I retired at 51!

[burrheadd]

it only makes sense to wait until FRA if you live well past 80.

not going to explain it again.

it only makes sense to wait until FRA if you live well past 80.

not going to explain it again.

 

[Babagounj]

What if you die before 70 you get nothing

Same if someone were to die before 62.
It is an unknown factor that we all gamble on.
Seeing how most of my siblings are pushing 90 { I am #10 out of 13 born }.
I have a very good chance of sticking around for a few decades.
My goal is to have lived longer than my father , he died at age 90.

 

[Over70irregs]

LoL! Would be like bouncing for some club under the table. Company will act like they've never heard of you, when you get served your subpoena by some military (not so) toughy that gets free legal.

Would like under the radar $. Too bad the system is trying to choke freedom of commerce.

 

[PT Car Washer]

What if you die before 70 you get nothing

But your wife will get your SS.

 

[Over70irregs]

Lifespans overall are down. I’m taking all $’s as soon as I’m eligible.

 

[Johney]

Bad idea to take SS at 62.
You lose 1/3 of your amount if you waited until FRA. { Full Retirement Age }
Once taken out your amount is fixed for life. { Only option to increase it is to repay all funds back to SS within one year after starting to collect }
I'm waiting until I hit 70 to collect. { I'll be getting around $900+ extra a month, over FRA }
I'm getting by from just the pension and taking out around $20,000/year from the 401K to have some extra spending money for the year.

If you are someone who follows the breakeven charts { taking at 62 vs waiting to age 70 } then you are very mistaken.
SS isn't an investment, it's insurance that you will be receiving, no matter what.
And it would be wise to treat it as such.

Good luck. I've talked to multiple tax guys and pretty much all the retiree's here and ALL took early SS. If you collect at 70 you have to live till 80 to make up the difference. You sure you're going to make it past 80? I'm not. To each is their own.

 

[Wally]

It's sad.

Why sad? Maybe they like working? Plenty of vacation time.

 

[Wally]

Good luck. I've talked to multiple tax guys and pretty much all the retiree's here and ALL took early SS. If you collect at 70 you have to live till 80 to make up the difference. You sure you're going to make it past 80? I'm not. To each is their own.

When they calculate that, do they take into account the higher lifetime income average that working longer before collecting SS gets you? The end monthly amount would be higher.

 

[Johney]

When they calculate that, do they take into account the higher lifetime income average that working longer before collecting SS gets you? The end monthly amount would be higher.

You guys can preach all you want, but when my tax guy says he's taking his at 62...I'm in. I'll let you all know 20 years from now if I made the right choice.

 

[BigUnionGuy]

You guys can preach all you want, but when my tax guy says he's taking his at 62...I'm in.

If I'm not mistaken....?

The projected amount you receive at a later age, is based off you continuing to work, making the same

salary and SS payments.

 

[Johney]

If I'm not mistaken....?

The projected amount you receive at a later age, is based off you continuing to work, making the same

salary and SS payments.

Well that's not happening.

 

[Wally]

You guys can preach all you want, but when my tax guy says he's taking his at 62...I'm in. I'll let you all know 20 years from now if I made the right choice.

8 percent a year. Sizable difference a few years make.

 

[BrownFlush]

Why sad? Maybe they like working? Plenty of vacation time.

If you like working instead of doing something else..I'm gonna go with sad.

 

[IVE GOTTA PACKAGE 4U]

If I'm not mistaken....?

The projected amount you receive at a later age, is based off you continuing to work, making the same

salary and SS payments.

Social security is based off your best 35 years of earnings
You can go to social security.gov they have some really good tools on there

 

[BigUnionGuy]

Social security is based off your best 35 years of earnings

My 3 ex-wife strippers are going to be disappointed about that.

 

[Wally]

Social security is based off your best 35 years of earnings
You can go to social security.gov they have some really good tools on there

Those last years can really offset earlier years, especially if inflation drags on.

 

[IVE GOTTA PACKAGE 4U]

Those last years can really offset earlier years, especially if inflation drags on.

You can make a big difference later on in life

 

[Over70irregs]

You guys can preach all you want, but when my tax guy says he's taking his at 62...I'm in. I'll let you all know 20 years from now if I made the right choice.

Take that $

 

[Babagounj]

Good luck. I've talked to multiple tax guys and pretty much all the retiree's here and ALL took early SS. If you collect at 70 you have to live till 80 to make up the difference. You sure you're going to make it past 80? I'm not. To each is their own.

And what are your plans when they decide to cut everyone's monthly amount by 23%.
You know to keep the system alive.

 

[Babagounj]

If I'm not mistaken....?

The projected amount you receive at a later age, is based off you continuing to work, making the same

salary and SS payments.

It is based on your highest working 35 years.
According to my latest SS Statement ; had I taken it at FRA-$2367.
Wait one year and it becomes-$2640 ( $273 more a month ).
Wait 2 years- $2840 ( another $200 a month ).
Wait 3 years-$3041 (another $201 a month )
Age 70- $3275 ( up $234 a month )
$908 increase a month for waiting.
Or an increase of $1700 a month over taking it at 62.

These amounts do not include any COLA Adjustments.