Poll:When will/did you draw from SSA

[Act2]

At FRA I'll take the divorced spouse's option (half of ex's), then at 70 will take my own. I understand that does not reduce ex's own SS or ex's spouse's options.

 

[harley]

We'll start taking DWs at FRA with me taking the spousal benefit. I'm going to wait until 70 to make sure DW has the largest payment possible if I kick off first. We don't need it, so no need to rush. I'm also going to do my best to convert tIRAs to Roths to minimize RMDs. If when I get to 62 (5 years) things have changed (means testing or whatever) I'll reconsider, but that's the plan for now.

I am taking it at 62 through FRA then suspend and restart at age 70 to preserve my stash for LTC and to maximize DW income after I die.

I don't think you can do this anymore. I think Haha was the last person in America to manage to do it. Retirement Planner: If You Change Your Mind

 

[Katsmeow]

I didn't answer the poll because it didn't have my answer which is: I haven't decided yet. I am not 62 yet so I don't have to decide now and I see no reason to do so. I've run Firecalc and the Fidelity planner taking it at various time. My most likely alternatives are to either take it at 62 or take a spousal benefit at 66 (my FRA) and then take my benefit at 70. But, again, will revisit this when I turn 62.

FWIW - DH took it at a little over 62 when he retired from his job. He took it at 62 because he falls into the relatively small group of people where there was a clear benefit to taking it early. At the time we had 2 minor children and if he took SS they would receive benefits until 18.

 

[Alan]

We'll start taking DWs at FRA with me taking the spousal benefit. I'm going to wait until 70 to make sure DW has the largest payment possible if I kick off first. We don't need it, so no need to rush. I'm also going to do my best to convert tIRAs to Roths to minimize RMDs. If when I get to 62 (5 years) things have changed (means testing or whatever) I'll reconsider, but that's the plan for now.

Similar here. My SS is much greater than DW plus she only gets 50% of my pensions when I die.

 

[jollystomper]

Right now I'm looking at 63 (I'm 55 now). From my "simple" planning, our combined SS income at that age would match our projected safe withdrawal rate (SWR) amount needed to meet our target expenses. We have enough in cash to not be forced to touch investments until then. Taking SS at that age would also keep us from being forced to cash in equities.

Of course, if our planning turns out to be on the conservative side and our investments ended up doing better than currently projected, that might cause us to delay a year or two. But we wouldn't go beyond my retirement age (66 years 8 months).

 

[Brett_Cameron]

I don't think you can do this anymore. I think Haha was the last person in America to manage to do it. Retirement Planner: If You Change Your Mind

Actually, I was not talking about withdrawal of application and payback of benefits, as your link discusses but to suspend benefits as this link discusses:
Retirement Planner: Suspending Retirement Benefit Payments

This describes suspension of benefits after reaching FRA.

 

[harley]

Actually, I was not talking about withdrawal of application and payback of benefits, as your link discusses but to suspend benefits as this link discusses:
Retirement Planner: Suspending Retirement Benefit Payments

This describes suspension of benefits after reaching FRA.

OK, I see the difference. But I still don't see that it says you can get 4 years of payments, then suspend and get the higher payout at 70. Actually, I have a lot of trouble reading these things as they write in a matter to avoid answering questions. So I'm not saying you're wrong, but I don't se them spell out that you can do what you're planning.

Re-reading your original comment, you don't actually come out and say that when you restart you'll be getting a higher benefit. Is that what you're planning? If not, what does starting at 62, then suspending at 66 and restarting at 70 buy you?

 

[Brett_Cameron]

OK, I see the difference. But I still don't see that it says you can get 4 years of payments, then suspend and get the higher payout at 70. Actually, I have a lot of trouble reading these things as they write in a matter to avoid answering questions. So I'm not saying you're wrong, but I don't se them spell out that you can do what you're planning.

Re-reading your original comment, you don't actually come out and say that when you restart you'll be getting a higher benefit. Is that what you're planning? If not, what does starting at 62, then suspending at 66 and restarting at 70 buy you?

When I start receiving benefits at 62 it will be at the reduced rate. When I suspend at FRA, the reduced rate will increase via the delayed retirement credit formula. When I restart benefit payments at age 70 the amount will be comparable to the amount I would have received at FRA had I not taken benefits early. That is the plan A. I will confirm with a visit to local SS office in a few years when I get closer to 62. Of course, I still have Plans B, C, D.

I plan to do some conversion to Roth from ages 62-FRA as I expect to be in the 15% federal tax bracket during those years, if I start taking SS at 62.

 

[Bram]

DH started his SS @ 65 & 9 months, & I started spousal @ my FRA. I will file for my own SS @ age 70. This way dh will get a much higher benefit in the unlikely event that I kick off first.

 

[NYEXPAT]

62 because I will have two young children collecting as well. It will cover all living expenses until about 85 and enables me to keep my powder dry if I live longer and a large inheritance to the YW, if I don't. As a lifelong sinner with good genes 85 sounds like a good #. Dear old Dad (96 fit as a fiddle) always tells me 85-87 is when the fun stops!

 

[eytonxav]

Might change, but right now FRA of 66 looks likely for me. I do not have family longevity or perfect health on my side, however, DW is 5 years younger and has a much lower SS, otherwise, I would have taken it already. Only 1.5 years to go, and will re-evaluate at 66.

 

[johnrlawjr]

I took the money at 62 an I have not looked back. SS with my pension (with an unlimited cola) gives me plenty of dough to have fun and not touch my small nest egg invested in stocks. I am divorced with my dad dying at 69 and my mom at 82. Right now I am in pretty good health, but like others mentioned I did some heavy sinning in my past. It made sense to me to take the bird in the hand rather than the two in the bush. That way if I croak early, my kiddies will get to split my small nest egg.

“Get your facts first, then you can distort them as you please.” Mark Twain

"I have been through some terrible things in my life, some of which actually happened."Mark Twain

 

[panacea]

I selected my full retirement age (67) but I'm really too young to decide at this point. I plan to wait until age 62 to make the choice based on my health and DW's health, cash flow needs and tax planning issues.

 

[Chuckanut]

I will most likely wait until I am 70. First, since LTC insurance is to expensive and problamatic these days, the extra $$'s will be part of my LTC plan. Second, my parents lived beyond the normal age, so I will probably live long enough to come out ahead. Third, if SS is not reformed and we get the approx 25% cut in 2033 or so, the extra money may be needed more that it is now. Forth, it is the only fully inflation indexed retirement benefit I get, another plus so I can live long and prosper.

YMMV.

 

[Chuckanut]

Our current plan has us taking it at 62. <snip> If we wait there is more of a chance that future benefits might be cut or means testing implemented.

What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.

 

[Katsmeow]

What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check.

I entirely agree. I don't they would, for example, cut the benefits of 64 years old who haven't taken SS, while not counting the benefits of those already collecting. I can't envision any scenario where that would occur.

On the other hand, if benefits were to be cut by X% then the person who had been collecting the uncut benefits for 5 years might end up better off than the person who delayed collecting and starts collecting and is receiving reduced benefits. It is possible that the early collection of higher benefits might cause the early collection overall to be better than it would have been to wait.

 

[ABQ2015]

Unless the retirement calculators and market conditions when I turn 62 show different, I will take SS at age 62. I'm single and have no spouse to consider and want to spend down my savings by end of life (estimated age 95 for calculations). Also have a good pension so will always have some additional income source. I have done a few preliminary I-ORP calcs which indicate virtually no change in my annual income from taking SS later while withdrawing more from my 401K early in retirement - so just do not see the benefit of waiting. The SS or the extra money that I would take out of the 401K in lieu of SS at 62 will be my "fun" money for travel and other luxuries. I would not want to forego that income in my healthier early retirement years (e.g., 60's) just to get a larger SS benefit in my older years.

 

[Sue J]

I always assumed I'd take it at 62, but after living on DHs pension for 3.5 years we can see that we do just fine without needing more income. DH is subject to WEP so we don't have any spousal calculations to consider. My SS would be around $500/mo at 62. If we don't need it, I'll wait and reevaluate every year or so.

Now that Obamacare is settled (is it safe to say that yet?) our biggest unknown expense is a little more predictable. We are both 58, if we can make it to 65 and Medicare then I don't think I'd need my SS earlier than FRA of 66 and 4 months, July, 2021.

If DH gets 4 more credits he will have SS of around $250/mo at 62 after WEP. We could take his at 62 and wait on mine.

 

[jerome len]

started at age 66 since I was earning too much and would have lost SS if I started before full retirement age. Didn't wait until 70 because I had a minor child that received 1/2 of my benefit.......which we saved for his college fund. Really don't absolutely need SS so just did what I thought was best....hope I live a long time to enjoy it.

 

[ERhoosier]

What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.

Great point. For many yrs, SS was not subject to income tax. Now up to 85% is regardless of when one started drawing SS. And for those below their FRA there is forfeit of 50% of one's benefit if earning too much outside income.
https://www.socialsecurity.gov/history/
Also- Consider that the once egalitarian Medicare B premiums are now means tested (>$85k/yr MAGI (inc "tax-exempt" int) single), and ACA added means-tested surtax on PartD.

https://en.wikipedia.org/wiki/Medicare_(United_States)

 

[growing_older]

I'm planning to wait for 70. I've got enough in my plan to wait until then and I'm betting on longevity either because of family history or medical advances. It's a bet I'm very comfortable with because either side works. If I live extra long I'll be glad to have the income, if I live extra short I'll have lived the lifestyle I wanted and since I'm dead don't care about the SS dollars I left on the table. The only ones who care will be heirs (who probably get plenty anyway).

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.

 

[mickeyd]

I'm letting MY SS account accumulate delayed retirement credits until age 70 (next year). Currently am sponging off of DW's SS using my spouse status. We don't need the cash to live on and appreciate that fact that 8% of anything in todays climate can not be ignored.

I selected 70+ as there was no choice option for 70.

 

[DennisTheMenace]

I will start taking social security survivor's benefits (widower) at 60 and wait until 70 to draw against my own account.

Dennis

 

[daylatedollarshort]

What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.

I don't know. Ever since the dog peed on my crystal ball, I have lost my ability to predict the future.

I am just guessing about what will happen to SS like everyone else. It never occurred to me they would make benefit cuts retroactive. We have a number of years before either of us are 62, and we have a cushion in case the benefits get cut pretty steep, so I don't spend a lot of time worrying about it for now. A lot could change in the next several years.

 

[523HRR]

Don't foresee needing the money so will just let it ride until age 70.