Rethinking SS

[freebird5825]

I was wondering with the markets tanking if anybody is changing their opinions on when they are taking SS . I am currently leaning toward 62 rather than waiting till 66. Anybody else ?

long range plan is to take it at age 62, invest most of it into some sort of conservative income generator, and have some fun with the rest.
my full SS age is 66 yr 8 mo, so i can do a lot with that for 4 yr 8 mo. [edited to correct data]
my marital status at age 62 will be a big factor, methinks. I will decide then.
markets tanking now is not an issue.

 

[ziggy29]

my full SS age is 68 yr 7 mo, so i can do a lot with that for 6+ yrs.

How so? I didn't think anyone's full retirement age was above 67. Yet.

 

[Rich_by_the_Bay]

A little tricky here - plan to keep working part time after ESR, and have to consider that my SS would be taxed heavily if I took it while receiving earned income. And, if I go for it early, it affects my DW's spousal benefit base amount, too -- not just my "breakeven" age of death.

 

[freebird5825]

How so? I didn't think anyone's full retirement age was above 67. Yet.

sorry, brain f*rt and too many numbers in my head...age 66 yr 8 mos, right from my SS statement. i fixed my prev post.

 

[TromboneAl]

Hey guys, this is not an issue. You take it at age 62, and at age whatever, you pay it back, withdraw your app and start over at the new rate. Best of both worlds. Am I missing something?

 

[OAG]

Hey guys, this is not an issue. You take it at age 62, and at age whatever, you pay it back, withdraw your app and start over at the new rate. Best of both worlds. Am I missing something?

No!

 

[REWahoo]

Am I missing something?

Tax implications?

 

[ziggy29]

Hey guys, this is not an issue. You take it at age 62, and at age whatever, you pay it back, withdraw your app and start over at the new rate. Best of both worlds. Am I missing something?

You're assuming that we're going to have enough in our IRAs and 401Ks to not need Social Security -- which seemed a lot more likely about a year ago...

 

[REWahoo]

You're assuming that we're going to have enough in our IRAs and 401Ks to not need Social Security -- which seemed a lot more likely about a year ago...

Yep.

 

[Orchidflower]

I saw a recent study that showed a graph that the benefits of waiting really begin at age 78. Of course, if you take it at 62 and reinvest--and when the market turns up as it will eventually--you might do better than waiting until age 70.

 

[Rich_by_the_Bay]

Hey guys, this is not an issue. You take it at age 62, and at age whatever, you pay it back, withdraw your app and start over at the new rate. Best of both worlds. Am I missing something?

Like maybe they'll change the law? Kind of a glaring loophole, I'd guess.

 

[Khan]

You're assuming that we're going to have enough in our IRAs and 401Ks to not need Social Security -- which seemed a lot more likely about a year ago...

FIRE Clock: broken. It only knows how to go in reverse.

Sorry about your broken clock.

 

[rjk514]

If past age 62 and yet to draw on SS by your choice, just keep an eye on the Bozo's in Washington and if they make any move to change SS immediately apply as it will take them more than 3 months
to change anything and it takes 3 mo. to start receiving checks after you apply...by the time the change takes place you will be receiving your SS payments

 

[Orchidflower]

I heard that one loud and clear, rjk514. Will do!

 

[Gearhead Jim]

Always planned to take SS at 62. Current market situation only reinforces my decision. For me it slows the IRA (cash) "burn rate" and reduces taxes.

For me, both true and especially the tax issue. I find it hard to imagine that SS will not be taxed/means tested more in the future than it is today. If I'm wrong, pay it back and start over (if still allowed).