Pros and Cons of delaying Social Security Benefits!

[AngelaS579497]

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 🙂

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 

Thanks and have a productive day/night.

Angela

[retiredtraveler]

I "compromised". I waited until 67 1/2 to get some extra income. However, I was not dependent on getting SS income. You have to look at your own financial situation. There is no one-size-fits-all for this.

[AngelaS579497]

---

@retiredtraveler wrote:

I "compromised". I waited until 67 1/2 to get some extra income. However, I was not dependent on getting SS income. You have to look at your own financial situation. There is no one-size-fits-all for this.

---

Thanks! I plan on continuing to work when I get it next year, but it would be nice to have it now/lol so I could relax more. I think working at something you are passionate about keeps you young. That is one of my goals for next year when I get my first check. Hugs, Angela

[GailL1]

---

@AngelaS579497 wrote:

---

---

I plan on continuing to work when I get it next year, but it would be nice to have it now/lol so I could relax more. I think working at something you are passionate about keeps you young. That is one of my goals for next year when I get my first check. Hugs, Angela

---

If you are planning on taking your SS benefit before your full retirement age - just make sure that you know the income earnings limit because if you make over this amount, your benefit check will be reduced, substantially.

Your earnings will then be recomputed by SSA when you reach FRA, giving you a higher benefit - so it is kind of a trade off - You have to weigh the benefit to yourself - less now for more later - is it worth it?

The income ceiling changes a bit every year - this is for 2019.

Social Security.gov - 2019 Publication - How Work Affects Your Benefit

[AngelaS579497]

---

@GailL1 wrote:

---

@AngelaS579497 wrote:

---

---

I plan on continuing to work when I get it next year, but it would be nice to have it now/lol so I could relax more. I think working at something you are passionate about keeps you young. That is one of my goals for next year when I get my first check. Hugs, Angela

---

If you are planning on taking your SS benefit before your full retirement age - just make sure that you know the income earnings limit because if you make over this amount, your benefit check will be reduced, substantially.

Your earnings will then be recomputed by SSA when you reach FRA, giving you a higher benefit - so it is kind of a trade off - You have to weigh the benefit to yourself - less now for more later - is it worth it?

The income ceiling changes a bit every year - this is for 2019.

Social Security.gov - 2019 Publication - How Work Affects Your Benefit

---

Hi, yes, it was a very hard decision to take it at age 62 next year but after experiencing being homeless last year, I have come to the conclusion this is the best route. Lol, thank goodness it is still around as you know for years people have been saying it is going bankrupt. It may by the time I need it, but hey, going to at least try for it. Jobs in my area in Virginia are minimum wage $7.25 or a little higher but they mess with the hours you work. Not one to sit around or complain and learn't my lesson from being homeless last year, I have to figure out things on a DAILY basis. LEARN from my past, ENJOY my present and PLAN for my future. Hugs, Angela

[cat0w]

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.

[AngelaS579497]

---

@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

[k169969a]

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 🙂    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.         

[AngelaS579497]

---

@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 🙂    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

[k169969a]

Yes you can start the applicatioon 90 days before your 62nd birthday.    Many people do this on line but there have been a few snags for some people and I've heard it a PIA to straighten out..   Go on line and find a local SS office close to home.  We did that.    Link here. just put in your zip

https://secure.ssa.gov/ICON/main.jsp

It may take a few weeks to get an appointment but working with a human being is far better vs getting hung up in the systems.      When you make your appointment they will tell you what to bring.   All your Identification of couse , if they sent you SS statements bring those along as well.  They will ask you your rough eanings prior to taking SS or that year and if you expct to have added earnings once you start.   

Caution once you get that first check your earnings are restricted to $1470 a month in the first partial year of benifits.    So if your on SS the last two months of 2019 all you can earn is $1470 *2 .     You can ean more in one month and less in another as long as the average does not go over $1470. 

If you earn more SS can deduct $1 for ever $2 you earn over the threshold.        This gets changed as you get closer to your full retirement age but it is somethng to be aware of. 

If your birthday is the 1st or 2nd of the month say November 1 or 2 then your first check would hit in December but otherwise they want you to wait a full calendar month to pass before recieving a check.  

Do direct deposit as it is easy and there will be no doubts about where the money goes and when its there.   I've heard losing a check via the mail becomes a PIA to resolve.

Good luck 

[AngelaS579497]

---

@k169969a wrote:

Yes you can start the applicatioon 90 days before your 62nd birthday.    Many people do this on line but there have been a few snags for some people and I've heard it a PIA to straighten out..   Go on line and find a local SS office close to home.  We did that.    Link here. just put in your zip

https://secure.ssa.gov/ICON/main.jsp

It may take a few weeks to get an appointment but working with a human being is far better vs getting hung up in the systems.      When you make your appointment they will tell you what to bring.   All your Identification of couse , if they sent you SS statements bring those along as well.  They will ask you your rough eanings prior to taking SS or that year and if you expct to have added earnings once you start.   

Caution once you get that first check your earnings are restricted to $1470 a month in the first partial year of benifits.    So if your on SS the last two months of 2019 all you can earn is $1470 *2 .     You can ean more in one month and less in another as long as the average does not go over $1470. 

If you earn more SS can deduct $1 for ever $2 you earn over the threshold.        This gets changed as you get closer to your full retirement age but it is somethng to be aware of. 

If your birthday is the 1st or 2nd of the month say November 1 or 2 then your first check would hit in December but otherwise they want you to wait a full calendar month to pass before recieving a check.  

Do direct deposit as it is easy and there will be no doubts about where the money goes and when its there.   I've heard losing a check via the mail becomes a PIA to resolve.

Good luck 

---

What does PIA mean? Hugs, Angela

[cat0w]

@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.

[AngelaS579497]

---

@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

[cat0w]

@AngelaS579497 

[AngelaS579497]

---

@cat0w wrote:

@AngelaS579497 

---

Thank you SO MUCH for posting this!!! One last question I promise/lol, were you able to apply online or did you have to go to an office? I did visit them this month. Thank goodness we have a local office here and the wait was not long. Lol, I decided to go ahead and plan on being there all day on one of my day offs from work. Anyway, was finally able to get  my online account set up. Had tried last year and was told over the phone I had to come see them. Now I am wondering if I will be able to apply for benefits next year online or will I have to go visit them again. I am not seeing a spot in my online account to APPLY for benefits or am I missing this? Hate online stuff but realize it is the way of life these days. Hugs, Angela

[k169969a]

i did not apply on line as I started getting hung up in the screen.   May have been my old laptop vs their issue.    What I did do was call the 800 number and make an appointment .    Do that and you won't have to go in and wait so long.     I prefer this .   Once you start SS  you dont go back every year it will just keep coming to yout account.  If you change banks be sure to leave the old account open and contact SS with the new account and wait until you see it actually hit the new one.  

https://socialsecurityofficenear.me/

The link will show close by offices and a 800 number to call.    I think the 800 number is a clearing house for all sites as they don't want the local admin overwhelmed.      

[AngelaS579497]

---

@k169969a wrote:

i did not apply on line as I started getting hung up in the screen.   May have been my old laptop vs their issue.    What I did do was call the 800 number and make an appointment .    Do that and you won't have to go in and wait so long.     I prefer this .   Once you start SS  you dont go back every year it will just keep coming to yout account.  If you change banks be sure to leave the old account open and contact SS with the new account and wait until you see it actually hit the new one.  

https://socialsecurityofficenear.me/

The link will show close by offices and a 800 number to call.    I think the 800 number is a clearing house for all sites as they don't want the local admin overwhelmed.      

---

Thanks I will file in person next year. Hugs, Angela