Poll: When Did You/Are You Planning to Start Soc Sec?

[Midpack]

I’m just guessing this group will poll differently than the mainstream, though there are perfectly legit reasons to start early or late regardless. I’m not asking for anyone to explain, just curious how an ER.org poll pans out.

 

[MissMolly]

Planning on waiting until age 70. Will turn 68 this year so not much longer. The years just seem to fly by now.

 

[38Chevy454]

I will address the issue once it is closer for me, but at this time I am considering doing it at or near 65, to make it easier for the medicare transition.

 

[TheWizard]

I'm 71 now, just 12 months into receiving my own SS benefit.
I did receive a much smaller divorced spouse benefit for a few years before my own...

 

[harllee]

Starting my SS at age 70 in about 6 months (I come from a long lived family). In the meantime I have been drawing half of DH's SS so it has worked well for me to delay.

 

[Brdofpray]

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.

 

[unclemick]

2005 age 62. DOW ballpark 10,000. 2006 went full auto Vanguard Target Retirement 2015 with my ER funds - 12th year of ER.

My 'corporate wellness profile' back in the 80's gave me a life expectancy of 77. Grin.

Did well with my ER portfolio. Contra buying a house 20% down in 2005 and selling at 20% loss 9 years later.

Heh heh heh - the housing loss allows me to whine while ignoring the lift funds not removed gave to my ER portfolio. Whining is fun if you don't take yourself too seriously.

 

[Alan]

70 for me, to maximize DW’s SS ongoing after I die.

 

[pacergal]

3 FA scenarios showed not much difference in overall theoretical end result between 62, FRA or 70, one said wait, one told us to take at 62, and one showed us that the end result wasn't much difference.
Pensions and SS cover budget easily, so savings is there for LTC, or other. It works for us. We retired a bit later than many here, at 60. But earlier than we thought we could!
We feel blessed.

 

[Midpack]

DW and I are both planning on 70 as we're both "cursed" with very long family longevity - top 15th percentile or so, and we're fortunate to have the means to wait. https://opensocialsecurity.com/, with our assumptions, recommends 70 for me and from 68 yrs 4 mos to 70 for DW (depending on SS cuts or not).

 

[Finance Dave]

70 for me, to maximize DW’s SS ongoing after I die.

+1

DW will take hers at 67 years 10 months. She is a few years older than I am.

 

[calmloki]

Took SS as early as possible. A year later - surprise! - Vfib put me down and without the Gal being stubborn and very effective and competent I would have collected a whole year of SS. the end. Instead I'm on year nine. Think early worked out to be just the best time to start collecting.

 

[razztazz]

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.

 

[corn18]

70 for me, to maximize DW’s SS ongoing after I die.

Same. Wife is 4 years younger than me and she has no SS on her own earnings, so maximizing her survivor benefits is important.

It is interesting to see the results in my model. When I look at my worst historical scenario (retire in 1966), it actually helps a LOT to take SS early @ 62 vs. waiting until 70. That's because the market is diving from 62 to 70 in that scenario.

Seems to make no difference in my Monte Carlo sim. Also no difference in my 2% real constant return model. That makes sense since we both live to 95 in those models which is beyond the break even age.

We'll consider claiming early if the crap is hitting the fan @ age 62 (7 years from now).

 

[Aerides]

We'll likely be splitting the difference with DH and I taking one early, one late, but it will depend on other income and the ACA cliff at the time.

 

[CindyBlue]

66 and 2 months. I am supposed to be starting this month but Soc Sec apparently puts it forward a month as a matter of course...sigh...still waiting..

 

[kjpliny]

Depends on how quickly the Roth conversions go.

 

[Gumby]

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.

Our exact same situation and decision (although it is the GPO that is the problem, not the WEP). I got my first SS payment last week.

 

[PatrickA5]

Took at 62 (last year). DW (higher earner) will wait until 70. That's what most of the calculators suggested doing and who am I to doubt them. Besides, I really like seeing that deposit show up each month and handle a good portion of our expenses. I won't know until about 80 whether I made a good financial decision and probably either won't be here or won't care.

 

[Accidental Retiree]

I started at 63 and 8 months. My start date enabled DH to collect on my record, once he’d reached his FRA, and let his own SS grow until he turns 70.

Since my SS is decreased because of WEP, the funds he gets make up for that decrease.

Once he reaches 70 and starts collecting on his own record, I may look at stopping mine and refiling when I turn 70. All the genealogy I’ve been looking at tells me I come from hundreds of years of women who lived into their 80s. I may need that extra.

 

[bada bing]

Age 70 plans here. I would likely push it out further to RMD age if allowed with increased benefit. No spouse to consider and 401K/IRA balances to whittle down in the mean time.

 

[Rocket Man]

Somewhere between 68 and 3 months (which Open Social Security said was optimal) and 70. Will likely wait till 70. Turning 66 this year.

 

[disneysteve]

I said 65-67 but at 56, it's really too early to know with any certainty. It depends how our portfolio performs. It depends how our health holds up as we age. It depends how our post-retirement spending matches up with projections. It depends on health care costs. Etc, etc, etc.

 

[Dash man]

Planning on 70 (5 1/2 years) so we can maximize Roth conversions. May reconsider if a health issue pops up.

 

[Freedom56]

My pension is reduced by the amount of SS payments at the age of 62. So I will start SS at 62 to keep my pension/SS income level from age 62 and on.