Whats the best age to take SS?

[N02L84ER]

Chuckanut, there are 8 years between 62 and 70, not 10 years.

 

[Chuckanut]

Chuckanut, there are 8 years between 62 and 70, not 10 years.

You are correct. Thanks for the correction.

 

[Out of Steam]

My wife plans to file early next year, at roughly 62.5. She made too much money in a part-time job this year, but doesn't believe she will make enough in 2023 to reduce her benefits.

I plan to wait until 65 or 66, in 2025. Increased mortality risk due to COVID, mainly (but not entirely) from reduced availability of care, makes me skeptical about waiting longer.

While I believe that there is some chance of cuts in Social Security benefits for people over 62, I don't believe that whether I have filed for benefits or not would affect such cuts.

 

[ShokWaveRider]

The best age to take SS is the age YOU would like to take it and do, that fits in with your life. ..... Not someone else's.

Unless that someone else is "opensocialsecurity.com" that is.

 

[PandaBear]

My dh took his right at age 62. He’s about 4 years older than me and because I have a good pension (from working in a school district) and didn’t pay into SS long enough I won’t get anything.

Should he have waited? Well, maybe. Or maybe not. We won’t know until it’s too late to do anything about it.

What matters to us is that it was the right decision for us, regardless of what anyone else does. We sleep fine at night.

 

[EastWest Gal]

I’m thinking of taking mine at FRA. We’re both 63. DH didn’t earn very much, worked various jobs and for many years was the stay at home parent. He’s 8 months older than me so will be at FRA 8 months before me. I’d rather dip less into my taxable portfolio those years. Also our state does not tax SS or retirement income from 401Ks or IRAs. I’d like to withdraw less in a down market as well.

 

[oldtrig]

I took mine at 65 and never looked back. At the time I thought I was old and deserved it. I look back over ten years and now see I wasn't old at all. I am close now

 

[Rianne]

There's a $10K yearly difference if DH takes it FRA or waits until 70. That's $300K over 30 years if we live that long. Long term, that seems like a lot but we've lost that much in less than a year in 2022. We have time to decide.

 

[BooBoo]

I just reached FRA. DW is a little older and has much smaller benefit and filed @ FRA. I just ran the numbers at opensocialsecurity.com. Interestingly enough the numbers now suggest 8/23 is optimal. The difference between now and 2025 are all within 1%. Calculator shows we get a little less after 10/25. I think the odds of one of us living a long life are with us, if the gods allow. It may buy a better seat at the nursing home. I will run the number is the future and see what happens. I think SSA has got the calculation optimized. YMMV

 

[jldavid47]

This question comes up all the time in various threads and the correct answer is this:

There is no single correct answer to this question.

Your answer depends on your circumstances, your health and your objectives. Understand those three things and you will figure out what your answer is.

 

[cyber888]

I'm taking mine at 62, since DW will be 70s when I'm 62, and she depend on my SS (half of mine at FRA).

With the high interest rates today, lifetime annuities at my broker are getting attractive with a payout of 7.2% or higher, so I'll add an annuity to compensate for getting my SS early at 62.

 

[kblagron]

I took mine at 62 (this year) mainly because my wife was a teacher and doesn't have access to my social security if I died because of her pension plan (maybe a minuscule amount at best). They keep talking about changing the law to allow it, but I doubt that will ever happen with the state that SSA funds are in.

 

[youbet]

It's not exactly age 83, could be 82.x , but that is where the equivalent amount of money from starting SS at age 62 or 70 meet.
After that age the person who picked starting at age 70 will get more total money than the person who started at age 62.
This difference in money will grow increasingly larger each year.

But you’re talking about the so-called breakeven point, not actuarial equivalency.

 

[Montecfo]

There is no single answer.

 

[bobandsherry]

Only real right answer is.... Before you die. Anything else is just a guess.

 

[f35phixer]

timings everything? I took at 62, April 2021 start, Jan 2022 got a nice 120 raise and this Jan will be 190 ! DW also will get a 190 raise too for her first year ....

 

[11522914]

This question comes up all the time in various threads and the correct answer is this:

There is no single correct answer to this question.

Your answer depends on your circumstances, your health and your objectives. Understand those three things and you will figure out what your answer is.

+100

 

[gauss]

Planning to wait until the maximum age (currently age 70) for both myself and DW.

We don't have any health problems so why would I bet against our longevity.
Also we are not looking to leave a legacy to anyone.

If we had chronic health problems then this may be a different story.

-gauss

 

[Act2]

If you think you’re going to die young, take your SS as soon as you can. If longevity runs in your family and you can afford financially to wait, take it as late as you can. If neither exactly applies, perhaps your answer is somewhere in between.

Most likely, your dying thought will NOT be ‘gee, I wish I had made a different decision about when to take my SS.’ At least I hope not.

 

[Act2]

And of course, YMMV. Especially as to to SS decisions.

 

[fishfactory]

I plan to take at 62. Found this article interesting.
Making Optimal Social Security Claiming Decisions - A Four Stage Analysis by Daniel Amerman

 

[euro]

I plan to take at 62. Found this article interesting.
Making Optimal Social Security Claiming Decisions - A Four Stage Analysis by Daniel Amerman

informative article. Alas, our strategy remains for DW to claim at 62 and for me to wait until 70 (higher earner). I'm not worried about making a mistake - we'll be fine.

 

[imnontrad]

I am an admin for the Facebook group "Social Security Intelligence" with over 30,000 members. The answer is - it depends.

Factors to consider are:
1) Whether you are still working
2) Your marital status and if your spouse has a lower SS benefit
a) If there is a possibility your spouse will outlive you
b) If your spouse has no SS benefit or is affected by WEP/GPO
3) If you have dependent children under 18 or a disabled child
4) If single, what your health is
5) How much you have in assets in pre-tax retirement accounts and whether delaying drawing those down may result in higher taxes and possibly higher Medicare premiums (IRMAA) later on (especially if married and after one spouse dies)
6) If you need the money now to pay expenses.

(and yes, SS will still be around)

 

[almost there]

"delaying drawing those down may result in higher taxes and possibly higher Medicare premiums"

Bingo.
Plus, if you take it early, there is no law that says you have to spend it.
So for me? Prob 62.

 

[meleana]

At FRA?
At 70
At 62
Will SS be around in 2034?

It depends are your unique circumstances. My husband and I are both waiting until age 70. Right now he is 68 and I am 66.

Why?

Because we are doing Roth conversions starting this year for the next 4 years until I turn 70. We are managing our income to stay in a low tax bracket to do so as to help lower our taxes once RMD’s start from our tIRA accounts at age 72.