Join Early Retirement Today
View Poll Results: When Did You or Are Planning to start Soc Sec?
Age 62, as early as possible 103 22.25%
More than 62 but less than FRA 41 8.86%
Your FRA (65 to 67) 71 15.33%
More than FRA age but less than 70 40 8.64%
Age 70, as late as possible 208 44.92%
Voters: 463. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Old 03-19-2021, 11:47 AM   #61
Thinks s/he gets paid by the post
 
Join Date: Feb 2021
Posts: 1,533
Quote:
Originally Posted by Out-to-Lunch View Post
Yup. There are lots and lots of things that would be possible to optimize if only you knew your expiration date. SS is just one of them.
"I know when I'm going to die. My birth certificate has an expiration date." - Stephen Wright.
disneysteve is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-19-2021, 11:49 AM   #62
Thinks s/he gets paid by the post
skipro33's Avatar
 
Join Date: Sep 2011
Location: Placerville
Posts: 1,701
I took mine early simply because I find it easier to rationalize spending 'their' money rather than mine. Mine continues to grow and invested much more aggressively because of SS income and not needing the IRA funds. (I have a pension as well)
I also figure I'm younger and would enjoy the dollars more at this time than sometime well after my 70's. For example; bought a rather large pontoon boat that my sons and their families (grand kids) enjoy a lot. Upgrades to the house with a large deck described in 'blow that dough' thread. Next will be my barn / shop. Break-even point based on my calcs is age 78. When I'm then collecting less than I would have otherwise, I'll be sitting in my rocker on the front porch reminiscing on the experiences I enjoyed with taking those dollars sooner rather than later.
skipro33 is offline   Reply With Quote
Old 03-19-2021, 01:46 PM   #63
Recycles dryer sheets
RASAP's Avatar
 
Join Date: May 2006
Posts: 103
Quote:
Originally Posted by Alan View Post
70 for me, to maximize DWs SS ongoing after I die.
+1
RASAP is offline   Reply With Quote
Old 03-19-2021, 01:48 PM   #64
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: the prairies
Posts: 4,200
Quote:
Originally Posted by disneysteve View Post
Thanks. That really makes it impossible to know what the right answer is. You could wait until 70, die at 80, and have ended up getting just about the same as you would have had you collected at 62. In fact, if you didn't need the money and invested it for 18 years, you might even come out ahead collecting early.


These are the things that make my head spin.
If your only goal is to get the maximum amount of money then you can overthink things and never be happy. Here's another option: Take it at 70 but don't spend it. Invest it wisely and then at 80 you'll have even more per month. Or wait until 90 and there will be even more per month. Sure, I'm being a little silly but the options are endless and you only find out if you "won" when you die.

My plan is simple. I've been retired for 5 years and can start collecting early CPP next year at 60. In my mind I've already won the game...I'm 59, debt free, healthy, in good shape, in a great relationship, and living a happy and fulfilling life. It can only go downhill from here

So the plan is to get the maximum enjoyment of the money during the youngest and healthiest years left so I'm taking CPP early. If I live beyond the break even point the very worst that will happen is that I "made" a few thousand less. So what?

If it was just about the money I could have just worked longer.
Music Lover is online now   Reply With Quote
Old 03-19-2021, 02:46 PM   #65
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 6,778
Quote:
Originally Posted by W2R View Post
But then, Katsmeow and others on this forum explained how I could take divorced spousal SS, equal to 1/2 of the amount he was getting, at age 66. Then at age 70 I could switch over to the full, unreduced amount of my own SS based on my own work record. So I did that. (THANK YOU!!) Don't know if that is still possible but it was then. What a windfall!
I believe it is still possible. For me (age 51) it looks like it is age 67 that I can start divorced spousal. Like you, I plan to collect that then switch to my own higher benefit at age 70. ETA: Or maybe not. The SS site seems to say that since I'm too young, the option is no longer there for me.

There may also be divorced widow/widower benefits at an earlier age (age 60 for me). This has not been eliminated by the same law that eliminated the divorced spousal benefit (if Investopedia's article on the subject is to be believed).

(As with all things SS, YMMV depending on when you were born, when your spouse was born, your relative SS benefits, how long your marriage lasted, whether you're remarried, and probably a number of other criteria.)
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 03-19-2021, 02:55 PM   #66
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 9,847
Quote:
Originally Posted by Music Lover View Post
If your only goal is to get the maximum amount of money then you can overthink things and never be happy. Here's another option: Take it at 70 but don't spend it. Invest it wisely and then at 80 you'll have even more per month. Or wait until 90 and there will be even more per month. Sure, I'm being a little silly but the options are endless and you only find out if you "won" when you die.

My plan is simple. I've been retired for 5 years and can start collecting early CPP next year at 60. In my mind I've already won the game...I'm 59, debt free, healthy, in good shape, in a great relationship, and living a happy and fulfilling life. It can only go downhill from here

So the plan is to get the maximum enjoyment of the money during the youngest and healthiest years left so I'm taking CPP early. If I live beyond the break even point the very worst that will happen is that I "made" a few thousand less. So what?

If it was just about the money I could have just worked longer.
And you are representing the other side of the equation. No other retirement subject has the variety of opinions as this one.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 03-19-2021, 03:01 PM   #67
Thinks s/he gets paid by the post
Calico's Avatar
 
Join Date: Apr 2012
Posts: 2,495
Quote:
Originally Posted by Dtail View Post
And you are representing the other side of the equation. No other retirement subject has the variety of opinions as this one.
You must have missed all the "should I pay off the mortgage?" threads.
__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
Calico is offline   Reply With Quote
Old 03-19-2021, 03:04 PM   #68
Thinks s/he gets paid by the post
Calico's Avatar
 
Join Date: Apr 2012
Posts: 2,495
I will take it at 70.

My non-cola pension more than covers my expenses. I am single so spousal considerations are not an issue.

On my father's side my great-aunts lived to their late 90's, and one lived to 104-ish. I take after that side of the family, so I am hedging my bets and letting my social security grow.

If I don't make it to the "break even" point big whoop. I'll be dead and won't care at that point.
__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
Calico is offline   Reply With Quote
Old 03-19-2021, 03:05 PM   #69
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 9,847
Quote:
Originally Posted by Calico View Post
You must have missed all the "should I pay off the mortgage?" threads.
Yeah maybe, haha, but think this one is #1, but you might have hit on #2.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 03-19-2021, 03:57 PM   #70
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 18,651
Quote:
Originally Posted by disneysteve View Post
Thanks. That really makes it impossible to know what the right answer is. You could wait until 70, die at 80, and have ended up getting just about the same as you would have had you collected at 62. In fact, if you didn't need the money and invested it for 18 years, you might even come out ahead collecting early.


These are the things that make my head spin.
Quote:
Originally Posted by Music Lover View Post
If your only goal is to get the maximum amount of money then you can overthink things and never be happy. Here's another option: Take it at 70 but don't spend it. Invest it wisely and then at 80 you'll have even more per month. Or wait until 90 and there will be even more per month. Sure, I'm being a little silly but the options are endless and you only find out if you "won" when you die.

My plan is simple. I've been retired for 5 years and can start collecting early CPP next year at 60. In my mind I've already won the game...I'm 59, debt free, healthy, in good shape, in a great relationship, and living a happy and fulfilling life. It can only go downhill from here

So the plan is to get the maximum enjoyment of the money during the youngest and healthiest years left so I'm taking CPP early. If I live beyond the break even point the very worst that will happen is that I "made" a few thousand less. So what?

If it was just about the money I could have just worked longer.
You’re more than welcome to your views but there is no “right” answer, noted in post #1...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bonds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 03-19-2021, 04:04 PM   #71
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: the prairies
Posts: 4,200
Quote:
Originally Posted by Midpack View Post
Youre more than welcome to your views but there is no right answer, noted in post #1...
I know. But it's the right answer for me.

Funny, no one says "your welcome to your views" to those who want to wait until 70
Music Lover is online now   Reply With Quote
Old 03-19-2021, 04:24 PM   #72
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 12,383
Quote:
Originally Posted by disneysteve View Post
Thanks. That really makes it impossible to know what the right answer is. You could wait until 70, die at 80, and have ended up getting just about the same as you would have had you collected at 62. In fact, if you didn't need the money and invested it for 18 years, you might even come out ahead collecting early.
Break even calculations (should) consider investment return on your social security dollars that you take early. Either you don't spend the SS money or you don't deplete some other investments. It really doesn't matter which way, it's all the same pot of money. The numbers can change based on your rate of return assumption, but there is a return on that money. If you aren't able to invest, it means you need the SS money to live, so there's no option but to take it early.
RunningBum is offline   Reply With Quote
Old 03-19-2021, 04:39 PM   #73
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 13,209
My husband is 9.5 years older than me. We were late to marriage and kids... so it was a TOTAL no brainer for him to take it at age 62 - because our kids were under 18 and got dependent benefits. Older son aged off of benefits 2 years ago, younger son will lose benefits in June when he graduates high school. That added benefit made it much more lucrative to take it early - and blew all break even calculations.

For me... at age 59 I have not made any hard decisions. I'm tentatively thinking about starting at 65 for the medicare premium hold harmless issue. (Can't increase medicare b more than SS increases IFF you are collecting SS.) But - I may wait till age 70. Or full retirement age (67).... I'm unlikely to take it sooner than 65... unless I get some terminal disease.

My plan is to be flexible based on circumstances. REwahoo has posted about how when the market collapsed in 2008, he pulled the lever on SS to let him sleep at night and let him leave more $$ in his portfolio. That's an example where being flexible makes sense.

My sister took it at 62. (Reduced) SS and her teachers pension give her a solid floor of income that lets her use her savings for home projects, travel, and future needs. It made sense for her.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
rodi is online now   Reply With Quote
Old 03-19-2021, 04:39 PM   #74
Thinks s/he gets paid by the post
gayl's Avatar
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,542
Definitely 70. I've got a pension that covers me so why not?
gayl is offline   Reply With Quote
Old 03-19-2021, 04:53 PM   #75
Recycles dryer sheets
 
Join Date: Nov 2017
Location: Green Bay
Posts: 224
70 for me (higher wage earner).
Somewhere between 62 - 66 for DH. We are managing income for ACA subsidies and will both be on Medicare when DH is 66.
Splash is offline   Reply With Quote
Old 03-19-2021, 05:25 PM   #76
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 18,651
Quote:
Originally Posted by Music Lover View Post
I know. But it's the right answer for me.

Funny, no one says "your welcome to your views" to those who want to wait until 70
70 is the right answer for me
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bonds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 03-19-2021, 05:30 PM   #77
Recycles dryer sheets
 
Join Date: Mar 2019
Posts: 279
Original plan was to take mine at 70 and my wife at 66.5. Circumstances changed and we both started SS last month (66.5 for me and 63.6 for my wife). Overall, not a big deal.
jldavid47 is offline   Reply With Quote
Old 03-19-2021, 09:17 PM   #78
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: the prairies
Posts: 4,200
Quote:
Originally Posted by Midpack View Post
70 is the right answer for me
It's nice to have the ability to pick and choose
Music Lover is online now   Reply With Quote
Old 03-19-2021, 09:40 PM   #79
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 32,254
Quote:
Originally Posted by skipro33 View Post
I took mine early simply because I find it easier to rationalize spending 'their' money rather than mine. ...
I hear this rationalization quite often and it seems very silly... but I obviously respect your right to do whatever you want to... but money is fungible... we have enough that what we spend would be no different if we were collecting SS vs not... it was the same with my pension... what we spent before or after starting my pension was unchanged.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is online now   Reply With Quote
Old 03-20-2021, 03:46 AM   #80
Recycles dryer sheets
PandaBear's Avatar
 
Join Date: Mar 2014
Posts: 270
Quote:
Originally Posted by Brdofpray View Post
I took my SS as early as possible. My wife, a retired teacher, never participated in SS. She is not eligible to receive benefits. And, if I pass before her, she is not eligible for survivor benefits, on my record, due to her pension, and IRS WEP exclusion.

We decided to take my benefit, and funnel it into our portfolio. In this way she will get a greater benefit if I check out first. So far, this plan is working out very well.


Same here......dh just started his benefits in November after turning 62. Hes about 4 years older than me. Hes currently funneling much of it into savings since Im still working.

We felt it was the best decision considering all factors.
PandaBear is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
tax planning - soc sec - RMD - I Bonds joesxm3 FIRE and Money 5 02-26-2021 10:17 PM
% of income from Soc Sec & Pensions Midpack FIRE and Money 45 07-03-2008 10:33 PM
Soc Sec penalty question sailfish FIRE and Money 2 06-11-2008 05:40 PM
Deferred Compensation and Early Soc Sec 4th&Goal FIRE and Money 3 11-30-2007 08:18 PM
Prudential White Paper on Maximizing Soc Sec hogwild FIRE and Money 89 05-24-2006 04:05 PM

» Quick Links

 
All times are GMT -6. The time now is 02:24 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.