grasshopper
Thinks s/he gets paid by the post
- Joined
- Oct 9, 2010
- Messages
- 2,485
After a pseudo prostate cancer diagnosis months before my sixty-second birthday, I took my SSA benefits. Now I am thinking a redo, I have a few months to decide.
Don't foresee needing the money so will just let it ride until age 70.
I will most likely wait until age 70 and let the larger social security payment serve as longevity insurance.
As for strategizing based on possible means testing, until there's some definite proposal this is too much a guessing game for me. Lot's of things are feared, or even suggested, that turn out not to come to pass. I'll try to worry more about the actual facts and less about the possible strawmen.
I expect SS to be means-tested somewhere down the road. And I expect anyone with sufficient assets to contemplate ER - including most of the people on this board - to be adversely affected.
+1. Get in now before they change the rules and/or rates. At least there's a chance we'd be grandfathered.
I seriously doubt that those who could be but are waiting to draw SS will be treated differently than those who are already drawing SS.+1. Get in now before they change the rules and/or rates. At least there's a chance we'd be grandfathered.
Agree. In Canada changes were made to eligibility of Old age security that were based on birth dates. Eg someone born after a certain date was effected.I seriously doubt that those who could be but are waiting to draw SS will be treated differently than those who are already drawing SS.
We don't know what we will do yet. Probably wait. But until DH turns 62, we won't waste any brain power on it.
Perhaps, this post can be sticky'd? I find the responses to be very helpful for others looking for an answer on when to start on SSA.
67 - because assuming I will live to be 92 yrs old, Firecalc and Fido both said I would be able to have more spending money from the get-go (retirement at either 58 or 60), compared to withdrawing it at age 63
Interesting. I ran similar calculations in Firecalc retiring at 60 and assumed that I lived to age 95. Results showed hardly any difference in annual "income" for withdrawing SS at 62, 63, 64, or 65. Withdrawing SS at age 66 added only about $1K a year to annual "income."
I started SS at 62 for DW's protection. She worked as a state employee and therefore has no SS of her own. Because of the fed gov GPO provision, she cannot collect SS based on my earnings record (ie, 50% of my SS). Therefore I started my SS at 62 and am investing the checks every month as they arrive. Should I predecease her, she'll have those invested dollars. If I had delayed SS and predeceased her (before I started collecting), she'd get nothing.
Many folks in situations where one spouse is impacted by GPO don't consider the fact that the GPO spouse can collect nothing of the other spouse's SS. It makes no sense to delay in this circumstance.
+1Our current plan has us taking it at 62. I don't want to use up our own assets from 62 - 70. I'd rather take the money and run, and have it under our control sooner rather than later.