Poll:When will/did you draw from SSA

[robnplunder]

... and why?

 

[prototype]

Maybe because I'm lazy, my current plan is to take SS at 65 so I can do all the Medicare and SS "paperwork" at the same time. That may change +/- a year or two because I am only in my late 50's. Also my non-COLA pension drops from 48K/yr to 42K/yr at 62. So that gives me a few years to get some sizeable amounts of money out of my Traditional IRA at a lower tax rate.

 

[frayne]

Took SS at 62 simply because I have no idea how long I will live and I had paid into the system since I was fourteen years old. Don't need the money so it is being invested.

 

[martyb]

I'll only get around $250 or so at 62 due to WEP. If I wait, it will only go up a few $$, not enough for me to worry about. I'll take it at 62 & apply it to my fun money bucket.

 

[Jager]

I'm 60 and plan on retiring next year when I am 61. I would like to take SS at 66 (FRA), or even later. But I'll probably take it starting at 62.

I expect SS to be means-tested somewhere down the road. And I expect anyone with sufficient assets to contemplate ER - including most of the people on this board - to be adversely affected.

 

[Walt34]

Probably 65 or late in the year when I'm 64. The pension dropped by the amount of SS benefits that I would then have been eligible for at 62. I'm 63 now, 64 in the spring. Since the job I had at the time more than made up for it I didn't file then. In the meantime I'll clean out a couple of small IRA's ($6k and $10k) and then start tapping the savings we set aside when I was working at the unplanned-for job.

If we wanted to we could wait until I'm 66 but that would require a pretty severe cut back, DW's car has 172k miles on it so a new one is probably in the near future, anywhere from next week to several more years, and an issue is how low we are willing to go on the savings before starting SS.

 

[pb4uski]

My plan is to wait to 70 because DW and I are both healthy and have solid longevity in both of our families.

If for some reason our investment nestegg is depleted more/faster than I am comfortable with or if our perceived longevity changes significantly, we would begin earlier, but at this point I think for us later is the better financial decision.

We're only 58 now so we really have about 5 years to make a decision.

 

[prototype]

I expect SS to be means-tested somewhere down the road. And I expect anyone with sufficient assets to contemplate ER - including most of the people on this board - to be adversely affected.

Good point, something definitely worth watching. I know that's being looked at by our legislatures. Does anyone know if they will be looking at income, assets, or both when determining SS payments should a means test be implemented? Seems like I remember reading something about the "means test" being being initially considered were for people with pretty high incomes (assets not considered), could be wrong.

 

[travelover]

90% of my stash is in IRAs, so I anticipate large RMDs. I also have a pension that covers my expenses, so my current plan is to take SS at 62 to spread out the income. I also anticipate means testing on SS in my lifetime.

 

[RE2Boys]

Took SS at 63 (procrastinated for over a year) as I am subject to WEP so it amounts to $377 per month AND since I've minor children, they get monthly checks until out of HS, an extra benny.

Waiting would not have made a big $$ difference and my wife will be entitled to way more based on her own SS record than any survivor benefit from me.

 

[ohyes]

62 for each of us. DH has 1.5 years before hitting that, so we may wait a bit longer. I would like to wait another couple years, but 62 is my best guess.

This would be to protect our savings for down the road.

 

[SJ1_]

... and why?

that should cover all of our living, + some.

 

[Brett_Cameron]

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.

 

[jimnjana]

Not sure. DW turns 60 in the spring, so we have a few years to decide. It is likely that we will defer taking her ss benefits at least to age 65 and then decide yr by yr. We thought we would be spending down her TSP prior to her taking ss, now not so sure.

 

[REWahoo]

I turned 62 in the Fall of 2008 when far more than leaves were falling. I'd planned on waiting until FRA or later to take SS but discovered living entirely off a rapidly dwindling portfolio was not compatible with my personality type.

Received my first SS check in February of 2009 and the market started up soon after. Knowing what I know now, I wouldn't change a thing.

 

[Midpack]

We're also planning on 70 due to high longevity in both our families. If things go south and we need to take it earlier, so be it.

However, it may increase our lifetime income (lower taxes) to take it earlier to avoid a stepwise increase at 70 due to RMD and max SS, I have 11-13 years to figure that out (hopefully by year end to begin Roth conversions ASAP) - we'll see...

 

[HFWR]

Current plan is 62, though that is not set in concrete. Why? Because my family longevity is mid-80s, and I've done a fair amount of "sinnin'" which may or may not shorten my lifespan. Pretty healthy now, but who knows later? Plus, I don't want to waste any more time w*rking than absolutely necessary, and the early SS check makes the budget work...

YMMV...

 

[razztazz]

Age 62. Running scenarios with Firecalc et al shows that my stash doesn't have an appreciably higher or lower final tally if I take it at 62, 66.5, or wait all the way till 70. It will, however, add flexibility to my fun-money account

I am forecasting lasting till age 92 but only 1 blood relative has gotten close to that age. My health has already been compromised but with modern marvels in the next 10-15 years, ya ever know. Maybe I can string it out?

Also, to paraphrase someone else on this board several years ago when addressing the same subject: When somebody offers you free money, you take it. You don't wait

 

[Jackanory]

Using Fido's RIP the difference between 62 and 70 was substantial for my planning timeframe, so 70 wins!

 

[F4mandolin]

I am leaning towards 62-64 at this time (56). My wife is eligible for the spousal amount (50% of mine at 66.5). So....the longer I wait the more she will get as well. I don't know how to figure out the difference (of how much she gets) year to year so I will have to sit down and see if I can come up with the numbers at some point.

 

[NW-Bound]

Though I do not expect to live beyond the average life expectancy, I probably will not claim it at 62 as I want to be sure my wife will be OK with the surviving spouse benefit (my SS will be higher than hers).

In any event, I still have 5 years to figure this all out, and the laws might change, so have not bothered to figure this all out yet.

 

[robnplunder]

Wow, thanks for the replies. I posted this to help decide what I should do and hope others can also benefit.

I could not find the acronyms for the following (even after checking the FAQ acronym thread):

WEP - not related to DSL security
Cola - not a soda
FRA - not a country designation
RMD - not a weapon of mass destruction
LTC - is it Long Term Care?

Can you enlighten this newbie on what they stand for? Thanks in advance.

 

[W2R]

Wow, thanks for the replies. I posted this to help decide what I should do and hope others can also benefit.

I could not find the acronyms for the following (even after checking the FAQ acronym thread):

WEP - not related to DSL security
Cola - not a soda
FRA - not a country designation
RMD - not a weapon of mass destruction
LTC - is it Long Term Care?

-
WEP - Windfall Elimination Provision
COLA - Cost of Living Allowance
FRA - Full Retirement Age
RMD - - Required Minimum Distribution
LTC - Long Term Care

As for me, I will probably wait until 70 before making a claim on my own SS, simply because I am already spending as much as I feel comfortable spending. If I wait like that, I will have more steady, predictable income in my old age and won't really need to worry too much about the market as I approach my final years on earth. I will probably be able to get half of my ex's SS starting next year at 66, to age 70 to bridge that gap.

 

[robnplunder]

As for me, I am leaning toward 70 given our longevity, and that we will have enough money to draw on (from 401k, investments, cash, ...). Of course, a lot can change between now and then so I reserved the right to change my mind numerous times until then ;-).

 

[Options]

We're also planning on 70 due to high longevity in both our families. If things go south and we need to take it earlier, so be it.

However, it may increase our lifetime income (lower taxes) to take it earlier to avoid a stepwise increase at 70 due to RMD and max SS, I have 11-13 years to figure that out (hopefully by year end to begin Roth conversions ASAP) - we'll see...

+1
Regarding means testing SS: SS is already means tested. My bet is on SS 100% taxed and chained CPI, and possibly no cap on SS income tax. Much easier for politicians to implement with less blowback.