SS Payments at 62 (What will/do you get?)

[gerrym51]

I believe gerrym was responding to ziggy's post, where he said that he will be 62 in 2027 (so he is currently 47, which is young from my perspective as well)

yes i was responding to ziggy.

the strangest thing about this-this is a classic win/lose or lose/ win situation.

if you take it at 62 and die before you break even you win-but your dead.

if you take it at 62 but you exceed break even you lose-but your alive.

talk about a catch 22.

 

[freebird5825]

Current age: 54 minus 4 days
FIREd: 2007 at age 48
No spousal benefit possible

SS calculator run done in June 2011:

age 62: $1308
Age 66 yrs 8 months (FRA): $1815
Age 70: $2300

I'm takin' it at age 62 in 2020, so save me some!

 

[easysurfer]

For me, it's too close to call as to what I'll be doing. What seems to make sense (at the moment, that is) when I'm around 60, then I'll take stock of my health situation. If it looks like I may live a long remaining life, them I'll probably wait until 70. If I'm not so heathy at that time, then I'll probably take the money and run at 62.

 

[gerrym51]

one other thing i have not mentioned. a married couple besides having a longer life expectancy for one of also has the the possibility of the survivor taking over the highers ss payment

 

[foxfirev5]

If it weren't for the political calculus, SS would be a whole lot easier to figure. In that event I'd be very inclined to push taking it to 70.

As it is, I plan on taking it at 62, simply because I believe there's a better than fair chance that those who lived below their means, saved for retirement, and otherwise positioned themselves to have reasonable financial security in their senior years will be means-tested out of the program.

Get what you can, while you can, kind of sums up my view.

I'm kind of leaning that way myself. It would really torque me off to spend down a portion of my investments only to have the rules change as I approached age 70.

 

[Andre1969]

Right now, my plan is to take SS at 62. I'm 42, and don't hit full retirement age until 67. I figure that by taking it early, I can hold off on cashing in other investments. Plus, I figure that once I'm in, if the gov't decides to muff things up, I'm hoping they'll grandfather in those who are already on SS. So, because of that, I figure the sooner the better.

However, I'll re-evaluate as that time gets closer. If I have so much money I don't know what to do with it at 62, I might hold off a bit. A lot can happen in 20 years.

 

[gerrym51]

My opinion is they won't change the 70 rule because-HARDLY ANYBODY DOES IT ANYWAY.


42 percent take it at 62.

by 66 years old 95 percent of people have taken it.

 

[gerrym51]

Right now, my plan is to take SS at 62. I'm 42, and don't hit full retirement age until 67. I figure that by taking it early, I can hold off on cashing in other investments. Plus, I figure that once I'm in, if the gov't decides to muff things up, I'm hoping they'll grandfather in those who are already on SS. So, because of that, I figure the sooner the better.

However, I'll re-evaluate as that time gets closer. If I have so much money I don't know what to do with it at 62, I might hold off a bit. A lot can happen in 20 years.

Andre,

far be it for me to try to convince you especially since you so young.

however if your investments are yielding 2 percent and delaying SS gives you 8 percent-it bears consideration

 

[WWDog]

We have been retired for more than 10 years and are comfortable with what out the SS so far. The SS we receive will probably go into savings for the kids or we will do something extravagant with it. Both the wife and I have our own SS. Her family lives long lives while mine does not. I'm thinking that maybe I will take mine at 62 and she can wait till 66 or 70. I'm also concerned about means testing in the future for SS.

 

[Rustward]

For me, it's too close to call as to what I'll be doing. What seems to make sense (at the moment, that is) when I'm around 60, then I'll take stock of my health situation. If it looks like I may live a long remaining life, them I'll probably wait until 70. If I'm not so heathy at that time, then I'll probably take the money and run at 62.

+1

Good plan.

 

[BruceinGa]

from my latest statement:
62 $1877
66 $2418
70 $3236

I also like the 62/66,70 plan.

 

[Khufu]

My opinion is they won't change the 70 rule because-HARDLY ANYBODY DOES IT ANYWAY.


42 percent take it at 62.

by 66 years old 95 percent of people have taken it.

Also, the choice is actuarially neutral from the SSA, at least for unmarried claimants. That means that they wouldn't save (much) money by eliminating the DRCs.

 

[growing_older]

from my latest statement:
62 $1877
66 $2418
70 $3236

That looks very close to the maximum possible: Maximum-taxable benefit examples

 

[BruceinGa]

That looks very close to the maximum possible: Maximum-taxable benefit examples

I guess working all of that extra overtime in past years may have paid off in my retirement!

BTW growing_older, I'll be 63 Sept 29. I retired 8 months ago.

 

[shotgunner]

Here is another thought, what will a dollar do for you at 62 and what will a dollar do for you at 79? At 79 will you be traveling as much? Will you still have as many friends to do things with (or even a spouse)? What will you and I be able to do at 79, will we be able to do the same things as at 62, golf, fish, hunt, ride motorcycles, etc. etc? My thoughts are that life is to be lived while you have it, it takes money to do a lot of things, by 79 whether I have the money or I most likely will not be able to physically do the things I could at the age of 62 and that might even include driving.

 

[gerrym51]

Here is another thought, what will a dollar do for you at 62 and what will a dollar do for you at 79? At 79 will you be traveling as much? Will you still have as many friends to do things with (or even a spouse)? What will you and I be able to do at 79, will we be able to do the same things as you did at 62, golf, fish, hunt, ride motorcycles, etc. etc. My thoughts are that life is to be lived while you have it, it takes money to do a lot of things, by 79 whether I have the money or not I may not be able to physically do the things I could at the age of 62.

if the amount ss gives you is the only way you can do those things than you should take it.

If however you can afford to wait it is a better plan

 

[growing_older]

My expectation is that I will still want to do these tings (including traveling, driving, etc) but if I'm less physically able then I will likely want to hire a driver, do less on-my-own and more guided travel, stay at nicer places or travel in more comfort. That would mean I don't expect my expenses to go down as I age. I won't know for certain until it is too late to do anything about it, so I am just going with my best guess.

 

[gerrym51]

My expectation is that I will still want to do these tings (including traveling, driving, etc) but if I'm less physically able then I will likely want to hire a driver, do less on-my-own and more guided travel, stay at nicer places or travel in more comfort. That would mean I don't expect my expenses to go down as I age. I won't know for certain until it is too late to do anything about it, so I am just going with my best guess.

fly to bus tours-i find to be most cost effective

 

[shotgunner]

fly to bus tours-i find to be most cost effective

Good luck to everyone planning to do so many things in their late 70's. I mean it, I hope it works. I think running out of life or phyiscal ability is the larger worry.

Of my father and three uncles they died at 71, 73, 79 and one is approaching 83. 71 went from Cancer, 73 from Parkinsons, 79 from Dementia, 83 yr old uncle no longer drives and has home care, his memory is not what it once was and he is not steady on his feet. The three who died between 71 - 79, their lives were compromised for several years prior to death.

My father retired at 62, he had 3 good years between 62 and 65 and traveled. His last two years was spent in home care, then assisted living, then nursing home. He made a good decision at 62.

This is not comedy, it's reality:

 

[Dawg52]

Good luck to everyone planning to do so many things in their late 70's. I mean it, I hope it works. I think running out of life or phyiscal ability is the larger worry.

Of my father and three uncles they died at 71, 73, 79 and one is approaching 83. 71 went from Cancer, 73 from Parkinsons, 79 from Dementia, 83 yr old uncle no longer drives and has home care, his memory is not what it once was and he is not steady on his feet. The three who died between 71 - 79, their lives were compromised for several years prior to death.

My father retired at 62, he had 3 good years between 62 and 65 and traveled. His last two years was spent in home care, then assisted living, then nursing home. He made a good decision at 62.

This is not comedy, it's reality:

Everyone says I love you - Enjoy Yourself (It`s later than you think) (Eng) - YouTube

Very true. The unknowns are there. My brother retired at 50 thinking he had 25 good years ahead of him. Got cancer at 53 and died at 56.

 

[gerrym51]

You know this thread is going in a surprising direction.

No one is not advocating retiring and doing stuff as early as possible.

the only thing that has been advocated is if you have the money than take it from lower earning accounts and take ss later for a higher rate of return.


No one in general can know when they will die.

since i have the money and I like to think my wife and i will live long lives i'm opting for the 62/66/70 plan.

 

[BruceinGa]

Good points. My mother is 94, father deceased at 82. At 62 I still play competitive senior softball as well a playing with the young boys. I'm hoping I can continue this activity for a few more years.

 

[shotgunner]

the only thing that has been advocated is if you have the money than take it from lower earning accounts and take ss later for a higher rate of return.

In my case I am single, what I deplete from my portfolio between 62 and 66.5 will not be there for my daughter, there is no survivor benefit for her from SS if I delay.

 

[gerrym51]

In my case I am single, what I deplete from my portfolio between 62 and 66.5 will not be there for my daughter, there is no survivor benefit for her from SS if I delay.

nothing changes but my plan is for the wife and i to spend the money on US.Neither my wife nor I got an inheritance . If money is left they are welcome to it.

the best thing I can do is have enough money so THEY don't have to take care of us.

 

[Andre1969]

I had two of my grandparents die at the age of 73. The other two are still kicking. Grandmom, on my Mom's side of the family, is 88. Granddad, on my Dad's side, is going to be 98 in October.

Thankfully, they all retired somewhat early, so even the ones who kicked off early got to enjoy it. Granddad jokes that he's been retired now longer than he was working! He worked for the railroad from 1939-74, 35 years, and has now been retired for 38! However, if you count his time in the Marines, and work before that, he was working longer.

Still, Grandmom started losing her vision, from Macular degeneration, when she was 74. She couldn't pass the eye test, so when she turned 75 she couldn't get her license renewed. And it's been all downhill since then. And, for the past 2 1/2 years, pretty much all she does is sleep and eat. I check on her in the mornings and lunch, and my uncle tends to her in the evenings. She's to the point that she usually doesn't know what day it is when I wake her up, and she can't remember if it's breakfast time or lunch time. Although I was impressed...today she actually realized it was Labor Day.

She's actually pretty healthy, and could go another 5-10 years. But, I don't know how much of a quality of life she really has at this point. Between retirement and SS, she brings in a lot more than she spends in any given month, and is pretty well off financially. But at this point, she could have $1 in her bank account, or several million $...wouldn't really mean anything to her either way.

On the other hand, Granddad gave up driving, voluntarily, at the age of 90. And mainly because he thought the car insurance was too expensive for as little as he drove! My Dad lives with him, so he's looked after, at least. He still gets around pretty good, and I'd say his quality of life is fairly decent. Although he does say sometimes that it doesn't feel right that he's lived as long as he has. I think he's the last one alive, of all his siblings.

So basically, I guess what I'm trying to say is get out there and enjoy it while you can! Don't go so hog wild that you're destitute by the time the first SS check rolls in. But, don't think that having an active, exciting lifestyle in old age is a given.