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Re: Taking Social Security at 63 or 66

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Message 1 of 73
I am of the same opinion. I must be missing the same fact.
I turned 62, 5 months ago.
What I am trying to figure out is if it is worth it to wait until 63. will the payments be X percent for 62, Y percent for 63, etc.
You mentioned 80% for 63. Is that a fact? Is it 75% for 62?
Cheers.
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Re: Taking Social Security at 63 or 66

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Message 2 of 73

TAKE YOUR SS AS EARLY AS POSSIBLE. I TOOK IT AT 63 AND HAVE NEVER REGRETTED IT.YOU MIGHT NOT LIVE TO 66 OR 70  TO ENJOY IT AND ALL THOSE YEARS OF HARD WORK GO DOWN THE DRAIN.NEVER MORE HAPPY.

 

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Re: Taking Social Security at 63 or 66

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Message 3 of 73

The idle age for claiming any of social security benefit is 66. You can also apply for retirement, disability, survivors or medicare benefits at 23, but the condition is the money you will receive will have lower value.

Consider that it will be approx. 77% of the amount you will receive at 66. So wait until you are 66 (if you can) to enjoy the 100% benefits of SS.

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Re: Taking Social Security at 63 or 66

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Message 4 of 73

Thank you @tuckem03 for the encouragement to and the vote of confidence in taking one's social security a little earlier.  That has been a great consideration of mine as I am, right now, still working, but soon approaching the point of leaping off the job/work treadmill in full pursuit of my "golden years!"  

 

I've got a little ways to go.  But I can now see the light at the end of the tunnel.  Yippee!

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Re: Taking Social Security at 63 or 66

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Message 5 of 73

Why does everyone say to wait? The math tells the story, without giving out dollars, in my case, if I take benefits at 63, I will receive 80%  between 63 and 66.5. Then multiply 54 months x monthly benefit. The difference between the monthly payments is x. That will give me a break even point of 18.0 years from 66.5. I will be 84.5 and just breaking even. Taking the benefit at 62 gives me a break even of 15 years. Why would anyone advise against taking the benefit earlier than 66.5? What am I missing? In my case, it would seem unwise not to start taking the benefit at 63 since I have no plans after 85. To me this same senario applies to everyone.

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Re: Taking Social Security at 63 or 66

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Message 6 of 73

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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Re: Taking Social Security at 63 or 66

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Message 7 of 73

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

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Re: Taking Social Security at 63 or 66

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Message 8 of 73

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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Re: Taking Social Security at 63 or 66

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Message 9 of 73

@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
* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Taking Social Security at 63 or 66

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Message 10 of 73

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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