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

[potto0213]

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.

My wife is also a retired teacher. Because she is not eligible for any SS spousal benefit when she retired we took the option of 100% of her pension with 0% survivor benefit to maximize the amount she would receive. I then delayed my SS benefits until 70 to maximize the amount of SS I would receive because I will not get any of her pension. I do not have any pension. We both come from a line of long lived relatives. If I die before her, she will receive some SS survivor benefit that is reduced because of GPO. We also have enough IRA and taxable savings to provide for the surviving spouse.

 

[Born2Fish]

62.

Few men in my family live to 75.

SS + small pension about covers our expenses, so I can invest a little more aggressively and still sleep at night.

 

[corn18]

I'm adopted. Should I ask my mom who my parents are to get my medical history? I've not had any interest in knowing in the past.

 

[Markola]

Between 67-70 and we will decide based on conditions at that time.

 

[MRG]

Planning on 67-70. Probably 70 unless things change a great deal in the next 3 years.

 

[pb4uski]

70 for me, FRA for DW... she was a SAHM so her PIA is 30% of mine.

 

[harllee]

I'm adopted. Should I ask my mom who my parents are to get my medical history? I've not had any interest in knowing in the past.

I don't think I would do it just for SS determination. Now if you have medical problems or other reasons to find out about biological parents that would be a different issue.

 

[Dtail]

DGF already taking hers through disability.
As for me with the management of ACA income and a pension lump sum at 65, the minimum is 66. Hoping to be able to wait until 70.

 

[Ed B]

I will start at 62 in 14 months. We adopted a son who will turn 10 on the same day I turn 62. As most know he will get half of my benefit until he graduates high school at 19 (We held him back in kindergarten for various reasons). That skews the numbers for us a great deal.

 

[pb4uski]

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.

One thing to keep in mind is that the reason that so many people take SS at 62 is that they have no significant savings so they realistically have no other choice. Wealth give you choices that other people don't have, so let's count our blessings.

 

[RetireeRobert]

Started at age 62. At that time my two of my three kids also then qualified for SS benefits based on age/school status until they graduated high school, and my wife as mother of such also qualified for SS until last kid left high school. Sweet. Several years of SS benefits built a nice college war chest for the youngest one.

 

[skyking1]

My answers are all back there in other posts.
Myself at 70, DW sometime sooner.
She is also 4 years younger.
Her timing is dependent on Roth conversions as well.

 

[Out-to-Lunch]

I'm planning me at 70 (slightly higher earner). Then DW doesn't much matter, according to OpenSS. 62 is optimal, they say.

That is probably what we will do (62&70), because, if she waits, our SS+pension will be more than needed; I think that we might as well move some of that income forward in time and have a lower (but still adequate) guaranteed income later.

 

[Telly]

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

Ditto! (my shortest post ever on E-R.org!)

 

[W2R]

My plan was always to wait until age 70, if possible, which seemed prudent due to some familial longevity.

But then, Katsmeow and others on this forum explained how I could take divorced spousal SS, equal to 1/2 of the amount he was getting, at age 66. Then at age 70 I could switch over to the full, unreduced amount of my own SS based on my own work record. So I did that. (THANK YOU!!) Don't know if that is still possible but it was then. What a windfall!

For the poll I said "age 70".

 

[craimund]

Current plan is 69 for me (FRA is 67) and 62 for my wife. My benefit is much larger and I am 2 years older so I am concerned with the survivorship benefit.

 

[GalaxyBoy]

DW took hers at 62 as she’s concerned about her family history with regards to longevity (one of the few times I can insist she’s wrong and get away with it). I plan to wait as long as possible since my family history is the opposite, but mainly because we don’t need the money in the near term. I think of my SS as my LTC insurance and an ace in the hole for our later years. We both made about the same amount of money while working so survivor benefits aren’t a factor.

 

[harllee]

DW took hers at 62 as she’s concerned about her family history with regards to longevity (one of the few times I can insist she’s wrong and get away with it). I plan to wait as long as possible since my family history is the opposite, but mainly because we don’t need the money in the near term. I think of my SS as my LTC insurance and an ace in the hole for our later years. We both made about the same amount of money while working so survivor benefits aren’t a factor.

Good point about viewing SS as LTC insurance--I am doing that too along with moving into a CCRC. Between DH and I we will get about 5500/month in SS when I turn 70 in 6 months. To me that is a lot of $$.

 

[craimund]

$5500/month is a nice chunk of change. Have you done any Roth conversions in your 60s? I am concerned with RMDs since the bulk of my retirement savings is in tax deferred. My current plan is to live off of my taxable account and a relatively small pension after retirement (probably 5 years off) and convert some of the deferred money before collecting social security.

 

[phil1ben]

I just turned 61 and my wife is 57. Retired four years ago. I am looking at this very differently. In fact, this is a timely question because I have just begun to ponder this question.

My wife and I are in the fortunate position of not needing social security in retirement. Having said that I look forward to getting my money back and receiving the only check I have ever seen made out to me from the government. In fact I have always thought that the government would find a way to reduce or eliminate the sum I would receive. I am in the highest federal tax bracket and it appears I will remain there until it is my time. Accordingly, 85% of my SS will be taxable and always will be unless the government changes the tax law.

The SS payment will largely be used to fund a portion of our travel and vacation plans each year. Having said that, I would rather have the funds earlier rather than later, but I realize that it grows 6-8% per year for each year I do not collect. We plan on doing much more travel in our 60s than our 70s.

So at this point I am inclined to strike a balance and collect at 65 which is two years prior to my FRA of 67.

 

[street]

I know a lot of people that worked till 64 to 65 years old. When they retired they took SS at that age. And most that retired at 62 took it or waited till 65 then took Medicare at the same time.

Just had a good friend that will retire at end of month and will be 69 year old. He has a high profile job and said he will take it right away.

 

[Midpack]

This is NOT completely accurate as the “bins” are different, call it an approximation at best. But it appears this audience is not unlike the mainstream other than those waiting until 70 where there’s a marked difference, kind of as I expected.

We’re in the 70 crowd as our parents passed away aged 88, 93 and 96...and none were fitness/health fanatics.

 

[jollystomper]

I re-evaluate this yearly. Currently I will not take it any earlier than my FRA (66 and 8 months). IThe current driving reason is to maximize the spousal benefit. The secondary reason is to have "room" for Roth conversions and stay in the current tax bracket. As I get closer to FRA I might move it out more, based on what our situation is at that time. I am fortunate that I had 35 years of paying the maximum SS tax, so will get the maximum benefit.

I do not know about longevity. Dad died at 72, Mom at 86. My health is better than my Dad's was at the same age as I am. I have 3 older siblings who are in their late 60s and earlier 70s who are in good health and still very active. So odds are currently good that I will live beyond my Dad's age, but they are odds. The proverbial bus/truck may be right around the corner .

DW took her SS at 62 (actually several months after turning 62), she wanted it, and it is much less than her spousal benefit. So far we haven't been spending it, but putting it into her Roth IRA while she still have enough income to cover it.

 

[street]

Midpack >> Thanks for your graphs and data. It didn't surprise me of your findinds here on ER.

 

[pb4uski]

This is NOT completely accurate as the “bins” are different, call it an approximation at best. But it appears this audience is not unlike the mainstream other than those waiting until 70 where there’s a marked difference, kind of as I expected.

From the graphic that you posted I would say that this audience is much different than the mainstream... those taking at earliest age of 62 are 66% of the mainstream... similarly those taking at FRA is 64% of the mainstream... and those taking at 70 are more than 10X the mainstream.

That 27% of this audience take SS at 62 was a small surprise to me... I would have thought it would be lower.