Social Security at 70

[becca]

My plan was to wait till 70 to take my SS. At 69 1/2 I have so many friends with serious illness or passing away I decided to take it now. I'm getting about $3.4k per month which is a nice chunk of change. DH started his at 62 and gets $1.9k per month. $5.3k per month in SS makes these stock market dips much easier to take. I also want to enjoy my SS money while I'm still in decent shape.

 

[Dash man]

My plan was to wait till 70 to take my SS. At 69 1/2 I have so many friends with serious illness or passing away I decided to take it now. I'm getting about $3.4k per month which is a nice chunk of change. DH started his at 62 and gets $1.9k per month. $5.3k per month in SS makes these stock market dips much easier to take. I also want to enjoy my SS money while I'm still in decent shape.

The difference between 69 1/2 and 70 is minimal, so there’s no reason to wait. I took mine at 64 and 10 months because of a heart condition and family history isn’t in my favor for longevity. DW was the high earner, so it doesn’t affect her. She still may take it at FRA (Dec 2022) if this downturn is prolonged.

 

[arch57]

I am 64 and have not started collecting SS yet but for the past couple of months I have been reading the obituaries online in our daily paper and am kind of shocked at the number of premature departures so to say. Many in their late 70's or early 80's. I know this is in not an actuarily sound way to predict life expectancies but something I think about.

My breakeven age if I wait until 70 is about 82 but like the OP said I want to enjoy my SS while I am still in decent shape. Planning to collect starting next year in conjunction with Medicare.

 

[razztazz]

I wasn't particularly holding out till 70 but was definitely waiting for "later." Then, I almost became an "obit" at 62+10 months. Four months later collected my first check.

 

[jebmke]

I turn 70 in January so will start then. But I haven't let the lack of SS change my spending so adding in next year won't change it either. So even if I croak early I won't have any regrets. Many in my family live a long time -- my grandmother smoked like a chimney for 80+ years and died peacefully at 98. You roll the dice you take your chances.

 

[Midpack]

My plan was to wait till 70 to take my SS. At 69 1/2 I have so many friends with serious illness or passing away I decided to take it now. I'm getting about $3.4k per month which is a nice chunk of change. DH started his at 62 and gets $1.9k per month. $5.3k per month in SS makes these stock market dips much easier to take. I also want to enjoy my SS money while I'm still in decent shape.

We’re planning to wait until we’re 70, but 69-1/2 is close enough. I can’t imagine getting a decent [-]check[/-] deposit every month, looking forward to it. Congrats! Of course the IRS will take back a big chunk of it, but it’ll still be nice.

 

[Music Lover]

A friend told me he is waiting until 70 to collect CPP (Canada). He's 340 pounds and probably won't live to see the breakeven point. In fact, at his weight there's a good chance that he may not even make it to 70.

 

[MarieIG]

My plan (although this can change) is to wait until 70. I can't see taking a benefit at 62 and then see my check get even smaller with the Medicare deduction.

If I die sooner, DH can file for his widower's benefit. I see it as an old age annuity/supplement.

 

[Dtail]

A friend told me he is waiting until 70 to collect CPP (Canada). He's 340 pounds and probably won't live to see the breakeven point. In fact, at his weight there's a good chance that he may not even make it to 70.

Yep, it is rare to see someone who appears over 75 for example to be morbidly obese.

 

[foxfirev5]

Perfectly healthy a 62 and considering waiting until 70. I decided to take it at 62. Next week I'm having major cancer surgery. I was probably brilliant. Why don't I feel it.

 

[Calico]

I'm 66 now, and plan to wait until 70 to take it.

On my paternal side most of my aunts and uncles lived into their early 90's, and one aunt lived to 104.

I take after my paternal side in every other way, so it's a (fairly) safe bet I will have a long life, all things being equal.

I am single, so no need to consider a survivor, and I don't give even one second of thought to a so-called "break even" point. If I croak before 70, the lack of social security funds in my account won't really bother me, what with the whole "being dead" thing.

Note: it is relatively easy for me to take this route since my pension more than covers all my expenses. I realize not everyone is this fortunate.

 

[tmm99]

I'm 63 and I'm still waiting. Got enough in the retirement savings for my spending at this point. And in case inflation goes crazy, it's good to delay SS? But I understand; we just don't know how long we will last... But for now, my plan is to wait until my FRA. I'm not worried about leaving an inheritance or looking at my breakeven age.

 

[Dash man]

Perfectly healthy a 62 and considering waiting until 70. I decided to take it at 62. Next week I'm having major cancer surgery. I was probably brilliant. Why don't I feel it.

Prayers that your surgery and treatments go well. You can beat this!

 

[Sunset]

Into reading a book on Social Security, and one thing they point out is: If you are waiting for a certain age to maximize. Be sure to tell them you want it to start for that age.

SS default action is to backdate it 6 months and give you a 6 month bonus check, which sounds great until the 70 person realizes they are getting SS at 69.5 yrs even though they applied at age 70.

Applying online seems to solve this as it's asked , but a paper application means you have to write in the comments what you want or the default backdate applies.

 

[Dash man]

Into reading a book on Social Security, and one thing they point out is: If you are waiting for a certain age to maximize. Be sure to tell them you want it to start for that age.

SS default action is to backdate it 6 months and give you a 6 month bonus check, which sounds great until the 70 person realizes they are getting SS at 69.5 yrs even though they applied at age 70.

Applying online seems to solve this as it's asked , but a paper application means you have to write in the comments what you want or the default backdate applies.

I had made a telephone appointment through the national number. At the appointment time a representative from my local office called. He specifically asked when I wanted it to start. Entire process was smooth.

 

[RunningBum]

Perfectly healthy a 62 and considering waiting until 70. I decided to take it at 62. Next week I'm having major cancer surgery. I was probably brilliant. Why don't I feel it.

Hoping it was a lousy decision. Sending good thoughts your way on your surgery and aftermath.

 

[levindb]

DW (born before 1954) took spousal at FRA, and just converted to her own at age 70. I did a file/suspend, so DW could get spousal, and took mine at 70.

By waiting longer, we were able to sell appreciated stock at 0% capital gains and also do some sizeable Roth conversions between 62 and 70. It is important to look at a broad picture of income and taxes and other things that may be important to you (legacy, charities, etc.) when you are making the SSA decision.

Looking just at your breakeven may not be broad enough for many.

 

[Sunset]

I had made a telephone appointment through the national number. At the appointment time a representative from my local office called. He specifically asked when I wanted it to start. Entire process was smooth.

Sounds like it worked properly for you and you didn't get a bonus payment.
Or has it actually started yet ?

 

[MarieIG]

Perfectly healthy a 62 and considering waiting until 70. I decided to take it at 62. Next week I'm having major cancer surgery. I was probably brilliant. Why don't I feel it.

Wishing you as speedy a recovery as possible; and many, many happy years ahead.

 

[Dash man]

Sounds like it worked properly for you and you didn't get a bonus payment.

Or has it actually started yet ?

It worked perfectly. I received my first deposit on the second Wednesday of July last year. Amounts taken out for Medicare are correct and I’m also having 22% income tax withheld.

 

[W2R]

My plan was to wait until my FRA (age 66). I put aside enough cash to "pay myself SS" so to speak, until age 66. I figured after that I'd just see how long I could wait, depending on circumstances.

At 65, I found out from a delightul person here on the ER forum, that I could get divorced spousal SS at 66!! That was a total surprise to me but I tried, and got it. With that I had no problem making it to age 70.

TL; DR, I took SS at age 70. With age 70 SS, I really don't have to depend as much on my portfolio as would have otherwise.

 

[euro]

Perfectly healthy a 62 and considering waiting until 70. I decided to take it at 62. Next week I'm having major cancer surgery. I was probably brilliant. Why don't I feel it.

Sending healing thoughts and good vibes your way - wish you all the best next week!

 

[foxfirev5]

Thank-you

 

[RobbieB]

We’re planning to wait until we’re 70, but 69-1/2 is close enough. I can’t imagine getting a decent [-]check[/-] deposit every month, looking forward to it. Congrats! Of course the IRS will take back a big chunk of it, but it’ll still be nice.

Yeah, it really sucks to make so much dough that you have to pay taxes eh?

 

[TheWizard]

My plan was to wait until my FRA (age 66). I put aside enough cash to "pay myself SS" so to speak, until age 66. I figured after that I'd just see how long I could wait, depending on circumstances.

At 65, I found out from a delightul person here on the ER forum, that I could get divorced spousal SS at 66!! That was a total surprise to me but I tried, and got it. With that I had no problem making it to age 70.

TL; DR, I took SS at age 70. With age 70 SS, I really don't have to depend as much on my portfolio as would have otherwise.

I did the same and then started my own SS at age 70 two years ago.
This allowed me to do larger Roth conversions for several years while staying in the same IRMAA bracket that I'm in now.
So that worked out.

Except I didn't set aside any cash to span the gap until age 70. I just took $3000/month pro rata from my stock heavy portfolio...