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Valued Social Butterfly
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Re: Taking Social Security at 63 or 66

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Message 41 of 72

"Don't think the amount of benefit at 62 is that much different from 66"


To be precise,  yh5104,   the amount is  exactly  25% less.   Maybe to some that would be considered   "not much" difference.   Others may think otherwise.   Very,  very highly subjective.

 

"Not getting any younger and by 70, you will be really tired." 

 

Interesting you mentioned that.    Not about being really wore out and tired,  LOL.     Money Magazine editors started asserting in January this year that 70 is the new full retirement age.   I can't vouch for their software calculator ( or offer any of my own) but they are telling seniors that if they wait until age 70 to start drawing,   the difference in the benefit amount over filing at age 62 is

 

       76 %  more  (Seventy Six Per Cent)   

 

That's a pretty sobering statement,  isn't it. 

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Re: Taking Social Security at 63 or 66

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Message 42 of 72
You can wait as long as you want. I'm taking it as soon as I am eligible and leaving more of my money in investments.
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Re: Taking Social Security at 63 or 66

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Message 43 of 72

Don't think the amount of benefit at 62 is that much different from 66. If you have the money to retire go ahead and take the benefits at 62. Not getting any younger and by 70, you will be really tired.

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Re: Taking Social Security at 63 or 66

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Message 44 of 72

Wrongo, once a planner has all your facts, this turns into a math problem. I never saw a math problem that did not have a correct and several wrong answers. Once you know all the numbers and facts YOU must decide what level of risk you are willing to take (use up all savings,then have NO savings) while waiting for a bigger soc sec, that might never come if the cement truck rear ends you.

 

Most people must live 17 yrs past age 66 to recoup what they lost, by not filling at 62, 48 months earliler. Good Luck

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Silver Conversationalist
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Re: Taking Social Security at 63 or 66

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Message 45 of 72
Everyone is DIFFERENT.
There is NO RIGHT OR WRONG.
Each individual or couple needs to sit down with someone who really understands how Social Security pays out for each individual and/or each other.
Don't rely on anyone who does not give you at least 3 or 4 options on how to start your payments!!!!
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Re: Taking Social Security at 63 or 66

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Message 46 of 72

Most planners say to wait to max soc  sec.  They ignore two big items.

 

1. If we use current savings, 401 k, IRA/s they can get down to zero and then if my wife dies before 66 or 70, we have used up considerable savings and she or me will never collect a nickel from her waiting to get an increased benefit that might not ever come.

 

2. Planners usually don't mention the $40,000 to $50,000 you leave on the table when my wife does not file at age 62 (early filer),  it will take her living 18 years or age, 81 years old to break even for waiting.

 

3. and finally in late 60,s and early 70.s we are in good health and can travel etc. and use our income for reitement plans. If we wait 5-7 years when I am 70 and Mrs is 67 who is to say if one or both of us will be able to go places, travel and take cruises and trips. How many 85 + yrs old folks, will spend all their income in retirement, or do they wish to leave it to charities and the Kids.

 

Dale

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Treasured Social Butterfly
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Re: Taking Social Security at 63 or 66

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Message 47 of 72

@GailL1 wrote:

nyadm said . . .

"I  made my decision on a whole bunch of factors and term life had nothing to do with any of them."

_____________________________________________________________________________

 

I was half-joking because the OP seemed to want some way to determine how longivity played into the decision of raking early retirement or not.

 

So should we have a questionaire on the SSA website to help in this determination.

At what age did your parents die?  Is your health similar to their health condition?

Do you have uncontrolled high blood pressure?

Do you have uncontrolled diabetes?

How is your heart?

Do you smoke, drink excessively, have lots of stress?

Are you obese or drastically overweight?

Are you a risk taker in your hobbies?

Is there a big tree overhanging your home?

 

No, there is no way to determine how long one might live - but statistics show that women live longer than men.  Being in good shape healthwise also help you to live longer.


Ok  I missed that.. just wondering if you had a new way to tell lol

Life's a Journey, not a Destination" Aerosmith
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Valued Social Butterfly
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Re: Taking Social Security at 63 or 66

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Message 48 of 72

nyadm said . . .

"I  made my decision on a whole bunch of factors and term life had nothing to do with any of them."

_____________________________________________________________________________

 

I was half-joking because the OP seemed to want some way to determine how longivity played into the decision of raking early retirement or not.

 

So should we have a questionaire on the SSA website to help in this determination.

At what age did your parents die?  Is your health similar to their health condition?

Do you have uncontrolled high blood pressure?

Do you have uncontrolled diabetes?

How is your heart?

Do you smoke, drink excessively, have lots of stress?

Are you obese or drastically overweight?

Are you a risk taker in your hobbies?

Is there a big tree overhanging your home?

 

No, there is no way to determine how long one might live - but statistics show that women live longer than men.  Being in good shape healthwise also help you to live longer.

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

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Message 49 of 72

@GailL1 wrote:

 I guess people should apply for a term life insurance policy when determining the age when they should retire - earlier or later.  The (amount of) the term life premium quoted after a health evaluation & questionaire should indicate what risk category you seem to be in actuarially. 

 

I  made my decision on a whole bunch of factors and term life had nothing to do with any of them.
Life's a Journey, not a Destination" Aerosmith
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Re: Taking Social Security at 63 or 66

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Message 50 of 72

@nyadrn wrote:

@everettbaker wrote:

None of the options presented by the pundits asking us to wait to receive our benefits attributes anything to health situations. Actuarial tables exist for those of us with many health situations such as diabetes, chronic high blood pressure, atrial fibulation, etc... These need to be accessible to make a good plan for accessing information to make a good choice of when to ask for benefits.

 

I think that we need much more information than just being told to wait by the so-called experts.

 

I am afraid that these articles are merely exploiting our ignorance when trying to convince us to wait regardless of our health situations. And what the Actuarial tables actually tell us about our life expectancy.


Not sure which particular articles you are referring to, but you are your own determining force in making the uptimate decision of when to retire. 


 I guess people should apply for a term life insurance policy when determining the age when they should retire - earlier or later.  The (amount of) the term life premium quoted after a health evaluation & questionaire should indicate what risk category you seem to be in actuarially. 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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