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Re: Wondering if I made the right decsion

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Am Adding a very late response to your 2016 poar. You absolutely made the right decision to take SS early. WWe did the same since then Jan, my wife, has had two strokes, kidney transplant and now getting a hip replacement. 

The biggest factor by far were the stokes - needs significant help on most activities of daily giving now so travel very difficult.

Kudos to you for "living your life to the fullest"

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Re: Wondering if I made the right decsion

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Thank you.  

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Re: Wondering if I made the right decsion

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Glad you are able to delay SS so you can get the max later.
We did just the opposite. We took SS at 62 1/2 as we wished to travel and do more when we had good health. ( My Wifes parents died of heart related problems at age 61 and age 70 so that probably had some impact on our decision) However, You of take a chance when you do this.
Anyhow, thought I would share our experience .
In our case it worked out - we were able to "do" for many years. It is now 9 years later, we are both now 71, and thankfully are still in reasonably good health I, thankfully, am doing great and my wife doing reasonably well - (she has inherited some of her parents heart issues). l. . Jan (my wife) first broke her shoulder in June of 2015 and then had a kidney transplant also in July of that year. Her kidneys were failing and as of Christmas 2014 she was near dialysis. However, she qualified for a kidney transplant in Nov of 2014 and For her to get a kidney quickly I donated one also. Net result was we now are both back and fully recovered. So we were able to be active for years and after this scare will continue to do whatever our bodies allow.
Whatever your choice I encourage all to ensure that you have the best medical coverage you can get.
God Bless
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Re: Wondering if I made the right decsion

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Everyone is different and all of us have varying, different situations.  It depends on what you need and what you want, and what your $$$flow is at the present.  'Adding' up the Math is not always the right answer.  None of us know how long we will live. If you need the money now, because you are strapped, definitely take it at 62!

 

For people who do not need it and want the max they can get, I think waiting til 70 is a good idea. I will wait as I really do not need it.  My friend took it at 70 and is getting $2600 a month.  My sister could not wait and is getting around $700/month.  IF I live longer I will count on that additional income I most likely will need when I get really old and decrepid, and have huge medical bills!!!

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Re: Wondering if I made the right decsion

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I 100% agree, take it now.  I'm 55 and plan to take it at 62.  If I don't need the money I will invest it.  If I were to wait and die, my family gets nothing, but If I take it at 62 and don't need it and invest it, they would get something.

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Re: Wondering if I made the right decsion

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"......I decided to take SS just before 70........ I could afford to wait (barely) (3) if I died early, I wouldn't know or care that I made the wrong decision ..... if I died late, I would need as much money as possible and regret not waiting. I am glad I waited.....".

It's so difficult, to me. I can afford to wait, like you, but should I? I may just 'split the difference' and take it in the middle, at 68. Can't decide. I'm 66 next month, and eligible.

 


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: Wondering if I made the right decsion

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I decided to take SS just before 70. (1) I gained 8% a year during the year's I waited, with that amount being added to the next year's gross and therefore increasing the annual base on which the 8% was given. (2) I could afford to wait (barely) (3) if I died early, I wouldn't know or care that I made the wrong decision (!); (4) if I died late, I would need as much money as possible and regret not waiting. I am glad I waited.

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Re: Wondering if I made the right decsion

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Message 8 of 24

It is 8% per year, not just 8%

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Re: Wondering if I made the right decsion

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I took mine at 62....based on the fact that most of the women in my family died fairly young (before age 65), I figured I'd rather get less now, than risk getting nothing if I too die young.  I've been unable to work for several years now, due to living with chronic pain. Fortunately my husband is younger than I am & is still working full time.   It's a crap shoot....depends on your circumstances.  Only YOU can decide when it's the right time for you.

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Re: Wondering if I made the right decsion

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Message 10 of 24

Do the math. If you retire at 62, total the amount you would loose if you wait. Then figure how much you would earn after that. Papa2 is right. Take it now. Me thinks "they" want us to wait. 

 

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