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Re: When are you planning to take Social Security?

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Message 41 of 93

I would wait until 70, too, if I was in a job I loved. I'm not so, at nearly 64, I'm just hanging on for as long as I can, hopefully to 65, but that's questionable if the job remains the same. I am concerned, since SS will be about 3/4 of my income in retirement, with a bit more stashed in a 401K for rainy days. How feasible is it to make it on about $24000 in retirement, if you have no travel plans and a fairly frugal nature?

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Re: When are you planning to take Social Security?

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Message 42 of 93

I STARTED 6 YEARS AGO.

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Re: When are you planning to take Social Security?

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Message 43 of 93
Already receiving social. security
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Re: When are you planning to take Social Security?

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Message 44 of 93

Due to circumstances beyond my control, I have been drawing SSDI benefits since 1988, with a lapse between June, 2006 and August 2007. The program is well worth the efforts we make to keep up with the eligibility qualifications, but it is no easy street plan. Quality assurance in healthcare, facilities, transportation, and education are a major headache for responsible parties, when the periphrerals are not actually part of the basic Social Security Disability Income program, but are Social Security programs, in ideological research (Workers Compensation, Unemployment Insurance, Medicare, Medicaid, SSI, SNAP, to name a few, are programs that many are taking for granted). I am an example, however, of regular monthly checks for 24 years, except for a brief neurosurgery episode in a fraud problem.

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Re: When are you planning to take Social Security?

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Message 45 of 93
Already have
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Re: When are you planning to take Social Security?

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Message 46 of 93

I plan on retiring and collecting Socal Security at age 65. I don't have very much in my 401(k) but should be able to live comfortably between receiving a pension and Social Security.

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Re: When are you planning to take Social Security?

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Message 47 of 93
Planned on retiring when I was 68-70. Loved my job. Unfortunately things happen which alter your plans. First the Bank I worked at for 35 yrs (as a Supervisor) was sold, then the only job in the area was in an insurance company call center. When I was there I had an issue with my back and after trying therapy and epidurals was forced to take SSD. Not what I expected. The amount I receive is not great and the money I had saved thru Pension, 401 K etc was used for repairs to the house & for my husbands medical bills not covered by insurance due to his heart attack/stroke/open heart surgery. Needless to say life is not what you expect, but you make the best of things. Many changes were made to make funds last as long as possible. When you get lemons, make lemonade.
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Re: When are you planning to take Social Security?

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Message 48 of 93
I have to draw my SS benefits at 62 due to my employer of 33 1/2 years asked me to "retire" at 61 years and 3 months of age. I am an RN and a 61 year old. I had planned to work until age 65 but I was forced out.
Brenda Wykel Roebuck SC
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Re: When are you planning to take Social Security?

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Message 49 of 93

I started drawing at age 62, and I am now 63, will be 64 in Dec, I was working at the time, but lost my job in Dec 2013, It is now hard to survive on only $880 a month, but I do get by.  Fortunately, my daughter whom I live with had a job til recently, she is now looking for work, where i cannot find a job that will let me sit all day at a desk.

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Re: When are you planning to take Social Security?

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Message 50 of 93

AARPLYNNE sent me this message:

 

She acknowledges the point I have been trying to make. One size does not fit all. Do the financial, time-value-of-money math (not the simple math) for your specific situation before you make your decision.

 

P.W.

 

---------------------------------------------------------------

 

"Hi Mr. W.,

Thank you for your message. Waiting to take Social Security benefits until the FRA (or age 70) isn’t necessarily the best strategy for everyone. One group of people who may benefit from taking benefits early is the group who can afford to invest them (and who are sure that they will get a decent return).  However, the reality is that most people do not invest their benefits.  It is estimated that over 50% of retirees rely on Social Security for over half of their income, and about 30% of those individuals actually rely on Social Security for over 90% of their income.   This is why we encourage people to wait, as it will be a primary source of income for many. 

Regards,

Lynne


Sincerely,
Peter
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