Poll: Taking SS - when?

[omni550]

http://www.early-retirement.org/for...ge-and-withdrawal-rate-91629.html#post2039939

This thread ^^ piqued my curiosity as to when folks are either taking or planning on taking SS.

I've made categories for those:

• already SS-eligible (= age 62 and older)
• who are younger (< age 62, not yet SS eligible)

and when they are planning to take SS.

As you can start SS any time after 62 and I had limited space for the poll -- please select whatever "bin" is closest, if you didn't fall exactly in one of the poll categories.

(FRA = full retirement age, which varies, depending on year of birth)

omni

 

[Exrook]

Currently planning on waiting until 70 for longevity insurance and to maximize survivors benefits for DW. I have lots of time until then, so will remain flexible.

 

[RunningBum]

Other--younger than 62 so I'll wait and decide then, based on my current health, whether I think the stock market is high (defer SS and sell stock) or low (take SS, sell less stock), and any indications of change, especially if there might not be fair grandfathering.

 

[W2R]

More complicated than one might think! LOL

I have always planned to take SS at age 70, because I have extreme longevity in my family, I'm female (so statistically more likely to live longer), and I regard it as old age insurance.

When I was 66 (my FRA), I found out that (AT THAT TIME) if one took divorced spousal SS at FRA, future SS based on one's own employment record would continue to grow until age 70. This is a loophole that was closed in 2015 except for people over a certain age, I believe. I got in just under the wire.

Because of this loophole, I have had divorced spousal SS from age 66-70, and this summer I'll switch over to SS based on my own employment record, at my 70th birthday.

So far SS has verbally agreed with me that I will get the same amount at age 70 based on my own employment, that I would have got at age 70 without the divorced spousal SS. Their computations and mine are only a dollar apart according to our phone conversations. I'll let you know this summer if I actually get the $555/month raise that I am expecting. I'm not celebrating until it hits the bank.

Pretty complicated, huh? Anyway I voted that I am over 62 and plan to take SS at age 70, since that has always been my plan and first priority. The divorced spousal SS is just a little lagniappe that I ran across.

 

[Dtail]

Voted "Other" for some of the same reasons as RunningBum, but also considering Hold Harmless at 65 plus tax effect of RMD's since majority of Assets in TIRA.

 

[pb4uski]

I'm 62. DW is 9 months older. Current plan is for DW to claim her benefit at her FRA of 66 & 2 months and for me to wait until 70.

However, we may both claim at FRA as a middle ground since her SS will get stepped up to 50% of mine if I file at FRA. We'll look at both in about 4 years.

If Medicare premium increases start going crazy then we will look at starting at 65.

 

[arky]

I voted over 62 and started SS @FRA but actually started at @FRA + 2 months.

 

[aaronc879]

I'm under 62 and voted SS at 62 due to lower than average life expectancy for males in my family. I will re-evaluate when I get closer to 62.

 

[redshift]

Voted 'other' as well. Was planning to split the difference at 64; now that I'm 64 I'm planning on 65 for a variety of reasons.

 

[Mdlerth]

DW and I are inseparable

I voted "other" because for married folks it's really two questions with possibly very different answers resulting from two separate optimization problems.

 

[Ronstar]

I'm 62. DW is 63. We both plan on taking SS at FRA.

 

[VanWinkle]

Voted over 62 waiting to FRA as it is closest to my plan. DW and I are waiting to 65 due to ACA subsidies, and will assess at that time. Current spending of taxable assets is 4% of portfolio but it would be nice to take pressure off the portfolio if Mr Market decides to castrate the bull.

VW

 

[Dash man]

DW and I will both be 62 in August, and expect to take SS at FRA. But we’re flexible and will re-evaluate each year. Her family lives longer and she will get a higher benefit than me. My family doesn’t live so long, so I’ll see how my health goes. Right now it’s not as good as I’d like.

 

[mystang52]

Other. I took it starting at 65.

 

[ShokWaveRider]

We just LOVE this topic..... don't we.

 

[Splash]

I'm 56, DH almost 57. Current plan is for me to take SS at 70 and DH at 62. However, plans are subject to change as there are lots of things to consider:

• progress converting IRAs and 401k to Roths
• decision on my pension - do we roll lump sum into IRA or take as monthly payments and when to begin
• changes to our health (i.e. perceived longevity)
• medicare health insurance premium trends
• avoiding reductions to SS by being grandfathered

 

[flintnational]

Other - I am waiting for the forum to agree on the optimal time to take SS.

If the group cannot agree, we will probably wait until age 65 or FRA. We are still playing the ACA income game. And will likely wait on SS until we are on medicare.

 

[CRLLS]

DW is 66, I am 65. DW claimed hers when she turned 66. I am waiting for filing at 70. In the mean time I will file for 50% of her benefit (spousal) when I turn 66 later this year. I voted "I'm 62 or older -- SS @ 70 " since we would have done that even without filing spousal. I will constantly review this but honestly don't see a scenario where that might change.

 

[Car-Guy]

Took it at 62 because I could. Two of my friends had just recently passed away (in their late 50's early 60's) without getting a dime. I had planned to take it at 62 anyway, but that sure helped me to make my decision.

 

[Dtail]

Other - I am waiting for the forum to agree on the optimal time to take SS.

If the group cannot agree, we will probably wait until age 65 or FRA. We are still playing the ACA income game. And will likely wait on SS until we are on medicare.

Also playing the ACA game. Wouldn't taking the SS just be a substitute for taking the investment assets?

 

[IMATERP]

I'm 57 and selected waiting until 62.

At age 60 I attain a decision point - I'm entitled to a Monthly State Pension. One of the options is to provide an adjusted payment of my estimated SS at age 60 + a monthly retirement check. At age 62 the pension payments are subsequently reduced by approximately 300 per month.

I will probably take the adjusted monthly payout at age 60 in order to have more control of my retirement assets.

Choice #1 State pays me $2,650 per month for two years. Age 60 to 62. Then reduces amount to $1,000. At 62 SS pays me $1,550 per month.

Choice #2 state pays me $1,350 per month from age 60 for the rest of my life. I then can collect SS of $1,550 per month at age 62.


My decision will probably rest with where my wife is at the time. She receives a small State Pension, we have a paid off home, and an Ira/Brokerage of 1.4 million.

 

[candrew]

DW plans to take SS at FRA (3 years from now). Having the higher FRA benefit, I'm holding off until age 70 if possible.

 

[Ed B]

I voted for Other.

I am under 62 and plan to evaluate year by year once I turn 62. If the portfolio is doing well I will hold off on taking SS until FRA. If we enter a bear and my portfolio drops to a level where I am not comfortable selling assets, I will start Social Security.

 

[harley]

Excellent poll. It covers almost all options, except for how spouse's SS will be dealt with, and that would create too many possibilities.

I am 62, and will take mine at 70. We don't need SS to live, although it will be nice, so my only consideration is maxing my benefit to maximize DWs survivor benefit assuming I die first. She's not much at managing finances so a bigger paycheck each month will be reassuring.

We could start hers (also 62) now, or wait. I need to get a better handle on our taxes under the new rules so I can determine if it would be better to put it off and try to do more Roth conversions, or just take it and decrease our draw on our investments.

We just LOVE this topic..... don't we.

It will be nice to get some numbers instead of just seeing the same explanations over and over. Numbers is hard. Anecdotes is soft.

 

[flintnational]

Also playing the ACA game. Wouldn't taking the SS just be a substitute for taking the investment assets?

Yes. But in our case, interest and dividends and roth conversions put us near the cliff. I could scale back the roth conversions and take SS at 62 but we have a couple of fair sized taxable IRAs and future pensions that will likely increase our tax bracket at some point. I want to keep funding the roth to minimize some of the future tax burden. Additionally, fingers crossed, we are both healthy.