Join Early Retirement Today
View Poll Results: When will you take Social Security? (round to closest year)
I would take it with significant age-reduced benefits before age 62 if I had the option 7 7.87%
Age 62 46 51.69%
Age 63 1 1.12%
Age 64 0 0%
Age 65 1 1.12%
Age 66 19 21.35%
Age 67 1 1.12%
Age 68 0 0%
Age 69 0 0%
Age 70 13 14.61%
Over Age 70 0 0%
Never 1 1.12%
Voters: 89. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
At what age will you take Social Security?
Old 10-01-2006, 07:45 PM   #1
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
At what age will you take Social Security?

Just curious to see when people plan on taking their SS benefits.

I know people have different age cut-offs for full benefits, but with all this talk about waiting to get higher benefits, I wonder how many people have decided not to take reduced benefits at 62.
__________________

__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 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!

Re: At what age will you take Social Security?
Old 10-01-2006, 07:57 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Re: At what age will you take Social Security?

Current plan is 62, but that is subject to change based on the situation at the time; i.e. in ten years.
__________________

__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-01-2006, 08:01 PM   #3
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: At what age will you take Social Security?

If the military had offered to give me a retirement lump sum instead of a COLA pension, I would've taken that too.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-01-2006, 08:09 PM   #4
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,087
Re: At what age will you take Social Security?

I'm not sure when. I have a little more than 2 years to go before I turn 62 and plan on taking a wait and see approach.

Until we started having the "wait until 70" discussions here over the past couple of years, I had planned to start at 62. Now that I know more about the growth of SS benefits by delaying beyond 62, understand more about how SS is taxed, and have given more thought to the impact of RMD's, I'm not sure when I'll start. My current thinking is to delay as long as my portfolio continues to hold up against my ~5% annual withdrawal. If When the market takes a downturn, no doubt I'll find out how convinced I am of the value of delaying...

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-01-2006, 09:23 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Feb 2003
Location: Mesa
Posts: 3,588
Re: At what age will you take Social Security?

I'm 52 and my wife is 51 now. I'm tentatively planning on her (slightly lower benefit rate than me) starting benefits at age 62 and me at age 66 (full benefits) or later. If I don't live up to the mortality table predictions, she can choose to take my higher benefits instead of hers.

However, I don't have to decide yet and reserve the right to change my mind depending on how our investments and health hold between now and then.
__________________
sgeeeee is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-01-2006, 09:40 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: At what age will you take Social Security?

As I mentioned in a previous thread, I am about 4 years away from collecting at 62 but I have always planned to take it between 66 and 70. My father is 95 1/2 and unless, I get some oddball disease, get hit by a little ol lady while riding my bike or get done in (for the money, of course) by my future 16 yo bride, I hope to live for another 35+ years. I like the idea of getting a cola'd monthly payment. "Ass"uming I trust that the goverment will honor its commitment, I would prefer to use up some of my nest egg to reduce my annual income which would lower my taxes when I began collecting my SS payments.
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-01-2006, 10:45 PM   #7
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Re: At what age will you take Social Security?

I am have a long time to decide. As of now, plan to take it at 62.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-01-2006, 11:12 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,384
Re: At what age will you take Social Security?

70 for me. I am not that confident about the current investment environment. I don't care about the possibility that I might die too early to get to breakeven- my investment decisions are made with what I can know prior to the decision. Even if it works out otherwise, if it was good decision up front, it remains a good decision no matter what happens.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is online now   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 03:54 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,408
Re: At what age will you take Social Security?

After running the numbers many times with many different scenerios for us 62 is the choice. Although we could get a bigger monthly draw by waiting we probley wouldnt spend more as our expenses are already set.

The fact was on about a 2 million dollar portfolio to start the best calculation of waiting to 65 gave us about 50,000 bucks extra at the end of both our lives in the estate. Thats figuring all investments in the case of taking it early, and spending our investments in the early years before ss kicks in ,in the case of taking it later.

50,000 bucks in 30 + years will be worth what 5000.00 is today. Certainly not waiting for and playing the ill beat the system game by living longer.

We want to figure the ss money right from day 1 in our plans.
__________________
mathjak107 is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 05:02 AM   #10
Early-Retirement.org Founder
Developer of FIRECalc
dory36's Avatar
 
Join Date: Jun 2002
Posts: 1,826
Re: At what age will you take Social Security?

I think 62 makes more sense, despite what Scott Burns wrote -- see
http://early-retirement.org/forums/i...8067#msg178067

__________________
Often uninformed, seldom undecided.

Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. Mark Twain
dory36 is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 05:58 AM   #11
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Re: At what age will you take Social Security?

Been there done did that ---- 62 both DW and I. Never a question in our minds.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 08:29 AM   #12
Full time employment: Posting here.
 
Join Date: Apr 2004
Posts: 802
Re: At what age will you take Social Security?

I took early Canada Pension as soon as I was eligible at 60, which is a 30% discount from the normal age of 65.

We all get additional Old Age Security payments (based on years of residence in Canada) at age 65.

Both are indexed.

Both have to be applied for. It is not automatic.
__________________
Zipper is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 09:29 AM   #13
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: 16,459
Re: At what age will you take Social Security?

I have no idea. I'll wait until I'm 61 to make that decision. I'm still pretty far away!!

Audrey
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 09:44 AM   #14
Thinks s/he gets paid by the post
Outtahere's Avatar
 
Join Date: Sep 2005
Posts: 1,677
Re: At what age will you take Social Security?

Before I found this forum I would have said 62. Dh took his but it will be the lower of the two and he insisted he take it at 62 dispite my warnings. He makes more than allowed and ignored that little part of it until he received his letter asking how he wanted to pay back the money he was over paid (insert curssing when the letter arrived).

I'm thinking I'll try to stick it out until 65, that way he can apply for the larger amount on his and I'll get my full benefit. But, like everything else in life, nothing is certain and I'll make the final decision when the time comes.
__________________

Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
Outtahere is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 10:36 AM   #15
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,087
Re: At what age will you take Social Security?

As I mentioned on the other SS thread, Iím still trying to understand the nuts & bolts of delaying SS to 66 or beyond. I attempted to run three looks at tax implications, with the following assumptions:

-Married filing jointly, standard deduction
-Both spouses the same age and begin SS at the same time
-Total income of $75,000 per year


SS @ 62 SS @ 66 SS @ 70
SS income 28,000 39,000 50,000
IRA w/drawal 47,000 36,000 25,000
Total 75,000 75,000 75,000

SS subject to tax 18,750 15,775 11,100
IRA subject to tax 47,000 36,000 25,000
Taxable income 65,750 51,775 36,100

Estimated tax 6,570 4,476 2,125
Percent 10.0% 8.7% 5.9%

This helps my understanding of the impact of delaying, but I do realize this is only part of the equation. It may not be rocket science but it sure isn't easy to grasp all the variables.

No wonder so many people say 'show me the money' at 62...

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 10:47 AM   #16
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: At what age will you take Social Security?

Quote:
Originally Posted by Outtahere
Before I found this forum I would have said 62. Dh took his but it will be the lower of the two and he insisted he take it at 62 dispite my warnings. He makes more than allowed and ignored that little part of it until he received his letter asking how he wanted to pay back the money he was over paid (insert curssing when the letter arrived).

I'm thinking I'll try to stick it out until 65, that way he can apply for the larger amount on his and I'll get my full benefit. But, like everything else in life, nothing is certain and I'll make the final decision when the time comes.
Outtahere, maybe your husband should look into withdrawing his SS application and repaying the benefits he received, and then take his benefits later. http://early-retirement.org/forums/i...p?topic=7344.0

Our course, you are going to have a messy tax situation.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 10:51 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: At what age will you take Social Security?

On another topic, since my sister was not married and had no kids, all of her payments into SS for the past 30 years are absorbed into the system............

I guess that's the rule, but it seems a waste................
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 11:13 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,881
Re: At what age will you take Social Security?

This recent Burns column addresses this topic. It may pay to consider delaying it as long as you can.

http://www.dallasnews.com/sharedcont...1.317990e.html
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 12:55 PM   #19
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Re: At what age will you take Social Security?

Quote:
Originally Posted by REWahoo!

SS @ 62 SS @ 66 SS @ 70
SS income 28,000 39,000 50,000
IRA w/drawal 47,000 36,000 25,000
Total 75,000 75,000 75,000

SS subject to tax 18,750 15,775 11,100
IRA subject to tax 47,000 36,000 25,000
Taxable income 65,750 51,775 36,100

Estimated tax 6,570 4,476 2,125
Percent 10.0% 8.7% 5.9%
REW...one thing you may have overlooked - if you take SS early, or at age 66, does that result in a HIGHER IRA withdrawl @ age 70 1/2 for your RMDs, or will your IRA withdrawal be the same as when you start withdrawing @ 62/66?

One advanatage of waiting to take SS at 68 or 70 is that if you start withdrawing your IRA/401(k) at age 60/62/63, you have a lower balance at age 70 that you have to take your RMDs from...versus taking SS at age 62 with smaller IRA withdrawals, and then (possibly) beefing up your IRA withdrawals at age 70 1/2 due to RMDs and paying much higher taxes.
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Re: At what age will you take Social Security?
Old 10-02-2006, 01:54 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: At what age will you take Social Security?

Quote:
Originally Posted by FinanceDude
On another topic, since my sister was not married and had no kids, all of her payments into SS for the past 30 years are absorbed into the system............

I guess that's the rule, but it seems a waste................
It's no more wasteful than having auto, home, health, LTC (etc.) insurances and never having to make a claim. Of course, the difference is SS deductions are mandatory while various insurances for the most part are optional.
__________________

__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Reply

Tags
social security


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Former Military Social Security credits - interesting Fireup2020 FIRE and Money 1 04-10-2007 10:24 PM
Paying social security tax after age 66 modhatter FIRE and Money 2 03-10-2007 04:59 PM
Maximizing Social Security Benefits eyenitnoy FIRE and Money 20 06-18-2006 09:29 PM
When do Social Security payments start? Retiredtwice Other topics 3 11-18-2005 11:29 AM
Social Security will last longer ...maybe mickeyd FIRE and Money 7 06-28-2004 07:55 AM

 

 
All times are GMT -6. The time now is 03:17 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.