Join Early Retirement Today
Reply
 
Thread Tools Display Modes
25% of SS recipients sorry they took payments early...
Old 07-04-2016, 07:01 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Oct 2009
Posts: 1,190
25% of SS recipients sorry they took payments early...

From the article: "Well, a new survey says that, given the chance, a quarter of Social Security recipients would take it later than they did."

Also survey found future SS recipients are trending toward taking payments later than 62.




Survey shows second-guessing of Social Security choices - The Portland Press Herald / Maine Sunday Telegram
LARS is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-04-2016, 07:06 PM   #2
Thinks s/he gets paid by the post
Just_Steve's Avatar
 
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,599
So........75% are happy they took it early.
Just_Steve is offline   Reply With Quote
Old 07-04-2016, 07:12 PM   #3
Thinks s/he gets paid by the post
bclover's Avatar
 
Join Date: Mar 2015
Location: philly
Posts: 1,219
Quote:
Originally Posted by Just_Steve View Post
So........75% are happy they took it early.

works for me
__________________
My darling girl, when are you going to realize that being "normal" is not necessarily a virtue? it sometimes rather denotes a lack of courage~Aunt Francis
bclover is offline   Reply With Quote
Old 07-04-2016, 07:49 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2015
Location: the prairies
Posts: 5,021
From the article:

Quote:
Of future retirees who plan to draw Social Security, only 29 percent plan to draw these benefits early.
Perhaps those 29% should talk to some of the 77% that are happy they took it early...
Music Lover is offline   Reply With Quote
Old 07-04-2016, 07:52 PM   #5
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
I think many people, myself included, think they will wait until age 70. It is very easy to say you will wait, when you have no other choice.

An interesting question to myself, at age 62, is when I will be taking SS. At 56 the answer is "I will wait".
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline   Reply With Quote
Old 07-04-2016, 07:54 PM   #6
Recycles dryer sheets
 
Join Date: Sep 2011
Location: MSP
Posts: 304
Quote:
Originally Posted by Music Lover View Post
Perhaps those 29% should talk to some of the 77% that are happy they took it early...

Or better yet, the 25% who wish they hadn't...
UpAnchor is offline   Reply With Quote
Old 07-04-2016, 09:11 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 13,184
That article confuses me. It says the study surveyed 1000 people age 50 and older. That means at least some of the people aren't of age to take SS yet. Certainly people who aren't even eligible for SS aren't going to regret a decision they haven't had to commit to or act upon, right? And don't tell me that they didn't include those in the numbers, because they say 77% of those retired 10 years or more would not change and 69% of those recently retired would not change, so it would take a larger number of the pre-retireds not regretting that future decision to bring that number back to 23% regretting their decision.


Odd that the people retired longer, and thus closer to the break even point, seem less regretful of the decision to take SS early.
RunningBum is offline   Reply With Quote
Old 07-04-2016, 09:25 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2015
Location: the prairies
Posts: 5,021
Quote:
Originally Posted by RunningBum View Post
That article confuses me. It says the study surveyed 1000 people age 50 and older. That means at least some of the people aren't of age to take SS yet. Certainly people who aren't even eligible for SS aren't going to regret a decision they haven't had to commit to or act upon, right? And don't tell me that they didn't include those in the numbers, because they say 77% of those retired 10 years or more would not change and 69% of those recently retired would not change, so it would take a larger number of the pre-retireds not regretting that future decision to bring that number back to 23% regretting their decision.
Perhaps there were different questions asked depending on age, and we only saw some of the results....the 23% and 77% could have belonged together (100%), and the 69% belonged with a 31% demographic that wasn't mentioned.
Music Lover is offline   Reply With Quote
Old 07-04-2016, 10:02 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
Also - the poll is skewed by people still alive.
__________________
Retired since summer 1999.
audreyh1 is offline   Reply With Quote
Old 07-04-2016, 10:11 PM   #10
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 271
Quote:
Originally Posted by audreyh1 View Post
Also - the poll is skewed by people still alive.
+1
alaska55 is offline   Reply With Quote
Old 07-04-2016, 10:13 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
Quote:
Originally Posted by Just_Steve View Post
So........75% are happy they took it early.
Most of the 75% had no choice, as they had to eat.

Ever read how few of the U.S. population has almost nothing saved up for retirement?

I was bound and determined at a young age that Alpo wasn't going to be in my diet.
Bamaman is offline   Reply With Quote
Old 07-04-2016, 10:42 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2015
Location: the prairies
Posts: 5,021
Quote:
Originally Posted by audreyh1 View Post
Also - the poll is skewed by people still alive.
+2
Music Lover is offline   Reply With Quote
Old 07-04-2016, 10:58 PM   #13
Thinks s/he gets paid by the post
gayl's Avatar
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,704
I'm confused:
Quote:
In 2016 the average age that men began receiving Social Security is higher than it was in 2014 (60.5 vs. 62.3).
So that means they're on SSDI (no age requirement) or widows benefits (eligible at 60) not SSA (eligible at 62) therefore not applicable. Another bad article IMHO
gayl is offline   Reply With Quote
Old 07-04-2016, 11:54 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
Lots of folks cannot do math, or understand money.
We've all seen the that person, who spends all or more than all their money and still expects to have a great retirement in 10 years.

So one of those folks who took SS at 62, because he had no savings and could get cash right away, when told he could be getting $300 more per month if he had waited until 65, will naturally say, he regrets taking it early.
Sunset is offline   Reply With Quote
Old 07-05-2016, 04:04 AM   #15
Dryer sheet aficionado
 
Join Date: Sep 2011
Posts: 28
A little searching finds much more information including the fact that this is funded by "one of the largest and strongest diversified insurance and financial services organizations in the U.S." (Nationwide Mutual Insurance Company). Perhaps they have an interest in gathering and spreading information that would drive people to purchase their products...

https://www.nationwide.com/about-us/...l-security.jsp
https://nationwidefinancial.com/medi...FM-15550AO.pdf

608 respondents are either recent or 10+ year retirees.

Slide 6 in the above PDF gets into the "why didn't you start to collect SS later" with the top answer: "Retired earlier than planned"

Slides 23+ are all about Financial Advisors. Specific questions about who has an advisor, how long and how they take their advisor's advice. Slide 23 shows that less than 1/3 use an FA. The rest of the slides reflect this with a caution that there are "less than 100 responses" about FAs.

Methodology: The 2016 Social Security Study was conducted online within the U.S. by Harris Poll on behalf of the Nationwide Retirement Institute between February 16 and February 23. Respondents comprised 909 U.S. adults aged 50 or older who are either retired or plan to retire in the next 10 years and collecting Social Security or planning to. Data are weighted where necessary by age by gender, race/ethnicity, region, education, household income, retirement status, and propensity to be online to bring them in line with their actual proportions in the population.
markelp is offline   Reply With Quote
Old 07-05-2016, 06:43 AM   #16
gone traveling
 
Join Date: Sep 2003
Location: DFW
Posts: 7,586
I wonder how many on this site would say they took it too early? Any survey gurus want to put up that poll.
eytonxav is offline   Reply With Quote
Old 07-05-2016, 06:51 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
Is there a way to calculate "how much one will get" for every year between 62 & 66 (FRA),I have not looked? I know I can see what I get at 62, 66 & 70.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is offline   Reply With Quote
Old 07-05-2016, 06:56 AM   #18
Full time employment: Posting here.
Taxman59's Avatar
 
Join Date: Sep 2014
Posts: 645
A 58 y/o cousin was asking me about being retired. She is FI, but not necessarily emotionally ready (she is following the Boglehead website). She asked me what my plans were regarding SSI. I told her that my plan is to wait to age 70, though I have 5 years before any decision is needed. My family history says if I make it past 70, I should make it to the mid 90s, but who knows what will happen with $ and health over the next 13 years. With my cousin, genetics says living past 75 is very unlikely (for both her and her husband), recent health events, however, tell her that 62 is the right answer, though again, she has 4 more years to see what may happen.
Taxman59 is offline   Reply With Quote
Old 07-05-2016, 07:05 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
Quote:
Originally Posted by ShokWaveRider View Post
Is there a way to calculate "how much one will get" for every year between 62 & 66 (FRA),I have not looked? I know I can see what I get at 62, 66 & 70.
I think it works out to be roughly 8% more per year.
Quote:
Originally Posted by Taxman59 View Post
A 58 y/o cousin was asking me about being retired. She is FI, but not necessarily emotionally ready (she is following the Boglehead website). She asked me what my plans were regarding SSI. I told her that my plan is to wait to age 70, though I have 5 years before any decision is needed. My family history says if I make it past 70, I should make it to the mid 90s, but who knows what will happen with $ and health over the next 13 years. With my cousin, genetics says living past 75 is very unlikely (for both her and her husband), recent health events, however, tell her that 62 is the right answer, though again, she has 4 more years to see what may happen.
I'm less than a month away from the magic 62 number. Five years ago I would have said I would probably take it around 65 give or take a few months. Now I'm looking at waiting only until early next year. I've looked at all the possible scenarios like most and feel it works for me. But waiting a few months buys me a little more time to think about it.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
Dawg52 is offline   Reply With Quote
Old 07-05-2016, 07:10 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
Quote:
Originally Posted by Dawg52 View Post
I'm less than a month away from the magic 62 number. Five years ago I would have said I would probably take it around 65 give or take a few months. Now I'm looking at waiting only until early next year. I've looked at all the possible scenarios like most and feel it works for me. But waiting a few months buys me a little more time to think about it.
I thought that too. But because of ACA MAGI limitation, I decided to wait. I would not qualify for a subsidy if I took it at 62 and thus would give any additional income to an insurance company anyway.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any municipal pension recipients working on 'plan Bs'? jon-nyc FIRE and Money 25 10-03-2013 07:38 PM
States Consider Drug Tests for Welfare Recipients samclem FIRE Related Public Policy 46 04-03-2009 07:20 PM
Stimulus for SS Recipients OAG FIRE and Money 2 02-19-2009 04:06 PM
SS recipients get 2.3% raise... Achiever51 FIRE and Money 6 10-18-2007 09:02 AM

» Quick Links

 
All times are GMT -6. The time now is 02:03 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.