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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

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Old 03-23-2021, 06:36 PM   #141
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I decided to take both my US SocSec and my UK pension at age 67. I'm 57 and retired last year.

My longevity looks promising so I'm in no rush. Based on family history and my own health, I think I've got a good chance of living into my late 80's or early 90's.
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Old 03-23-2021, 06:50 PM   #142
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Starting now at 62. I have a 14 year old and an 8 year old. It makes sense for us to collect the extra dependent benefits money now for them. I ran the numbers and the total dollars over our projected lifetimes are about the same by taking it now or waiting. We plan to invest it for them.
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Old 03-23-2021, 07:01 PM   #143
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I had a come to Jesus moment when I got a very nasty sarcoma of the head and neck when I was 61. My prognosis was not good and after multiple surgeries and radiations, I survived it. A lovely thing.

Needless to say, I did not expect to live long enough to give a damn about starting Social Security late, so I took it at 62 and have enjoyed the money and I donít regret it for a second.

If Iím lucky perhaps I shall live another 10 or 15 years and I would be delighted with that. Iím living in a bonus round now and I totally appreciate it.
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Old 03-23-2021, 07:19 PM   #144
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Originally Posted by F.I.R.E User View Post
62 has the lowest payouts so why not 70?
Some people won't make it to 70. And you actually have to go past 80 to break even. So, 20 years of guaranteed being ahead vs. 0 to maybe 10 or so of having slightly more money.

Some people want the money now when they're more likely to get more enjoyment from it. Extra money doesn't help at 80 if you're too worn out to get off the couch.

And, some people need the money at 62.
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Old 03-23-2021, 07:39 PM   #145
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I was all certain to take it at 70, being older, and DW taking it earlier per opensocialsecurity's recommendation.
Now I am vacillating
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Old 03-23-2021, 07:42 PM   #146
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SS Start

Started few months before 70. More beneficial to have it going in Dec and get the COLA increase for following year. Different for everyone depending on birthday.
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Old 03-23-2021, 08:27 PM   #147
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Reading all these responses, I still think I'll begin taking SS at 62. I'm 61, retired 3 years ago, collect a pension, and still have not touched my 401K money. I have several rental houses and I don't want to be a landlord forever but for now it's fine. Raising rents help staying in front inflation since my pension amount is fixed. My financial planner keeps telling me to wait until FRA, but I don't see myself living to no 90s. I just hope I'll be doing the right thing.
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Old 03-24-2021, 03:44 AM   #148
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70 for me, to maximize DW’s SS ongoing after I die.
70 for me, to maximize DW’s DH’s SS ongoing after I die.

DH can start at 68 something if he chooses. Or we might wait for tax reasons.
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Old 03-24-2021, 04:13 AM   #149
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DW took hers at age 62. I was able to claim half of her benefit at my FRA of 66. The last year that it was possible. I will claim my SS at 70, a little over 2 years from now. Like others who have replied this will maximize her SS when I die.
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Old 03-24-2021, 05:57 AM   #150
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My intent was always age 70, When I turned 69 I checked to see the difference between 69 and 70. It was so small a change I went ahead and started it up. Among the benefits it allowed me to reinvest instead of taking dividends, bond funds, etc.I am building my nest egg again.
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Old 03-24-2021, 07:57 AM   #151
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DW is 2 years older than me. She filed at FRA. When I turned 66 I filed a "restricted application for a spousal benefit" which gave me a monthly amount equal to half of her Soc. Sec. benefit. Meanwhile I still built up my benefits for another 4 years until I reached 70. Now that I have reached 70, I am getting my maximum benefit while she filed for a spousal benefit on me. She now gets roughly $400 a month more than she was receiving for her own FRA benefit. It is my understanding that this program is phasing out for people born after 1-1-1954.
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Old 03-24-2021, 07:59 AM   #152
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I posted 62 (actually 62 and 5 months). Here's why. I am welcome to any suggestions or comments.

DW and I are FIRED. Me 55, DW 60. I was the higher earner and she'll be filing on my earnings.

She will file at FRA, 67 and collect 50% of my FRA. In order to do this, I have to file. I will be 62.5.

This is kind of a reverse situation for most couples.

I'm not worried about outliving the break even point. Using SS income will allow us to leave that equal amount of funds invested in our taxable accounts at VG. Invested for the long term it should grow nicely and be there when we hit the break even point.
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Old 03-24-2021, 08:34 AM   #153
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I plan to take SS at 62 which "Maximizes" our family lifetime benefits. We have an intellectually disabled son who qualifies for SS benefits based on my lifetime income so it makes sense for us to start SS as soon as I am eligible. Our case shows that one needs to look at individual factors rather than blindly relying on conventional wisdom. I planned to take SS at 70 for the longest time until one day I stumbled on OpenSocialSecurity.com and plugged in our numbers.
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Old 03-24-2021, 08:45 AM   #154
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I'll have to provide at least a small explanation because there was a PLAN-A which then became PLAN-B. Was going to go past 62 till the checks became a little fatter but no way wait til 70. Then had a heart attack at age 62+10 months. At 62 and 11 months filed for SS because that that longevity / break-even math went out out the widow.
I think that is the big picture for me. Get the most out of the system that I can. I am overweight, but otherwise my family lives fairly long lives. At this time I plan to not need SS, but will take it as early as possible to keep my investments growing. I may not max out SS in the end, but I will increase my odds at getting more checks.

I may rethink it when the time gets close because my wife is 5 years younger than me. She is very healthy. Unfortunately, both of her parents passed in their mid 60's from cancer. I dont know if I should plan for the long term for her, or get what we can get, as quickly as we can and leave our investments growing. Our current plan, which we are exceeding the plan numbers, will leave us not needed SS.
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Old 03-24-2021, 09:05 AM   #155
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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.
I love it!
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Old 03-24-2021, 09:36 AM   #156
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Started few months before 70. More beneficial to have it going in Dec and get the COLA increase for following year. Different for everyone depending on birthday.
You will get the COLA increase either way. You do not have to be collecting in order for the COLA to be added to your PIA.
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Old 03-24-2021, 11:44 AM   #157
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I ran some what if scenarios WRT SS start age. It was interesting that if I start it @ 62, vs. 70, I don't need to do any tIRA conversions to stay in the 12% tax bracket. The lower SS amount @ 72 allows enough headroom to keep RMD's in the 12% bracket. If I wait until 70 to take SS, the higher income reduces the headroom to 0 for 12% RMDs. Fascinating.

I can also confirm that taking SS early during a 1966-2001 retirement (worst period in history for SORR) really mitigates the lengthy market downturn.

We've got 7 years to decide, but 62 is looking good, too.
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Old 03-24-2021, 11:57 AM   #158
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I ran some what if scenarios WRT SS start age. It was interesting that if I start it @ 62, vs. 70, I don't need to do any tIRA conversions to stay in the 12% tax bracket. The lower SS amount @ 72 allows enough headroom to keep RMD's in the 12% bracket. If I wait until 70 to take SS, the higher income reduces the headroom to 0 for 12% RMDs. Fascinating.
Would delaying until 70 leave you headroom to fully convert your IRA by age 70 within the 12% tax bracket?

Quote:

I can also confirm that taking SS early during a 1966-2001 retirement (worst period in history for SORR) really mitigates the lengthy market downturn.
There might be something to that, though I think this goes somewhat hand in hand with the notion of taking SS if the market tanks. I think reacting to the market is better than predicting it, in terms of starting SS.

While the market is high, I don't see a good case for starting SS just in case it tanks, because while it's high you would rather be taking more out of your investments for spending. Meanwhile, defer your SS benefit so that it will be higher later.

But if the market does tank, that's when you'd rather not be selling investments for living expenses, so it would be good to start SS at that point.

So I'll stick with being reactive to a down market to start SS, rather than starting SS because of a possible market downturn.
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Old 03-24-2021, 12:05 PM   #159
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I have the higher PIA, so I'll probably wait until 70 to maximize that benefit for DW after I'm gone... unless my health situation changes. Longevity seems to be considerably longer in her family than mine.

As for DW, we'll probably start around 67-68... maybe earlier if there's a SHTF scenario in the markets, or again if there's a change in her health situation. But by 67-68, we should be just about done with Roth conversions. Plus the taxable brokerage account should be nearly exhausted by then, largely due to tax on conversions.

In principle, I'm not opposed to the "file at 62 and invest" school. But given where the market is currently, I don't think that's a huge potential. So I'm quite happy to take the 8% and continue with aggressive conversions while the rates are so attractive.
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Old 03-24-2021, 12:23 PM   #160
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If you are a savy disciplined intelligent investor/money manager/professional,you know that you can obtain a far greater return by taking present day/value dollars,and investing them in a high yielding vehicle.A simple vanguard mutual fund/etf,(the best in class and no/low fees/expenses),historically yields at a minimum in the 10% range excluding dividends and reinvestments.That alone,militates against "waiting" for several years for the government to "give" you an extra 4% to 8% on your initial "early" social security payout.Also,if you are in a higher income/net worth level,the taxes on any benefit will no doubt increase substantially in the future and/or result in decrease benefits and means testing.I am a well to do quite accomplished attorney,ceo and member of the accredited investor class,and there is absolutely no logical and/or rational rationale to wait one extra day to collect social security benefits for the reasons aforementioned,leave alone the program solvency and life expectancy risks to boot.Godspeed and Namaste,Stuart Rothenberg Esq.
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