social security

[rsewill]

There are several calculators on the ssa.gov website that will use your actual wages. You'll need to know your mother's last name and your approximate income for 2011 or so.

 

[TRR]

I ran the numbers for different ages when taking SS. For me they all merged at 83. I took it at 62, even though family history says I should live beyond that. Part of the reason was when other retirement money became available and partly I agree with JDgreen - take it while you can.

 

[Combustix]

Grab it before it runs out.

 

[ronjhall]

Take it. 8 years later I do not regret it.

 

[randy41]

it looks to be overwhelmingly in favor of 62. i don't think there is a single negative response.
i think that because i am still working full time farming i will have to wait until january 2013 to start receiving it. i will try to find the time to check that out today.

 

[foggy1111]

I started with SS at 62 and have no regrets. A bird in the hand is worth two in the bush. :thumbsup:

 

[TripleR]

My wife and I took ours at 62 and no regrets.

 

[mostly_gas]

I retired at 55 so am not getting SS at this point. For me the numbers do not change much to continue working until 62 or 65. Since I already had adequate resources I retired. 3+ years later no regrets.

 

[JDgreen227]

Now that I am getting close to being able to collect SS, there seems to be a lot more advice in the media telling us baby boomers we should wait until our full retirement age to maximize our monthly benefit check. And I wonder sometimes:

Has there been an increase in advice like this, or is it just that I am more aware of the issue and therefore pay more attention to such reporting?

 

[rekees4300]

there seems to be a lot more advice in the media telling us baby boomers we should wait until our full retirement age to maximize our monthly benefit check.

In case you haven't noticed, the media is fawned of half truths. It makes sense to wait if one is employed because there is a SS penalty (aka tax) for earning more than $15,000. That penalty is 50% !!! On the other hand if one isn't employed then it makes sense for most folks to start at 62. The SS "Trust" Fund [what a perfect Orwellian name] is nothing but government IOUs. The #$%^& politicians have stolen all of it!