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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 11-16-2013, 09:05 AM   #61
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Might change, but right now FRA of 66 looks likely for me. I do not have family longevity or perfect health on my side, however, DW is 5 years younger and has a much lower SS, otherwise, I would have taken it already. Only 1.5 years to go, and will re-evaluate at 66.
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Old 11-16-2013, 09:21 AM   #62
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I took the money at 62 an I have not looked back. SS with my pension (with an unlimited cola) gives me plenty of dough to have fun and not touch my small nest egg invested in stocks. I am divorced with my dad dying at 69 and my mom at 82. Right now I am in pretty good health, but like others mentioned I did some heavy sinning in my past. It made sense to me to take the bird in the hand rather than the two in the bush. That way if I croak early, my kiddies will get to split my small nest egg.

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Old 11-16-2013, 09:59 AM   #63
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I selected my full retirement age (67) but I'm really too young to decide at this point. I plan to wait until age 62 to make the choice based on my health and DW's health, cash flow needs and tax planning issues.
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Old 11-16-2013, 11:26 AM   #64
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I will most likely wait until I am 70. First, since LTC insurance is to expensive and problamatic these days, the extra $$'s will be part of my LTC plan. Second, my parents lived beyond the normal age, so I will probably live long enough to come out ahead. Third, if SS is not reformed and we get the approx 25% cut in 2033 or so, the extra money may be needed more that it is now. Forth, it is the only fully inflation indexed retirement benefit I get, another plus so I can live long and prosper.

YMMV.
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Old 11-16-2013, 11:35 AM   #65
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Originally Posted by daylatedollarshort View Post
Our current plan has us taking it at 62. <snip> If we wait there is more of a chance that future benefits might be cut or means testing implemented.
What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.
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Old 11-16-2013, 11:45 AM   #66
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What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check.
I entirely agree. I don't they would, for example, cut the benefits of 64 years old who haven't taken SS, while not counting the benefits of those already collecting. I can't envision any scenario where that would occur.

On the other hand, if benefits were to be cut by X% then the person who had been collecting the uncut benefits for 5 years might end up better off than the person who delayed collecting and starts collecting and is receiving reduced benefits. It is possible that the early collection of higher benefits might cause the early collection overall to be better than it would have been to wait.
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Old 11-16-2013, 12:01 PM   #67
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Unless the retirement calculators and market conditions when I turn 62 show different, I will take SS at age 62. I'm single and have no spouse to consider and want to spend down my savings by end of life (estimated age 95 for calculations). Also have a good pension so will always have some additional income source. I have done a few preliminary I-ORP calcs which indicate virtually no change in my annual income from taking SS later while withdrawing more from my 401K early in retirement - so just do not see the benefit of waiting. The SS or the extra money that I would take out of the 401K in lieu of SS at 62 will be my "fun" money for travel and other luxuries. I would not want to forego that income in my healthier early retirement years (e.g., 60's) just to get a larger SS benefit in my older years.
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Old 11-16-2013, 12:23 PM   #68
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I always assumed I'd take it at 62, but after living on DHs pension for 3.5 years we can see that we do just fine without needing more income. DH is subject to WEP so we don't have any spousal calculations to consider. My SS would be around $500/mo at 62. If we don't need it, I'll wait and reevaluate every year or so.

Now that Obamacare is settled (is it safe to say that yet?) our biggest unknown expense is a little more predictable. We are both 58, if we can make it to 65 and Medicare then I don't think I'd need my SS earlier than FRA of 66 and 4 months, July, 2021.

If DH gets 4 more credits he will have SS of around $250/mo at 62 after WEP. We could take his at 62 and wait on mine.
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Old 11-16-2013, 12:25 PM   #69
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started at age 66 since I was earning too much and would have lost SS if I started before full retirement age. Didn't wait until 70 because I had a minor child that received 1/2 of my benefit.......which we saved for his college fund. Really don't absolutely need SS so just did what I thought was best....hope I live a long time to enjoy it.
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Old 11-16-2013, 12:43 PM   #70
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What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.
Great point. For many yrs, SS was not subject to income tax. Now up to 85% is regardless of when one started drawing SS. And for those below their FRA there is forfeit of 50% of one's benefit if earning too much outside income.
https://www.socialsecurity.gov/history/
Also- Consider that the once egalitarian Medicare B premiums are now means tested (>$85k/yr MAGI (inc "tax-exempt" int) single), and ACA added means-tested surtax on PartD.

https://en.wikipedia.org/wiki/Medica...ited_States%29
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Old 11-16-2013, 12:46 PM   #71
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I'm planning to wait for 70. I've got enough in my plan to wait until then and I'm betting on longevity either because of family history or medical advances. It's a bet I'm very comfortable with because either side works. If I live extra long I'll be glad to have the income, if I live extra short I'll have lived the lifestyle I wanted and since I'm dead don't care about the SS dollars I left on the table. The only ones who care will be heirs (who probably get plenty anyway).

As for strategizing based on possible means testing, until there's some definite proposal this is too much a guessing game for me. Lot's of things are feared, or even suggested, that turn out not to come to pass. I'll try to worry more about the actual facts and less about the possible strawmen.
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Old 11-17-2013, 03:59 PM   #72
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I'm letting MY SS account accumulate delayed retirement credits until age 70 (next year). Currently am sponging off of DW's SS using my spouse status. We don't need the cash to live on and appreciate that fact that 8% of anything in todays climate can not be ignored.

I selected 70+ as there was no choice option for 70.
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Old 11-17-2013, 11:36 PM   #73
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I will start taking social security survivor's benefits (widower) at 60 and wait until 70 to draw against my own account.

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Old 11-17-2013, 11:56 PM   #74
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Quote:
Originally Posted by Chuckanut View Post
What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.
I don't know. Ever since the dog peed on my crystal ball, I have lost my ability to predict the future.

I am just guessing about what will happen to SS like everyone else. It never occurred to me they would make benefit cuts retroactive. We have a number of years before either of us are 62, and we have a cushion in case the benefits get cut pretty steep, so I don't spend a lot of time worrying about it for now. A lot could change in the next several years.
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Old 11-18-2013, 05:43 PM   #75
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Don't foresee needing the money so will just let it ride until age 70.
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Old 11-18-2013, 06:39 PM   #76
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After a pseudo prostate cancer diagnosis months before my sixty-second birthday, I took my SSA benefits. Now I am thinking a redo, I have a few months to decide.
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Old 11-18-2013, 09:41 PM   #77
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I will most likely wait until age 70 and let the larger social security payment serve as longevity insurance.
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Old 11-18-2013, 09:52 PM   #78
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Don't foresee needing the money so will just let it ride until age 70.
Nice way to put it. Since I don't need the money I'll be gambling against a horde of gov't actuaries. If DW and I die early, they win. Little Joe from Kokomo, baby needs a new pair of shoes!
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Old 11-18-2013, 10:25 PM   #79
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I will most likely wait until age 70 and let the larger social security payment serve as longevity insurance.
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Old 11-18-2013, 10:48 PM   #80
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As for strategizing based on possible means testing, until there's some definite proposal this is too much a guessing game for me. Lot's of things are feared, or even suggested, that turn out not to come to pass. I'll try to worry more about the actual facts and less about the possible strawmen.
I'm with you. I can't help but cringe anytime I hear someone say that those 55 and over are OK, since I'm not in that "safety zone" yet.

For retirement planning purposes, I deduct 25% from my estimated Social Security payment to cover any of the potential negative scenarios. However, I'm not giving up that 25% without a fight.

I'm also planning to wait until 70, for all the reasons given in this timely New York Times article: "The Payoff in Waiting to Collect Social Security."
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