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Social Security future? Applying at 62?
Old 11-19-2017, 10:22 PM   #1
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Social Security future? Applying at 62?

I am about to become 62 and Iím contemplating applying for Social Security benefits. To be honest, Iím suffering from a bit of paranoia about US politics of the last couple of years. SS is supposed to be solvent until 2034 but Iím concerned that either the economy or the crazy politics will lead to tinkering with the system before then. Past discussion of SS reform has exempted people in the system or those over 55 but I canít help feeling itís safer to be in the system rather than out.

Iím currently healthy. I have about $400k in savings. I have a very good COLA adjusted pension.

Any thoughts about this? Has current politics made anyone revise their views about the future of Social Security? Ultimately I realize that this is like any investment decision depending on personal comfort with risk and peace of mind.

One wrinkle is that though I have a great health care plan in the US, I am living in Thailand. Health care here in relatively inexpensive but right now Iím self insured. Iím looking for something like a catastrophic health care plan now.
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Old 11-19-2017, 10:37 PM   #2
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Originally Posted by martyp View Post
I am about to become 62 and Iím contemplating applying for Social Security benefits. To be honest, Iím suffering from a bit of paranoia about US politics of the last couple of years. SS is supposed to be solvent until 2034 but Iím concerned that either the economy or the crazy politics will lead to tinkering with the system before then. Past discussion of SS reform has exempted people in the system or those over 55 but I canít help feeling itís safer to be in the system rather than out.

Iím currently healthy. I have about $400k in savings. I have a very good COLA adjusted pension.

Any thoughts about this? Has current politics made anyone revise their views about the future of Social Security? Ultimately I realize that this is like any investment decision depending on personal comfort with risk and peace of mind.
I am 60 1/2 and have always planned on taking it at 62. I won't "make any money" on waiting till I'm 80. Like they say, there are no guarantees. If I live to 85 or 90 I doubt I'll be griping about "OH crap, man! If I had waited till 70 I'd have x thousand extra dollars now!" Then die the next day.
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Old 11-19-2017, 10:41 PM   #3
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We are in the 62 camp. Getting our fair share of $$$ paid back is a nice bonus to our cash flow. We do not need to withdraw any savings. I think this article says it well.
https://finance.yahoo.com/news/why-s...110200255.html
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Old 11-19-2017, 10:42 PM   #4
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The usual upshot of threads like this is "if you need it, take it, if you don't, then don't".

One error people sometimes make is that they set their plan horizon long so that they don't run out of money, then they do the SS calculation with the long plan horizon. The plan horizon should be shortened to your expected age when you do the SS calculation. That makes waiting until 70 less "juicy".
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Old 11-19-2017, 10:55 PM   #5
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The usual upshot of threads like this is "if you need it, take it, if you don't, then don't".
Just a note and full disclosure. I do not need SS at 62 but I am taking it anyway. I'll be damned if I'm going to spend my own money if I don't have to.
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Old 11-19-2017, 11:03 PM   #6
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I took it at 62 but wouldn't do it if you are still working.
If you are retired go for it.
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Old 11-19-2017, 11:06 PM   #7
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I took it at 62 but wouldn't do it if you are still working.
If you are retired go for it.


I ERíd at 55. Iím inclined to take it. I can always save it if I donít need it and have my savings to spend later in life for things like increased health care.
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Social Security future? Applying at 62?
Old 11-19-2017, 11:14 PM   #8
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Social Security future? Applying at 62?

I'm taking it beginning this month - just turned 62 late September ! I get only $402 since I have a fed pension also without SS. My brother in law died of cancer at age 64 in June. That's why I decided to take it. My pensions (2) are very good so why not add icing on the cake? Life is short.
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Old 11-19-2017, 11:56 PM   #9
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I'm taking it beginning this month - just turned 62 late September ! I get only $402 since I have a fed pension also without SS. My brother in law died of cancer at age 64 in June. That's why I decided to take it. My pensions (2) are very good so why not add icing on the cake? Life is short.
That's what I keep telling my 95 yr old Uncle...
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Old 11-20-2017, 12:02 AM   #10
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I'm planning to take it at 70. I can always change my mind later on and take it earlier.

But if I took it at 62, then I'm stuck with that decision.

So why am I waiting until 70:
- married so one of us will likely make it to 90
- gives me time to convert IRA to ROTH before age 70 , and if I did it when collecting SS, then the SS would be taxed.
- I have faith that all the congress members want to be re-elected so any change won't affect old folks who planned on SS.
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Old 11-20-2017, 12:16 AM   #11
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Has current politics made anyone revise their views about the future of Social Security?
Not really. I'm fairly new at this retirement thing, but am beginning to get the feeling that I'll be fairly good at focusing on the long term, while willfully ignoring the bumps in the road on the way there.

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One wrinkle is that though I have a great health care plan in the US, I am living in Thailand.
Awww heck. The info under your avatar had me fooled. There I was, thinking you'd been living just up the road from me all this time! (I'm in Oakland.)
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Old 11-20-2017, 02:17 AM   #12
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I’m taking mine at 62, DW at 68-70.
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Old 11-20-2017, 02:45 AM   #13
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I will apply at age 62
My husband at age 64.5. He will no longer work. He has back issues so that's a good plan

Our house will be almost paid off or totally paid off.

I will still be working part time until I can not do it any longer.

I consider myself retired right now only because it is not required I go to work

We will make it ok via his business if I quit my job now.
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Old 11-20-2017, 02:51 AM   #14
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I'm planning to take it at 70. I can always change my mind later on and take it earlier.

But if I took it at 62, then I'm stuck with that decision.

So why am I waiting until 70:
- married so one of us will likely make it to 90
- gives me time to convert IRA to ROTH before age 70 , and if I did it when collecting SS, then the SS would be taxed.
- I have faith that all the congress members want to be re-elected so any change won't affect old folks who planned on SS.


I need to make sure that taking it doesnít push me into a higher tax bracket.
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Old 11-20-2017, 02:52 AM   #15
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Not really. I'm fairly new at this retirement thing, but am beginning to get the feeling that I'll be fairly good at focusing on the long term, while willfully ignoring the bumps in the road on the way there.



Awww heck. The info under your avatar had me fooled. There I was, thinking you'd been living just up the road from me all this time! (I'm in Oakland.)


I was until last February
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Old 11-20-2017, 03:49 AM   #16
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Easy decision...
If you are going to die before age 77 or so, take it now.
If you are going to die after age 77 or so, take it later.

What's the big fuss about?
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Old 11-20-2017, 05:46 AM   #17
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Easy decision...
If you are going to die before age 77 or so, take it now.
If you are going to die after age 77 or so, take it later.

What's the big fuss about?
Kidding aside, that doesn't mean a thing either. Sure if your only goal is to get as much back from Uncle Sam as possible it may matter. I could couldn't care less if I maximize the exact amount I get back. I want to maximize the enjoyment I get out of whatever money I do get.
My Dad took SS at 62 and he's now 93. So he technically left money on the table. But he couldn't have retired at 62 without SS and he had a physical job that would've really wore him out had he tried to stay to 65. At 93, a couple extra hundred or so a month is meaningless to him.
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Old 11-20-2017, 06:16 AM   #18
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I have performed the spreadsheet analysis for taking it in various years for our situation. Our current plan is to take it no earlier than age 63. When we actually take it is looking more like a decision based more on the lifestyle level we desire and less on financial need.
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Old 11-20-2017, 06:37 AM   #19
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I was wondering if someone at 90+ really had regrets on starting benefits early, you answered that question. I figure at 90+ they don't have as much need for $$ as they did when they were younger and may not miss the extra few hundred $$ each month now vs enjoyed having it when they were younger. I totally get trying to get there most you can, but also see the side that says enjoy life now.
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Old 11-20-2017, 06:47 AM   #20
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Taking it at 62 and hoping I live long enough to regret the decision.
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