Hmmm 62 or 65

lovemylittleboy

lovemylittleboy

Member
I read on the internet that it is better to get your Social Security at 62 instead of waiting till 65. I thought hmmm, that is not what I have been told for so long. They said it is beneficial because you would get more checks , though they may not be a much , but it said you will end up with more because you will get 96 checks instead of whatever it was. And it said spouses will get more if they are taking care of children . I forget the 3rd reason it said not to wait. They had comments on it and most people did take the 62 SS. I supposed it might be better for upcoming retirees to do so since they keep saying SS will be gone before our kids have a chance to get it. What is true today we can never know I guess.....our government is too broken. And their pockets are too fat , they have no worries ever.:anyone:
 

I took mine at 62 but wish I had waited. I had income to sustain me during the period between 62 and 65 so I got along even though retired but I would wait. As to SS being gone for the kids, I've heard that all my life.
 
Of course if you still are working you are limited to earning only $15,720 a year if you start collecting before your full retirement age.. If you wait until age 66 you not only collect more, but if you still want to work there is no limit on your earnings.
 

took mine at 62......I figured it would be till the year I turn 78 before I break even....besides my brother said take it and died at 67, my brother in law said take it he died at 67 my other broth in law said take it and he is 86.......you must decide what is best for you
 
Well I am retired. And you all have good points. But we don't know when our last breath will be. I just hate to give the government back something I worked all my life for. My pension is holding me fine for now but all the illegals are getting what they never put a dime into it. I just hate that. My husband still works so it is ok for now but we were talking the other day and it wouldn't that big a difference
 
I was going to take it at 62, but when the person I spoke with at SS told me the monthly amount would never increase (other than piddly little COL increases) and that I'd get considerably more per month if I waited 'til age 66, I decided to wait. Shoot, if I had taken it at 62, it would barely cover my rent. I'll be 64 in a few months, and figure I can work at least another two years. Of course, everyone's circumstances are different and everyone has to consider all the variables and make their own decision.
 
I started collecting at 62 because the time was right for me to retire. At that time, I collected on my late husband's account because he was older than I and I received what he would have been receiving. My social security just sat there "percolating" as if I wasn't collecting and when I turned 66, I switched over to mine and got it at the rate I would have received if I had waited until then......a modest increase.
 
I think those people will always tell you to wait ..... be true or not. I don't trust them. If you google 3 Reasons why it is better to collect Social Security at 62....I think it was an article by the Washington Post I should have saved the article to pass along I just read it yesterday. But with my fading grey matter called a brain I can't remember all of what it said. Thanks everyone!!
 
I waited until full retirement age. Both our monthly income and our investment account would be much less if I had taken it early. Social security isn't the only thing to consider. There are company pensions, 401k accounts and/or other sources to consider. There is also health insurance to consider. Will you have insurance to cover you until you can get medicare?

If I had retired early my social security would be less, my company pension would be less, and I would have less years to put money in my 401k account.

Think about the whole picture before you decide.
 
That was my thinking also... I waited until 66... and I'm glad I did. I'm still working.. and love it.. I have my full paycheck.. a bigger SS check.. 3 small pensions... and another 2 years of contributions to my 403B account.. (I work for a non-profit)... plus another 2 years of growth in my other IRAs.. When I do retire next year it will just be a matter to turning on the spigots for additional income..

Of course all this depends on one's health and personal situation. I am fortunate enough to be healthy and to have a well paying job that I enjoy and that gives me satisfaction... and doesn't create any more stress in my life than the commute to and from.
 
You will have to crunch the numbers for yourself and if you can manage, maybe decide to wait. I waited until 66 and began collecting last year. I was lucky enough in life to have been a Captain on a large jet for United, so I did well with my monthly retirement check. I was thinking like some others and taking it sooner, so just in case I bit the dust early, I would not give back to the Gov't. what I earned. I waited and have no regrets. MY SS check now goes in the bank because we have learned to live on our pensions. I may not ever need my retirement accounts, but that's another blessing waiting in the wings, if necessary.
 
The biggest problem of leaving 4 years early would be the health insurance until Medicare kicks in at 65..

I left at 64 and the wife and I had 2 years of Cobra!!!! $$$$$
 
Ken N Tx said:
The biggest problem of leaving 4 years early would be the health insurance until Medicare kicks in at 65..

I left at 64 and the wife and I had 2 years of Cobra!!!! $$$$$
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Well, now we have the option of the ACA... (Obamacare) to cover the period between 62 and 65 when Medicare kicks in. That's a good thing for Seniors as there is no longer the threat of being denied insurance because of pre-existing conditions. It also provides a lot of screenings like mammograms and colonoscopies free of charge. We were going to enroll my husband as he is only 63, but I decided to continue working... but that was MY choice.. I have group insurance and my husband is covered, but it was not necessary for me to continue working if I didn't want to.. He could have picked up Obamacare to cover him.
 
I got my SS at 62 because I was out of work, had been applying for jobs, but no interviews coming in. I had use up all of my UI benefits, so wife and I decided that I should go ahead and get the Early Retirement SS. It's was better than having no money coming in for me it all.

Now, as for my wife, she would like to wait and get her SS as Late Retirement at 70. She will get an added $7k a year, if her health holds up. She has 3 more years to work. Unfortunately, she was informed last week that the Department she works in is going to shut down completely by the end of this year. She was hoping this would never happen, but it has. She will have to decide what to do about her SS, because Florida UI benefits are pretty low. Lately, the banking/mortgage industry isn't the most stable.
 
ClassicRockr said:
I got my SS at 62 because I was out of work, had been applying for jobs, but no interviews coming in. I had use up all of my UI benefits, so wife and I decided that I should go ahead and get the Early Retirement SS. It's was better than having no money coming in for me it all.

Now, as for my wife, she would like to wait and get her SS as Late Retirement at 70. She will get an added $7k a year, if her health holds up. She has 3 more years to work. Unfortunately, she was informed last week that the Department she works in is going to shut down completely by the end of this year. She was hoping this would never happen, but it has. She will have to decide what to do about her SS, because Florida UI benefits are pretty low. Lately, the banking/mortgage industry isn't the most stable.
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Fortunately most States let you collect SS AND UI if a senior gets laid off.. so she will be entitled to both.. There are only two states that do not allow that and reduce UI if a person is collecting SS... those are Illinois and Louisiana.
 
Yea, she knows this. Her and one other lady can do this, but none of the others who work in the Department can........they are all much younger than her, including her Supervisor. Funny, we know a guy who was retired from Ford Motor Company in Mich., got another job, but got laid off from that one, so, was collecting his Ford Motor Company retirement, Michigan UI and SS at the same time. None of them could touch the other concerning money.

QuickSilver said:
Fortunately most States let you collect SS AND UI if a senior gets laid off.. so she will be entitled to both.. There are only two states that do not allow that and reduce UI if a person is collecting SS... those are Illinois and Louisiana.
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I am choosing to wait till age 70 to take mine for one reason and that is that there were 7 members in my family who reached the age of 88 and older. My dad passed at the age of 90 and my mother is hanging in and going on 95. The two oldest in the family (her cousins) passed away last year at the ages of 98 and 100. I know there are no guarantees in life that my life expectancy would be the same, but like anything else it's a gamble you take.
 
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Wow God has Blessed you and the family to live such long lives. May He keep all in His care always. My dad was 58, my oldest brother was 45, my mom early 70's.
 
I waited until I was 66 to collect SS, and I worked another year after that. I had planned to work until 70, but my hips deteriorating make it impossible to keep on working. Now that I have new hips (thanks Medicare), I could go back to work, but I doubt I will.
 
Consider this------I am 80 and have been drawing SS since age 62. It's more than $1,000 monthly, but let's just use $1,000 a month for 28 years (336 months)=$336,000 that I have already received, and I plan on living into my 90's.Now let's just say that I had waited until 65 to start drawing and let's use $1,500 monthly benefit but I up and died at age 78---That's 13 years (156 months) = $234,000 WHATCHA THINK?
 
Lon said:
Consider this------I am 80 and have been drawing SS since age 62. It's more than $1,000 monthly, but let's just use $1,000 a month for 28 years (336 months)=$336,000 that I have already received, and I plan on living into my 90's.Now let's just say that I had waited until 65 to start drawing and let's use $1,500 monthly benefit but I up and died at age 78---That's 13 years (156 months) = $234,000 WHATCHA THINK?
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Lon, you are figuring how to get the most possible total amount of money from the government. There's nothing wrong with that but 'standard of living' I think is a more important consideration for most people. You can live a better quality of life on $1,500 a month than you can on $1,000 a month. And your example doesn't include the extra you would get in a company pension and the extra years of contributing to a 401k or other such plan.
 
rkunsaw said:
Lon, you are figuring how to get the most possible total amount of money from the government. There's nothing wrong with that but 'standard of living' I think is a more important consideration for most people. You can live a better quality of life on $1,500 a month than you can on $1,000 a month. And your example doesn't include the extra you would get in a company pension and the extra years of contributing to a 401k or other such plan.
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Lots of people look at it like Lon. The way I look at it is if I'm on my death bed before my break even point, I doubt I'm going to be concerned with how much money I left on the table.

I look at delaying SS as buying longevity insurance. Plus its the cheapest annuity one can buy by delaying. Those are my reasons for delaying. But there is no one right answer for everyone.
 
rkunsaw said:
Lon, you are figuring how to get the most possible total amount of money from the government. There's nothing wrong with that but 'standard of living' I think is a more important consideration for most people. You can live a better quality of life on $1,500 a month than you can on $1,000 a month. And your example doesn't include the extra you would get in a company pension and the extra years of contributing to a 401k or other such plan.
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I thought this discussion was about when to take SS, not other pensions or quality of life. In my case, I have other pensions, IRA's, & investments, but still glad that I took SS at age 62. I feel sorry for those that will have only SS when they retire.
 

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