foxfirev5
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DW and I both took SS at 62 and are still very hopeful we live long enough to regret the decision. Now it's time to book another trip. Courtesy of the US govt.
Signed up for Social Security
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dm
Full time employment: Posting here.
That’s pretty much how I feel. Have a nice trip.
SteveNU
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I'm right there with you! I turn 62 in May and submitted my application a few weeks ago. All approved and check will be in the bank on July 24th also.
Between our pensions, retiree health care subsidy, and my SS we will now be covering 100%+ of our everyday spending. We also have my wife's SS that will kick in in a few years. Our nest egg will be our fun money and allow us to leave a little for the kids and grandkids hopefully.
I retired almost six years ago and after a few years I ended up having back surgery and problems which has put a damper on my physical abilities and it's not going to get any better. I know I'm not getting any younger so I decided to go with the early SS and enjoy it while I still can.
I'm a SS Early vs Late junkie on this forum. I read them all, even if the discussion says the same thing over and over. IMHO, this is the best argument for taking early. Just as we cannot predict the market, we cannot predict our health in a day, month or year. Enjoy while you can!
ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I will draw my SS at FRA + 1, and DW will take hers at 62 (1.5 years time). DWs will just about cover her Healthcare (Sad really).
As per this calculator. https://opensocialsecurity.com/
As per this calculator. https://opensocialsecurity.com/
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I've wasted way too much time thinking about SS, when to take, etc. Finally made the plan to have DW take at 62 and me whenever I decide to pull the trigger (I'm 66). We will use hers as vacation money and mine as insurance for her (well and more expensive trips too LOL)
KM
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Congrats!
DH also just filed at 62 and will collect his first payment in June. I was amazed how easy it was to apply online. Although he was born, raised, and worked most of his life in the same state. One marriage, same address the past 30 years. So it’s not like it was rocket science.
MY magical spreadsheet [emoji14] said 62 for DH and 65 for me was the optimal solution.....if we live past 86. Otherwise 62 for both of us was optimal. Given my maternal line historically has lived to 86-90, I’m opting to wait until 65. DH doesn’t have quite the same longevity genes, but in the big picture for us, 62/62 or 62/65 were by far the best scenarios in all cases except living past 90. Regardless, it never made financial sense to delay us both....so his filing was the easy decision.
DH also just filed at 62 and will collect his first payment in June. I was amazed how easy it was to apply online. Although he was born, raised, and worked most of his life in the same state. One marriage, same address the past 30 years. So it’s not like it was rocket science.
MY magical spreadsheet [emoji14] said 62 for DH and 65 for me was the optimal solution.....if we live past 86. Otherwise 62 for both of us was optimal. Given my maternal line historically has lived to 86-90, I’m opting to wait until 65. DH doesn’t have quite the same longevity genes, but in the big picture for us, 62/62 or 62/65 were by far the best scenarios in all cases except living past 90. Regardless, it never made financial sense to delay us both....so his filing was the easy decision.
Not sure who is best served- by taking SS now, you will reduce your opportunity to get more later, and you will reduce your amount withdrawn each year, thereby increasing what is left and assessed an advisory fee for your advisor. Guess it depends how you look at it, along with your need.
SteveNU
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Exactly! I also forgot to mention that I just went to the funeral for a friend who had only retired a little over a year ago and just turned 62 in November. [emoji852]️ That tends to put things in perspective.
Congrats on the SS. I'm pushing 64 and don't feel old. Possibly when I go on Medicare I'll self reflect about all the wisdom I've imparted on this world. Otherwise I am hanging with those younger than myself to keep the fountain of your alive.
pacergal
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Filing on line was super easy for us, also and we filed at 62 last year.
DH family is not long lived, most died before 80 and the majority of my relatives died early to mid 80's.
I tested our spending to 100, just to be safe,(one relative lived to 100) and know we can spend more if we wish. We have our pensions at 100% survivor, and they cover our basic expenses.
I have gone through all of the calculators posted on the forum, read the SS posts frequently, and viewed multiple options.
This is the plan that is best for us, and I have no regrets.
DH family is not long lived, most died before 80 and the majority of my relatives died early to mid 80's.
I tested our spending to 100, just to be safe,(one relative lived to 100) and know we can spend more if we wish. We have our pensions at 100% survivor, and they cover our basic expenses.
I have gone through all of the calculators posted on the forum, read the SS posts frequently, and viewed multiple options.
This is the plan that is best for us, and I have no regrets.
RunningBum
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Sorry for the loss of your friend. This past weekend I saw a skier down, next to a fence, with a few people gathered around. When I got up the lift and went back down, I saw ski patrol doing chest compressions on him, and then evacuating him. 2 days later they took him off life support. 40ish yr old guy, well-liked and respected fire chief at Atlantic Beach, with a family. Very sad and sobering. I may never forget that sight of ski patrol working on him, knowing what the outcome probably would be.
However, that has nothing to do with my social security situation, nor should your friend's death influence yours, IMO. Using that as a reason to take early is another emotional decision, and shouldn't be factored in.
I started to write more but it's just stuff I've written a dozen times in a dozen other threads.
Fundamentally when to take SS (for those with sufficient assets) the decision comes down to:
A. Do you view SS thru the lens of Longevity Insurance; or,
B. Do you view SS thru the lens have getting your money back.
Each is a personal decision; neither being right or wrong: just best for you.
A. Do you view SS thru the lens of Longevity Insurance; or,
B. Do you view SS thru the lens have getting your money back.
Each is a personal decision; neither being right or wrong: just best for you.
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Too easy. You need to find something more challenging to do.
Courtesy of the money you gave to them when you were working, and the current workers giving them money now.
foxfirev5
Thinks s/he gets paid by the post
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You bet. And I'm certainly not going to wait almost another decade to get more.
Nope get it now. More for me later.
foxfirev5
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Yep. I'm just trying to pay it forward. That way when the system has to give a haircut I can't say I didn't do my part.
foxfirev5
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And furthermore I've spent 4 decades waiting for later. I think it has arrived. The trivial matters like this just don't matter all that much.
street
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Yep! Good for you, enjoy more now when you can, and while you have great health. At 70 I see many and no many that struggle with life, just seen one today with a cane. He is a very wealthy man and can't do much. Sad!
I have lost about 20 people plus I have known, and most very well, that have passed away in the last year and half. The range of age are from 65 to 53 year old. I'm not going to gamble on this game, I'm taking early and not going to leave anything on the table, betting on my longevity.
There is no right way or wrong way IMO.
Cut-Throat
Thinks s/he gets paid by the post
How are you planning on 'not leaving anything on the table' as far as your portfolio?
Have you already purchased your SPIA?
Dtail
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He probably is referring to just the SS in a somewhat theoretical sense.
I applied on 3/1/19 and mine says it's received but no update after that.
I turned 64 last month. I always planned to wait until 65 when Medicare starts. We get a hefty ACA subsidy so I wanted to wait until 65 when that wouldn't be an issue anymore. This year we have a high deductible plan that is HSA compatible so the $9,000 HSA contribution more than offsets the SS income for ACA.
My SS benefit will be $718 a month. I've been watching it go up every month since I turned 62. The main reason for waiting has been the ACA but I also waited because it was only $578 to start at 62.
I have a pleasant little part-time job as a school crossing guard . I make about $4200 a year, far below the amount where SS takes some of your benefit. DH is retired with a government pension. He does not have enough SS credits to get a benefit right now. If he did complete his credits he would be WEPed and GPOed. He would not get anything as a spouse so that does not impact my decision to start my benefit now.
If my application gets approved I'm hoping to get my first deposit in late April.
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Car-Guy
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For the DW and I the decision was easy. We didn't need it (and never will) but the DD could use it now. So we both took it at 62 and effectively just give it to her.
And no, we're not adopting anyone.
And no, we're not adopting anyone.
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