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When do you plan on taking Social Security? #4615482
12/27/17 09:22 AM
12/27/17 09:22 AM
Joined: Mar 2008
Posts: 5,945
Michigan
ZZman Offline OP
ZZman  Offline OP
Joined: Mar 2008
Posts: 5,945
Michigan
I was lucky to retire from full time work at 55. I plan on taking SS at 62.


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Re: When do you plan on taking Social Security? [Re: ZZman] #4615490
12/27/17 09:29 AM
12/27/17 09:29 AM
Joined: Mar 2004
Posts: 20,758
Upstate NY
Donald Offline
Donald  Offline
Joined: Mar 2004
Posts: 20,758
Upstate NY
62 is fine for many people, but it reduces benefits for life and if you work between 62 and FRA it also reduces your benefits until you reach FRA if you earn any decent money.

For many who retire early its the health insurance costs that are the budget killer before they can get Medicare.

There are a few websites where for around $40 they will do the various calculations to determine when its best to take SS given your individual situation.


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Re: When do you plan on taking Social Security? [Re: ZZman] #4615497
12/27/17 09:32 AM
12/27/17 09:32 AM
Joined: Dec 2009
Posts: 5,047
Tn.
CourierDriver Offline
CourierDriver  Offline
Joined: Dec 2009
Posts: 5,047
Tn.
I took mine at 62, but I got impatient,,,should have waited till my 66 birthday,,would have been another 5oo a month,,,mercy ...


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Re: When do you plan on taking Social Security? [Re: ZZman] #4615498
12/27/17 09:33 AM
12/27/17 09:33 AM
Joined: Jan 2008
Posts: 723
TX
maximus Offline
maximus  Offline
Joined: Jan 2008
Posts: 723
TX
Probably never. I reckon I'll be dead before I'm eligible or the fund will be depleted if I'm not.


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Re: When do you plan on taking Social Security? [Re: ZZman] #4615503
12/27/17 09:37 AM
12/27/17 09:37 AM
Joined: Feb 2011
Posts: 865
N. Georgia Mtns
Sierra048 Offline
Sierra048  Offline
Joined: Feb 2011
Posts: 865
N. Georgia Mtns
I took mine at 62 as well. While not a huge amount, it has allowed us to defer taking my pension benefits at this time allowing for some extra growth. SS and profit from a home sale has kept us going for now but I'll have to start taking my pension within the next year.


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Re: When do you plan on taking Social Security? [Re: ZZman] #4615516
12/27/17 09:46 AM
12/27/17 09:46 AM
Joined: Jun 2002
Posts: 6,352
MI
doitmyself Offline
doitmyself  Offline
Joined: Jun 2002
Posts: 6,352
MI
Hoping that I can work at least 4 more years until 66, my FRA. My career and lifestyle helps keep me healthy, both mentally and physically.

Re: When do you plan on taking Social Security? [Re: ZZman] #4615520
12/27/17 09:48 AM
12/27/17 09:48 AM
Joined: May 2003
Posts: 7,327
Oklahoma
Schmoe Offline
Schmoe  Offline
Joined: May 2003
Posts: 7,327
Oklahoma
66


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Re: When do you plan on taking Social Security? [Re: ZZman] #4615525
12/27/17 09:49 AM
12/27/17 09:49 AM
Joined: Jan 2011
Posts: 2,944
PV Az
AZjeff Offline
AZjeff  Offline
Joined: Jan 2011
Posts: 2,944
PV Az
We've been debating this being 60 and 61, calculating different scenarios. The in-progress new job/move/new house situation answered those questions for us. 66.


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Re: When do you plan on taking Social Security? [Re: ZZman] #4615531
12/27/17 09:54 AM
12/27/17 09:54 AM
Joined: Dec 2011
Posts: 331
key largo,fl
henni Offline
henni  Offline
Joined: Dec 2011
Posts: 331
key largo,fl

Re: When do you plan on taking Social Security? [Re: ZZman] #4615537
12/27/17 10:03 AM
12/27/17 10:03 AM
Joined: Jun 2002
Posts: 18,229
Elizabethtown, Pa
Al Offline
Al  Offline
Joined: Jun 2002
Posts: 18,229
Elizabethtown, Pa
Wait as long as possible.
Don't worry about it not being there. Its just a government paper exercise. They have used it as current revenue for decades. So its already broke.

Last edited by Al; 12/27/17 10:03 AM.

Re: When do you plan on taking Social Security? [Re: maximus] #4615542
12/27/17 10:06 AM
12/27/17 10:06 AM
Joined: Apr 2012
Posts: 5,166
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,166
MA
Originally Posted By: maximus
Probably never. I reckon I'll be dead before I'm eligible or the fund will be depleted if I'm not.


It's got a while to go before that happens. Right now without any changes it's solvent for another 17 years. It won't get depleted like benefits will go to 0, when it becomes insolvent, it will only be able to pay out 77% of obligations, not 0.

But that's 17 years away and Congress has a tendency to wait til it becomes a crisis to fix things. It's still considered the 3rd rail of politics so I think it'll get fixed.

http://money.cnn.com/2017/07/13/news/economy/social-security-trust-fund-projection/index.html

Re: When do you plan on taking Social Security? [Re: maximus] #4615565
12/27/17 10:34 AM
12/27/17 10:34 AM
Joined: Dec 2016
Posts: 6,262
Waco, TX
Linctex Offline
Linctex  Offline
Joined: Dec 2016
Posts: 6,262
Waco, TX
Originally Posted By: maximus
Probably never. I reckon I'll be dead before I'm eligible or the fund will be depleted if I'm not.


Same here.... who knows....


"The evidence demands a verdict".
(Re:VOA)"it's nearly impossible to actually know the particular additives that are in there at what concentrations."
Re: When do you plan on taking Social Security? [Re: Wolf359] #4615569
12/27/17 10:39 AM
12/27/17 10:39 AM
Joined: Dec 2016
Posts: 6,262
Waco, TX
Linctex Offline
Linctex  Offline
Joined: Dec 2016
Posts: 6,262
Waco, TX
Originally Posted By: Wolf359

But that's 17 years away and Congress has a tendency to wait til it becomes a crisis to fix things. It's still considered the 3rd rail of politics so I think it'll get fixed.


Maybe in the next 17 years, a lot of baby boomers will die off and not be a huge burden on the system. Jus' sayin


"The evidence demands a verdict".
(Re:VOA)"it's nearly impossible to actually know the particular additives that are in there at what concentrations."
Re: When do you plan on taking Social Security? [Re: ZZman] #4615579
12/27/17 10:57 AM
12/27/17 10:57 AM
Joined: Sep 2010
Posts: 7,560
SE Texas
2015_PSD Offline
2015_PSD  Offline
Joined: Sep 2010
Posts: 7,560
SE Texas
At the rate that SS has been raided/depleted/neglected, I have calculated that my withdrawal date will be "Dead + 1".


2018 MB AMG GLC43 3.0L Coupe - Castrol 0W-40/Purflux
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Re: When do you plan on taking Social Security? [Re: ZZman] #4615582
12/27/17 10:58 AM
12/27/17 10:58 AM
Joined: Oct 2016
Posts: 128
WV
jonnied1 Offline
jonnied1  Offline
Joined: Oct 2016
Posts: 128
WV
About 4 1/2 years ago when I was 62 1/2.

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