When do you plan on taking Social Security?

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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.
 
I took mine at 62, but I got impatient,,,should have waited till my 66 birthday,,would have been another 5oo a month,,,mercy ...
 
Probably never. I reckon I'll be dead before I'm eligible or the fund will be depleted if I'm not.
 
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.
 
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.
 
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.
 
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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
 
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....
 
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
 
At the rate that SS has been raided/depleted/neglected, I have calculated that my withdrawal date will be "Dead + 1".
 
62

We'll use that money for grandchildren 529 plan. We don't need that SS money (luckily) due to good retirement planning 35 years ago.
 
Originally Posted By: Linctex
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


Us baby boomers paid into that system for more years than those younger than us.

Just sayin'
 
I don't yearn to retire. I lead my life in a way to like living while young. Why bust your [censored] when young and healthy so as to retire old and unhealthy to enjoy it. Old age will get me at some point, it's inevitable.
 
It really depends on how long you plan to live. The break even point is at about 84 years old, regardless of when you start taking SS.

You need to factor in the fact, that once you start taking SS, your payments will increase annually based on cost of living.

The following is based on my SS payouts, adjusted for COLA:

 
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