to 80 and it doesn't make sense to me to wait until 65 to get 10k over 15 years over what i would get if i started at 62.
the only thing i don't like about getting social security at 62 is that they withhold some if i earn over around 15k.

Once you are 66 you can make as much as you want...I would take it at 62 if I were you...I did....If you do the math you will see like you did...it would be crazy not to take it...You earned it, paid into it...it is yours.

 

[MarkV]

I plan to take it while it is still available. I vote go for it.

MarkV

 

[randy41]

"Also, if you are self-employed, we consider how much work you do in your business to determine whether you are retired. One way is by looking at the amount of time that you spend working. In general, if you work more than 45 hours a month in self-employment, you are not retired; if you work less than 15 hours a month, you are retired. If you work between 15 and 45 hours a month, you will not be considered retired if it is in a job that requires a lot of skill or you are managing a sizable business."
i did some more research and found this, which seems to be in addition to the earnings limitation. i work more than 45 hours a month on my farm but i don't make the earnings limit. this seems to preclude me from getting social security at age 62.

 

[edlegault]

There was another thread here recently. The general consensus of those of us old enough or almost old enough to collect SS was to start at age 62. I ran the numbers and I can use the money to pay off mortgage very early and/or even buy another rental property :licking: ...both of which are worth more to me than waiting and maybe living old enough to collect it after age 80, if the guvment still has the $$$ to pay.

 

[beppington]

If I was you I would retire at 62.

But I'm going to advise that you wait as long as possible ... so there's still some left for me when I get there. I'm only 43!!! :laughing:

 

[nybirdman]

Take it now ,no question.I am about to draw my 4th check,turned 62 in December.Worked 39 years and paid in about $140,000 and my employers about $160,000.
I started drawing one of pensions early(55),even with a reduction it makes more sense.Put it all in a 401k and beat the taxes.

 

[JDgreen227]

Did the math a long time ago, before I retired in late 2002...I can begin drawing at age 62, if I wait until age 66 I will collect more per month BUT I will be close to 76 years old before I break even. My benefits when I begin drawing at 62 as I plan to do will be less but it will take me at least 14-16 years to catch up and collect the extra 4 years of benefits if I wait until age 66. Everybody that I know is drawing or plans to draw at age 62.

 

[beppington]

People on this site are too smart to fall for "delay retirement until 65 & get this much more, woo hoo!"

Translation: They'll have to change the rules soon.

 

[DKCDKC]

I had some stuff going on so I retired at 63... Glad I did. It's been 4 years now and I remain glad I did. My uncle did all the math and took it at 62. He noted at age 88 that his calculations showed that was the first time he could be said to have lost money over what he would have had taking it at 65. But he also noted most of his friends who also took it early had died long before they would have hit that point. He never regretted it.

Have another friend who took it early then, at 66, went back to work full time at a job he loved and continued to contribute so that his payout now is probably higher than what he would have had taking it at 65.

Personal choice. I'm glad I jumped early.

 

[JDgreen227]

The way they keep telling us how SS is bleeding out that should be enough reason for anybody to try to get what they can as early as they can.

 

[Redbug]

Another one advising you to take it at 62.

Why?

"Adventure before Dementia!"

 

[rsewill]

Yes, 62 here, too. I look forward to being on the government teat. If I was working in a job I loved I would wait but I retired from truck driving last year and won't be going back to that career, too old to bounce down the roads.

 

[Redneck in training]

If you can live on SS and have medical go for it.
I wanted to retire at 62 too but I was advised that Medicare kicks in at 65. I still have substantial mortgage payment so there is no way we could live on SS. Since we need about 60K to live I would have to earn about 30K so my SS would be zero anyway.

 

[bobmisi]

I took it at 62 this year and very happy that I did. When I went to Social Security Office they advised to get on it at 62 as the age will be going up and benefits may be reduced in the future, but those all ready on it will not be affected. Everyone's situation is different, but if your bills are in order and you have insurance, I would say do it and don't look back. We all learn to adjust to our income. The more we earn, the more we spend, usually on stuff we don't need.

 

[Stick895]

I wonder, when they say that SS is going to run out in 20whatever, whether that is based on everyone taking it at 62, or waiting until they're 65-67 or just how they calculate that? And how they factor in people dying and such?

 

[beppington]

I wonder, when they say that SS is going to run out in 20whatever, whether that is based on everyone taking it at 62, or waiting until they're 65-67 or just how they calculate that? And how they factor in people dying and such?

I'm sure it's based on a bunch of statistical assumptions/measures ... including politicians continually raiding it, which is highly unlikely to decrease now that they've already warned us (exposed us to the sticker shock) that the $ likely won't be there, at least not nearly to the extent we thought it would be.

 

[Little Red Tractor]

Go to the SS office and ask them to run the numbers for you, then do the math yourself. You'll find that unless you live to be somewhere between 78 and 82, you're ahead of the game by taking it early. However the issues of medical insurance, etc. will factor into your decisions.

 

[deerseeker001]

retire now i took it at 62 now coming up next month turning 65 no regrets.a person never knows whats in store for the future.