At what age will you take Social Security?

retire@40 · 10-01-2006, 06:45 PM

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.

HFWR · 10-01-2006, 06:57 PM

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

Nords · 10-01-2006, 07:01 PM

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

REWahoo · 10-01-2006, 07:09 PM

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...

sgeeeee · 10-01-2006, 08:23 PM

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.

MJ · 10-01-2006, 08:40 PM

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.

Spanky · 10-01-2006, 09:45 PM

I am have a long time to decide. As of now, plan to take it at 62.

haha · 10-01-2006, 10:12 PM

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

mathjak107 · 10-02-2006, 02:54 AM

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.

dory36 · 10-02-2006, 04:02 AM

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

OAG · 10-02-2006, 04:58 AM

Been there done did that ---- 62 both DW and I. Never a question in our minds.

Zipper · 10-02-2006, 07:29 AM

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.

audreyh1 · 10-02-2006, 08:29 AM

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

Audrey

Outtahere · 10-02-2006, 08:44 AM

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.

REWahoo · 10-02-2006, 09:36 AM

As I mentioned on the other SS thread, I’m 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...

**Martha** · 10-02-2006, 09:47 AM

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.

FinanceDude · 10-02-2006, 09:51 AM

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................

mickeyd · 10-02-2006, 10:13 AM

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

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	7.95%
Age 62	46	52.27%
Age 63	1	1.14%
Age 64	0	0%
Age 65	1	1.14%
Age 66	19	21.59%
Age 67	1	1.14%
Age 68	0	0%
Age 69	0	0%
Age 70	12	13.64%
Over Age 70	0	0%
Never	1	1.14%
Voters: 88. You may not vote on this poll

10-01-2006, 06:45 PM	#1
retire@40 Thinks s/he gets paid by the post Join Date: Feb 2004 Posts: 2,531	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

10-01-2006, 06:57 PM	#2
HFWR Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: May 2005 Location: DFW Posts: 5,241	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 I will now proceed to entangle the entire area...

10-01-2006, 07:01 PM	#3
Nords Moderator Emeritus Join Date: Feb 2004 Location: Oahu Posts: 15,389	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. __________________ * * For more info see "About Me" in my profile.

10-01-2006, 07:09 PM	#4
REWahoo Moderator Emeritus Join Date: Jun 2002 Location: Texas Hill Country Posts: 10,908	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... __________________ Spewing self-serving drivel since 2002.

10-01-2006, 08:23 PM	#5
sgeeeee 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.

10-01-2006, 08:40 PM	#6
MJ Thinks s/he gets paid by the post Join Date: Mar 2004 Posts: 1,992	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.

10-01-2006, 09:45 PM	#7
Spanky Thinks s/he gets paid by the post Join Date: Dec 2004 Location: Minneapolis Posts: 2,748	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.

10-01-2006, 10:12 PM	#8
haha Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Apr 2003 Location: Seattle Posts: 7,976	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 __________________ "Show 'em just enough to win the turkey."- Former KY Governor Bert Combs

10-02-2006, 02:54 AM	#9
mathjak107 Thinks s/he gets paid by the post Join Date: Jul 2005 Posts: 2,395	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.

10-02-2006, 04:02 AM	#10
dory36 Early-Retirement.org Founder Developer of FIRECalc Join Date: Jun 2002 Posts: 1,823	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

10-02-2006, 04:58 AM	#11
OAG Thinks s/he gets paid by the post Join Date: Jun 2006 Location: Dublin, Ohio Posts: 1,560	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. __________________ Proud Vietnam Veteran: Cu Chi 66, 1/25th, HHC 25th and Pleiku 66-67 41st Sig Bn 1st STRATCOM

10-02-2006, 07:29 AM	#12
Zipper 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.

10-02-2006, 08:29 AM	#13
audreyh1 Thinks s/he gets paid by the post Join Date: Jan 2006 Posts: 2,005	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

10-02-2006, 08:44 AM	#14
Outtahere Thinks s/he gets paid by the post 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

10-02-2006, 09:36 AM	#15
REWahoo Moderator Emeritus Join Date: Jun 2002 Location: Texas Hill Country Posts: 10,908	Re: At what age will you take Social Security? As I mentioned on the other SS thread, I’m 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... __________________ Spewing self-serving drivel since 2002.

10-02-2006, 09:51 AM	#17
FinanceDude Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Aug 2006 Posts: 6,732	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).......:) I am so conservative I make Reagan look like a liberal........:)

10-02-2006, 10:13 AM	#18
mickeyd Thinks s/he gets paid by the post Join Date: Apr 2004 Location: South Texas~29N/98W Posts: 2,216	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 __________________ 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.

10-02-2006, 11:55 AM	#19
MooreBonds Full time employment: Posting here.