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View Poll Results: When did/will you draw from SSA?
62 100 37.88%
63 11 4.17%
64 4 1.52%
65 14 5.30%
66 43 16.29%
67 19 7.20%
68 1 0.38%
69 0 0%
70+ 72 27.27%
Voters: 264. You may not vote on this poll

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Old 11-15-2013, 02:10 PM   #41
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It depends on a number of factors for us, mostly depending on how long my wife wants to keep active in ministry, and to some extent, if I choose to work a significant number of hours in the future, how long I choose to do that. If she wants to keep working past 2027 (when I turn 62), I'm sure I'll probably delay taking it. But if she wants to hang it up before 2027, chances are better I'll take it at 62.

Of course, there's no assurance in my case that taking it at 62 will still be an option for me. I suspect it will be, but I might take more of a benefits haircut than currently planned.
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Old 11-15-2013, 02:29 PM   #42
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Originally Posted by haha View Post
Well off older Americans are not going to revolt. There has never been a revolution of old folks in the streets. And America has never had and IMO will never have an Army or other right wing coup.

Ha
I mean a revolution in terms of extreme grass roots political pressure the likes as never before been witnessed.
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Old 11-15-2013, 02:34 PM   #43
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Well off older Americans are not going to revolt. There has never been a revolution of old folks in the streets. And America has never had and IMO will never have an Army or other right wing coup.
I don't want this to go off the political rails, but "old people" won't have to revolt, most likely, because most proposed reforms leave current recipients and those above a certain age (usually 55+) unscathed. That said, there could still be stealth "means testing" increases, such as increasing the percentage of SS that is taxable. And since the current law doesn't index that to inflation, there already is a form of "bracket creep" in terms of the percentage of SS being taxed for most folks anyway.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 11-15-2013, 04:27 PM   #44
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I answered 67, my FRA, because that is what I have included in my ER plan. SS is one of my 3 "reinforcements" which await me once I turn ~60 and make my income a lot easier to manage (not that it is very tough now). The other 2 items are unfettered access to my IRA and my frozen company pension. I suppose I will run the numbers more once I turn 60 and begin tapping into the first of them (the IRA).
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Old 11-15-2013, 05:15 PM   #45
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Our current plan has us taking it at 62. I don't want to use up our own assets from 62 - 70. I'd rather take the money and run, and have it under our control sooner rather than later. If we wait there is more of a chance that future benefits might be cut or means testing implemented.

However, if we have to pay extra in taxes by going for 62, we might delay. Our plan works at any age from 62 on, so we don't really need to decide until the time comes.
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Old 11-15-2013, 06:08 PM   #46
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I don't want this to go off the political rails, but "old people" won't have to revolt, most likely, because most proposed reforms leave current recipients and those above a certain age (usually 55+) unscathed. That said, there could still be stealth "means testing" increases, such as increasing the percentage of SS that is taxable. And since the current law doesn't index that to inflation, there already is a form of "bracket creep" in terms of the percentage of SS being taxed for most folks anyway.
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Old 11-15-2013, 06:42 PM   #47
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BTW, if I was single I would probably take it at 62. There's no advantage to waiting for a single person. Bring a spouse (and even young childern) into the mix opens up a lot of possibilities that must be explored in order to make the correct decision that meets with your - and their needs.
Isn't a "no-commission annuity" an advantage? I view waiting the 8 years as insurance against greatly outliving the mean.
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Old 11-15-2013, 07:30 PM   #48
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FRA/70 - seems like a logical compromise for us.
When conditions change, I shall change my mind.
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Old 11-15-2013, 07:57 PM   #49
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62 - my rental income is not taxed by SS - unearned income - neither does it increase our SS monthly check. Result was that I get about enough to feed our cat, or pay my personal health insurance, but not both. SS is supposedly actuarially equal whenever you take it, so since my kin aren't especially long-lived and the future (means testing? alien attack? sharknado?) is unknown I grabbed it ASAP.
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Old 11-15-2013, 08:26 PM   #50
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I mean a revolution in terms of extreme grass roots political pressure the likes as never before been witnessed.
Actually there was one in the late 1980s a catastrophic medicare plan was proposed Here is a link to a pdf of the details: content.healthaffairs.org/content/9/3/75.full.pdf
It lasted 18 months and was pulled, because it was to be paid for by a tax on medicare recipeints. There was a huge hue and cry over this resulting in the repeal. It should be noted that this was Regan's idea as well.
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Old 11-15-2013, 08:52 PM   #51
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At FRA I'll take the divorced spouse's option (half of ex's), then at 70 will take my own. I understand that does not reduce ex's own SS or ex's spouse's options.
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Old 11-15-2013, 09:11 PM   #52
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We'll start taking DWs at FRA with me taking the spousal benefit. I'm going to wait until 70 to make sure DW has the largest payment possible if I kick off first. We don't need it, so no need to rush. I'm also going to do my best to convert tIRAs to Roths to minimize RMDs. If when I get to 62 (5 years) things have changed (means testing or whatever) I'll reconsider, but that's the plan for now.

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I am taking it at 62 through FRA then suspend and restart at age 70 to preserve my stash for LTC and to maximize DW income after I die.
I don't think you can do this anymore. I think Haha was the last person in America to manage to do it. Retirement Planner: If You Change Your Mind
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Old 11-15-2013, 09:18 PM   #53
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I didn't answer the poll because it didn't have my answer which is: I haven't decided yet. I am not 62 yet so I don't have to decide now and I see no reason to do so. I've run Firecalc and the Fidelity planner taking it at various time. My most likely alternatives are to either take it at 62 or take a spousal benefit at 66 (my FRA) and then take my benefit at 70. But, again, will revisit this when I turn 62.

FWIW - DH took it at a little over 62 when he retired from his job. He took it at 62 because he falls into the relatively small group of people where there was a clear benefit to taking it early. At the time we had 2 minor children and if he took SS they would receive benefits until 18.
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Old 11-15-2013, 09:31 PM   #54
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We'll start taking DWs at FRA with me taking the spousal benefit. I'm going to wait until 70 to make sure DW has the largest payment possible if I kick off first. We don't need it, so no need to rush. I'm also going to do my best to convert tIRAs to Roths to minimize RMDs. If when I get to 62 (5 years) things have changed (means testing or whatever) I'll reconsider, but that's the plan for now.
Similar here. My SS is much greater than DW plus she only gets 50% of my pensions when I die.
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Old 11-15-2013, 09:33 PM   #55
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Right now I'm looking at 63 (I'm 55 now). From my "simple" planning, our combined SS income at that age would match our projected safe withdrawal rate (SWR) amount needed to meet our target expenses. We have enough in cash to not be forced to touch investments until then. Taking SS at that age would also keep us from being forced to cash in equities.

Of course, if our planning turns out to be on the conservative side and our investments ended up doing better than currently projected, that might cause us to delay a year or two. But we wouldn't go beyond my retirement age (66 years 8 months).
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Old 11-15-2013, 10:13 PM   #56
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I don't think you can do this anymore. I think Haha was the last person in America to manage to do it. Retirement Planner: If You Change Your Mind
Actually, I was not talking about withdrawal of application and payback of benefits, as your link discusses but to suspend benefits as this link discusses:
Retirement Planner: Suspending Retirement Benefit Payments

This describes suspension of benefits after reaching FRA.
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Old 11-15-2013, 11:36 PM   #57
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Actually, I was not talking about withdrawal of application and payback of benefits, as your link discusses but to suspend benefits as this link discusses:
Retirement Planner: Suspending Retirement Benefit Payments

This describes suspension of benefits after reaching FRA.
OK, I see the difference. But I still don't see that it says you can get 4 years of payments, then suspend and get the higher payout at 70. Actually, I have a lot of trouble reading these things as they write in a matter to avoid answering questions. So I'm not saying you're wrong, but I don't se them spell out that you can do what you're planning.

Re-reading your original comment, you don't actually come out and say that when you restart you'll be getting a higher benefit. Is that what you're planning? If not, what does starting at 62, then suspending at 66 and restarting at 70 buy you?
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Old 11-16-2013, 07:03 AM   #58
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OK, I see the difference. But I still don't see that it says you can get 4 years of payments, then suspend and get the higher payout at 70. Actually, I have a lot of trouble reading these things as they write in a matter to avoid answering questions. So I'm not saying you're wrong, but I don't se them spell out that you can do what you're planning.

Re-reading your original comment, you don't actually come out and say that when you restart you'll be getting a higher benefit. Is that what you're planning? If not, what does starting at 62, then suspending at 66 and restarting at 70 buy you?
When I start receiving benefits at 62 it will be at the reduced rate. When I suspend at FRA, the reduced rate will increase via the delayed retirement credit formula. When I restart benefit payments at age 70 the amount will be comparable to the amount I would have received at FRA had I not taken benefits early. That is the plan A. I will confirm with a visit to local SS office in a few years when I get closer to 62. Of course, I still have Plans B, C, D.

I plan to do some conversion to Roth from ages 62-FRA as I expect to be in the 15% federal tax bracket during those years, if I start taking SS at 62.
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Old 11-16-2013, 07:59 AM   #59
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DH started his SS @ 65 & 9 months, & I started spousal @ my FRA. I will file for my own SS @ age 70. This way dh will get a much higher benefit in the unlikely event that I kick off first.
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Old 11-16-2013, 08:25 AM   #60
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62 because I will have two young children collecting as well. It will cover all living expenses until about 85 and enables me to keep my powder dry if I live longer and a large inheritance to the YW, if I don't. As a lifelong sinner with good genes 85 sounds like a good #. Dear old Dad (96 fit as a fiddle) always tells me 85-87 is when the fun stops!
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