Get Your Fraud & Scam Questions Answered in the AARP Online Community! Find Out More!

Reply
Silver Conversationalist

Re: Taking Social Security at 63 or 66

8,783 Views
Message 41 of 68
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!!!!
Report Inappropriate Content
Info Seeker

Re: Taking Social Security at 63 or 66

8,786 Views
Message 42 of 68

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

Report Inappropriate Content
Treasured Social Butterfly

Re: Taking Social Security at 63 or 66

8,756 Views
Message 43 of 68

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
Report Inappropriate Content
Valued Social Butterfly

Re: Taking Social Security at 63 or 66

8,800 Views
Message 44 of 68

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.

Report Inappropriate Content
Treasured Social Butterfly

Re: Taking Social Security at 63 or 66

8,803 Views
Message 45 of 68

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
Report Inappropriate Content
Valued Social Butterfly

Re: Taking Social Security at 63 or 66

8,631 Views
Message 46 of 68

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. 

 

Report Inappropriate Content
Treasured Social Butterfly

Re: Taking Social Security at 63 or 66

8,535 Views
Message 47 of 68

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. 

Life's a Journey, not a Destination" Aerosmith
Report Inappropriate Content
Info Seeker

Re: Taking Social Security at 63 or 66

8,540 Views
Message 48 of 68

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.

Report Inappropriate Content
Info Seeker

Re: Taking Social Security at 63 or 66

9,832 Views
Message 49 of 68

My perspective is certainly not applicable to all, but likely of some interest to many.  I am a retired Federal Government Civil Servant having worked full time for the FEDs for over thirty years, retiring as a CSRS annuitant. While I did not contibute to Social Security during the bulk of my employment with the FEDs, I did however, pay into Social Security through many years of private sector employment, including 12 years with USAF as both a regular service member and with the Air National Guard.  Additionally, I also contributed to a mandatory 7% of annual income requirement for the purpose of securing an annual Civil Service Retirement eligibility while working for the FEDs.  Consequently, provisions of the 'Windfall Protection Act', significantly reduced the Social Security expectations I had expected to recieve in return for my private sector contributions... by virtue of the fact that I was already recieving the Federal Pension that I contributed to as a full time Federal employee.  In short...  my earned Social Security benefits are being significantly reduced simply because I opted to make government service a career.  Further, when my spouse passed away at the age of 61, I was denied spousal Social Security earnings because my earned (Civil Service only) benefits exceeded her own.  So what does this have to do with claiming your benefits at an earlier age (in my case 62)?  Simple.  Get your contributions (deminished as they might be) while (and as soon) as you can.  I've discovered that what you have voluntarily given to the government is not what you can realistically expect to receive in return for it.  Not now, nor likely in the future.

Report Inappropriate Content
Treasured Social Butterfly

Re: Taking Social Security at 63 or 66

9,851 Views
Message 50 of 68

brooker50 wrote:

My husband and I both took our SS at 63 and have been retired for a year. We also have pensions so have not had to touch our 401K's. I feel that no one knows how long they will live and if one or both of us die the survivor  or our kids will at least get the 401k money.  SS end at death.

 


Being able to retain the 401k funds untouched it great...  did it change your decisions of life insurance?

Life's a Journey, not a Destination" Aerosmith
Report Inappropriate Content
Announcements
Prepare to Care: A Resource Guide for Families download this free guide developed by AARP to help make caregiving more manageable. It includes information on how to have vital conversations with older family members, organize important documents, assess your loved one's needs and locate important resources.
Top Kudoed Authors