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Re: Pros and Cons of delaying Social Security Benefits!

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Message 11 of 17

@cat0w wrote:

@AngelaS579497  You asked in your post, "Is it true that you can set up things about 3 months before you turn 62 and then you have to wait for a month after your 62nd birthday to get your 1st social security check?"

 

Yes, I just checked my paperwork for when I started SS. My birthday is on April 9 and I received the first check on June 8.


Yikes, that is 2 months!!! My birthday is September 26th. Lol, had planned on getting 1st check in my bank by October 26th. Looks like November 26th will be the date. Thank you SO MUCH for this info. Now I know what is ahead of me when I turn 62 NEXT year. Hugs, Angela

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Message 12 of 17

@AngelaS579497  You asked in your post, "Is it true that you can set up things about 3 months before you turn 62 and then you have to wait for a month after your 62nd birthday to get your 1st social security check?"

 

Yes, I just checked my paperwork for when I started SS. My birthday is on April 9 and I received the first check on June 8.

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Re: Pros and Cons of delaying Social Security Benefits!

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Message 13 of 17

@cat0w wrote:

I took my SS at 62. I was already retired and drawing my pension and with the help of getting my SS I was able to pay off all my debt, my home and automobile. Once that was done I started putting all the extra into savings. I still enjoy life doing a lot of things. I am in my 13th year of retirement. I am 70 going on 71. 

 

I feel you might as well take it while you can use it. Those who have the money and don't need it until full retirement age can wait. They just have to hope they are still alive to draw it.


Hi, thank you for your response! I hear a lot from the younger generation that social security will NOT be around when they need it/lol. I have told my only child who is 32 to not plan on having it when she retires. Bottom line, we have to improve the quality of our senior years in whatever way we can. Hugs, Angela

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Message 14 of 17

@k169969a wrote:

I just took mine at 62 based on family  history of longevity and my general health.  My first check will come this month.   I just did the math and based on that gambled I would not be the one who breaks the streak for any appreciable length of time Smiley Happy    I have a couple of small pensions and a good amount of savings that need not be touched until RMD's kick in.  That coupled with no debt but a property tax & medical insurance premium that just got increased yet again being my two main expenses, have me in decent shape financially .   

 

I do not regret it.  You can't buy more time and who wants to be spending their last days not able to enjoy anything beyond the view of their hospital ceiling.   While no one in govt will touch SS in the near term and even if they tried any one  within a few years of drawing would probably be exempted, sooner of later they will start nibbling away.    Means testing has long been proposed and other income tests.   So if you saved it may be like student aid prgrams,  Oh you saved and your kids did too,  thats too bad ( actual coment of an aid officer. ) you get nothing. 

 

But everyones situation is different.   Medical costs are subsantial but depending on your income you may qualify for the AFC ( Obama care) subsidy until you get to medicare so unless you have insurance otherwise I'd look into this well in advance.  See if you can manage your income to stay under the threshold unless yours is so large the cost does not really matter.         

 

 


Hi, thanks for your awesome response. Sounds like you have thought this through and decided it was the way for you to go. I do not have any savings or pension as of yet, but hey, I have one more year to get things set up. Is it true that you can set up things about 3 months before you turn 62 and then you have to wait for a month after your 62nd birthday to get your 1st social security check? Lol, glad I heard about this from others as I just presumed my birthday month would be the 1st check. Also doing direct deposit as I have heard too many horror stories of checks being stolen and so on. Hugs, Angela

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Message 15 of 17

I took my SS at 62. I was already retired and drawing my pension and with the help of getting my SS I was able to pay off all my debt, my home and automobile. Once that was done I started putting all the extra into savings. I still enjoy life doing a lot of things. I am in my 13th year of retirement. I am 70 going on 71. 

 

I feel you might as well take it while you can use it. Those who have the money and don't need it until full retirement age can wait. They just have to hope they are still alive to draw it.

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Message 16 of 17

I just took mine at 62 based on family  history of longevity and my general health.  My first check will come this month.   I just did the math and based on that gambled I would not be the one who breaks the streak for any appreciable length of time Smiley Happy    I have a couple of small pensions and a good amount of savings that need not be touched until RMD's kick in.  That coupled with no debt but a property tax & medical insurance premium that just got increased yet again being my two main expenses, have me in decent shape financially .   

 

I do not regret it.  You can't buy more time and who wants to be spending their last days not able to enjoy anything beyond the view of their hospital ceiling.   While no one in govt will touch SS in the near term and even if they tried any one  within a few years of drawing would probably be exempted, sooner of later they will start nibbling away.    Means testing has long been proposed and other income tests.   So if you saved it may be like student aid prgrams,  Oh you saved and your kids did too,  thats too bad ( actual coment of an aid officer. ) you get nothing. 

 

But everyones situation is different.   Medical costs are subsantial but depending on your income you may qualify for the AFC ( Obama care) subsidy until you get to medicare so unless you have insurance otherwise I'd look into this well in advance.  See if you can manage your income to stay under the threshold unless yours is so large the cost does not really matter.         

 

 

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Pros and Cons of delaying Social Security Benefits!

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Message 17 of 17

Hello All!

 

I will be filing for Social Security next year at the age of 62. Had wanted to wait until age 66 and some months to receive ALL of my benefit payments but due to job related stress need to get it early so that I can relax a little in life Smiley Happy

 

If you took yours at age 62, what are the pros and cons for you?

 

If you are waiting, again what are the pros and cons for you?

 

Any tips on living on Social Security? I am researching now about the ways I can maybe downsize so that I am not stressing out over finding additional income. Any tips would be welcome Smiley Happy

 

Thanks and have a productive day/night.

 

Angela

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