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Old 09-19-2015, 05:07 PM   #21
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Took it at 67, rather than 66. I was going to wait until 70 for DW, but we looked at it and she does not need the increase. We looked at travel plans and decided that taking it now made since, in order to give us more cash when we were still able to enjoy it.
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Old 09-19-2015, 08:13 PM   #22
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I'm a Gen X'er who has never put any faith in SS, so I'm going to file as soon as I can. I don't care what the future projections look like, or whether the fun might, or might not, be around, etc.

As somebody else wrote, a bird in the hand...
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Old 09-20-2015, 05:06 PM   #23
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Consequence bias? Those who file early had short longevity or in poor health or very poor family history, so obviously they die earlier than those who have very good prognosis or family history who decided to get their SS later. The dying has nothing to do with their choices of SS. These are just different group of folks. The life span depends mainly on the
health status(physical & mental), not what they decide to do on SS or to retire or not.
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Old 09-20-2015, 06:12 PM   #24
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Lots to consider when taking SS early.
We took SS @ age 62, (1998) after retiring in 1989, at age 53 (cancer scare). The 9 years before taking SS, were tight, as almost all of our expenses were coming out of assets, and watching the savings account go down wasn't easy.
We learned a lot about living on a tight budget. Living in a campground in IL and a senior community in FL was a real help. With a concern about life expectancy, and... trying to keep our IRA's intact the SS option looked good. Frankly, we didn't overthink this at the time. The supplement to our living expenses was welcome.
So, now we've had SS for 17+ years. During the first years after retirement, interest rates were relatively high, and our CD's were earning nearly 10% and always over 7%... so a different time.

When I was born, the life expectancy for a male was 59 years. Now, SS estimates I'll live to age 90. I suppose that if I recalculated where we'd be today if we had waited we'd be better off, but we're both very happy with what we did, and where we are.

Nothing new here, but for anyone who may be on the fence, a recap of our 26 of happy retirement:
Sharing 23 years of Frugal Retirement
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Early SS could be the smartest move
Old 09-21-2015, 02:48 AM   #25
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Early SS could be the smartest move

On one hand, the cynic in me would be inclined to take SS as early as possible. And family longevity history makes it toss whether or not I'll come out better by delaying to 70. Yet I'm in the process of doing just that, if only because...

1. Neither DW nor I have a pension of any sort.
2. Presently, SS is the best inflation-adjusted annuity available.
3. Maximizes survivor benefit for DW.
4. Stable, relatively-guaranteed income stream during later years when at risk of cognitive decline or being a potential fraud victim.

And, last but not least...

5. Delayed gratification got me this far and DRC's are perhaps my last big opportunity to practice my craft! ;-)




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Old 09-21-2015, 05:46 AM   #26
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Really?
Yes.

Unlike the lottery, death is garantueed and participation is mandatory.

Unlike the lottery, not everyone has the same odds to win in a given drawing. It stands to reason as well that most people have a fairly good view of their chances relative to others.

It's a bet, but most people can beat the house since they have an information advantage.
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Old 09-21-2015, 06:14 AM   #27
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Unlike the lottery, death is garantueed and participation is mandatory.

Unlike the lottery, not everyone has the same odds to win in a given drawing. It stands to reason as well that most people have a fairly good view of their chances relative to others...
+1

Eventually, we will all get to win at the death lottery. You get to keep drawing until you are the grand prize recipient. One just needs to be a bit more patient.

About SS drawing, the article shows that early SS recipients appear to know about their health condition, hence start to draw early. They do not die early because they draw SS early. They draw early because they feel their health is declining.

However, the point of the article, as also summed up in its title, is that if one considers survivor benefits, it is advantageous to wait as long as one can. See that real-life example by Jollystomper earlier.
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Old 09-21-2015, 07:00 AM   #28
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Really?
In the past, a couple of times, I've had health assessments that told me my health age vs. my chronological age. These included things like BP, cholesterol levels, PSA, weight, drinking, smoking & driving behaviors, presence of guns, exercise pattern, & parents age a death. From that they calculated my likely longevity vs. average. It impacted my SS timing choice. You can control of these to at least some degree ex your gene pool.
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Old 09-21-2015, 09:26 AM   #29
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we have an article that claims there is a correlation between filing early and dying early
There are some comments that some of those people may be concerned about health problems.
Quote:
Others might be justifiably worried about their health, Slavov’s study shows. Early filers were 80 percent likelier to die between 66 and 71 than those who filed for Social Security after the full retirement age. Early filers are also likelier to feel unhealthy and doubt whether they’ll make it to 75, according to the authors' analysis of survey data.
So we jump on the conclusion that early filing increases chances of early death.
They could have concluded that ER causes early death.
Really one would need to look more into the data (if it was taken). How many really had existing health problem? How many had sedimentary life styles? How many took care of their medical issues? How many had a life besides watching TV or posting on the internet?

I know quite a few people who retired at 62 and took SS. Many spent most of what they made when they were working and retiring at 62 was a rite of passage. Many of these people did not do regular medical and dental care throughout their life?
Or are some of these people in the study like my mom who had type 2 diabetes and kept eating sugar, honey, etc.--- yes this can effect your luck on the longevity wheel.
Remember statistics can lie...
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Old 09-22-2015, 12:01 AM   #30
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</sense of humor in this thread>

goto Monty_Python_Argument_Skit
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Early SS could be the smartest move
Old 09-22-2015, 12:05 AM   #31
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Early SS could be the smartest move

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Originally Posted by Jerry1 View Post
The modeling I've done says that to maximize SS, I should take at 62, my wife should file and suspend at FRA and then take her full benefit at 70. During the file and suspend time period, my wife will take half of my benefit. I'm thinking it will depend on how our finances look each year I'm 62 and over. Interesting is that since my wife is five years older, she hits FRA the same year I hit 62.

As for this thread, I agree that many people who know they have health issues likely are driving up the percentage of people taking SS at 62. I have a friend that was waiting to take SS but got a diagnosis of Parkinson's and went ahead and filed early.

Another thing is pensions. I'm not sure how they all work, but my friends that early retired from the autos are required to take SS at 62. Basically, their pension is X and once SS kicks in, they still get X but it is made up of SS+a smaller amount from the auto.

Just FYI, your spouse cannot file and suspend AND draw spousal benefits.

She can draw spousal benefits by filing a "restricted application" at her FRA if you are entitled to benefits or if you've filed and suspended.
I'm sure you meant what I wrote above, but sometimes the wording can be tricky


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Old 09-22-2015, 05:53 AM   #32
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goto Monty_Python_Argument_Skit
Goto is considered harmful

https://en.wikipedia.org/wiki/Considered_harmful
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Old 09-22-2015, 09:57 AM   #33
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Lol! Right back at you! "Goto Considered Harmful" Considered Harmful (Bottom right of first page)
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Old 09-22-2015, 10:46 AM   #34
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<SNIP>

Remember statistics can lie...
People lie. (Figures don't lie, but liars figure.) Statistics only conceal as in:

Statistics are like a bikini. What they conceal may be more significant than what they reveal.

But YMMV.
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Old 09-22-2015, 10:59 AM   #35
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Spouses benefit is capped at 50% of the primary persons PIA.
Widows benefits is capped at 100% of the monthly benefit amount the deceased was receiving.

In English: spouses do not benefit from DRCs. Widows do benefit from DRCs.

Forum
Sounds like a good reason to stay away from Doctors, hospitals, and knives if you wait till 70.
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Old 09-22-2015, 11:03 AM   #36
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That settles it. I am not collecting early, it leads to an early death.
Not really. It's the extra money that leads to the early death, not the source. I highly recommend you get rid of that nasty extra money, ASAP. If you like, I can dispose of it for you.
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Old 09-22-2015, 11:09 AM   #37
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This doesn't surprise me. Life insurers have known for a long time that mortality among people who buy annuities is much lower than the general population because of "self-selection"- i.e., people who buy annuities expect to live a long time. They even use different mortality tables.


The opposite would happen with early SS recipients- if you're in poor health or have a family history of early death, you file at 62.
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Old 09-22-2015, 11:34 AM   #38
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The opposite would happen with early SS recipients- if you're in poor health or have a family history of early death, you file at 62.
You would think so. But, in my family of long lived people, most of the older folks took it at 62. However, they were also the people who survived a Depression and a world war (sometimes two world wars) so security was a big issue for them.
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Old 09-22-2015, 12:33 PM   #39
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Where did they count those people who wanted to take SS at FRA, but did not make it there?
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Old 09-22-2015, 12:39 PM   #40
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Another thing is pensions. I'm not sure how they all work, but my friends that early retired from the autos are required to take SS at 62. Basically, their pension is X and once SS kicks in, they still get X but it is made up of SS+a smaller amount from the auto.
DW has a small pension from the county school district, and she get a SS offset (an extra $500 each month) along with the pension from retirement age till she is FRA, regardless of when she takes her SS. Just another example of how some pensions work.
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