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Conversationalist

Re: Taking Social Security at 63 or 66

517 Views
Message 1 of 68

take your ss as early as possible.you will not regret it.enjoy your life now.took it at 63 and happy as hell.

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Conversationalist

Re: Taking Social Security at 63 or 66

541 Views
Message 2 of 68

everything i have read said to wait as long as possible.

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Conversationalist

Re: Taking Social Security at 63 or 66

1,954 Views
Message 3 of 68

I took my ss at 631\2.With my pension savings and tdas I am living very well  getting medical from my union till i turn 65 then go on medicare and get a supplement from my union.life could not be happier.

if you can afford it take your ss as early as possible.enjoy your life now

even if you wait till retirement age after you take out 15% for tax purposes

the difference is not much.

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Valued Social Butterfly

Re: Taking Social Security at 63 or 66

1,968 Views
Message 4 of 68

m474998b wrote:

Okay I will be 63 in two day and I an still working full time. What the benefit of not working and only collecting SS. So should I just continue to work


Advantages 

  • maybe sleep a little later
  • You could be footloose and fancy free living off your Social Security and ALL your other retirement accounts or benefits - just make sure you have enough to last during your remaining lifetime.

Disadvantages

  • You could be poorer - 
  • You would have to do something about your health care coverage and then when you turn 65 and go on Medicare, pay your part of your medical and drug care.  
  • Your Social Security benefit would be reduced FOREVER when you take it earlier than full retirement age - actually not taking it until you are 70 years old gives you the best $$$$$$ benefit
  • You might have to start drawing your OTHER retirement benefits earlier
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Info Seeker

Re: Taking Social Security at 63 or 66

1,972 Views
Message 5 of 68

Okay I will be 63 in two day and I an still working full time. What the benefit of not working and only collecting SS. So should I just continue to eork

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Bronze Conversationalist

Re: Taking Social Security at 63 or 66

18,918 Views
Message 6 of 68

I agree this is mosltly a math problem deciding when to take social security.  But there are also some non-quantitative issues and these are mentioned on the Charles Schwab site and I think the article is a good one http://snip.ly/7na3f

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Bronze Conversationalist

Re: Taking Social Security at 63 or 66

22,330 Views
Message 7 of 68

I think most pundits also share the informaiton below.  I got this table from the Retirement Income Blog

 

Because there is more to life than your life expectancy and discount rate, here are the other factors to consider:


Issue

This would argue to….
If you think you can earn more than 6% annuallyTake the money now
If people in your family tend to outlive the average life expectancyTake the money later
If you need the money to live on nowTake the money now
If you are married and your spouse is also dependent on the paymentsTakes a lot more figuring – call us on this one
Your tax bracket will be lower laterTake the money later
Will you have earned income prior to your full retirement age forcing you to forfeit some of your social security benefitTake the money later
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Valued Social Butterfly

Re: Taking Social Security at 63 or 66

22,372 Views
Message 8 of 68

ret traveler,   somehow I don't think our friend has the inclination to go to the trouble of setting up an SSA online account for that,  do you.     Um,  I just sorta got that,  er,  feeling.....

 

Anyhooo,  he doesn't have to,  he has all the required information he needs right now.  

 

We know his full retirement benefit at 66 is $2,347 because he told us so.   (75% of $2,347  = $1,760 ) 

 

Now,  We told Him that the difference between age 62 and 66 represents 25%.    Or,  breaking it down,  it is  6.250000 % per year.   Meaning,  his benefit rises by that percentage for every year he waits to 66. 

 

Now,  if he wants to get down to dollars and sense (sic)  he knows that 6.25000 per cent rise represents to him  $146.75   ($2,347 - $1,760  = $587  divided by 4 = $146.75) 

 

So,  if he wants to know his monthly benefit when turning 63 it would be $1,906.75.  

 

At 64,  $2,053.50;  

 

At 65,  $2,200.25,  and,  viola ! 

 

$2,347 at 66 ! 

 

Easy as Pi,   isn't it?  

 

Now,  if he comes back and wants the monthly breakdown for when he is 63 years and one month old,  or 65 and 7 months,  I won't be anywhere to be found.   

YOU can help him then,   LOL.

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Trusted Social Butterfly

Re: Taking Social Security at 63 or 66

22,472 Views
Message 9 of 68

tuckem03 wrote:

understand. but say you would receive   $1760  if you take at 62  what would be the amount

if you take it  at  63  64 65  and 66  in dollars amount.


  You go to the SS website and it will tell you. We used to all get an annual SS statement that gave you all the numbers. I think (?) that ended. But the site will give the numbers specifically for you.


Just think. The world was built by the lowest bidder.
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Conversationalist

Re: Taking Social Security at 63 or 66

22,482 Views
Message 10 of 68

understand. but say you would receive   $1760  if you take at 62  what would be the amount

if you take it  at  63  64 65  and 66  in dollars amount.

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