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Re: When will you collect Social Security?

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Message 21 of 53
I also have a Military Pension, so for me $250 per month is not enough for me to give up almost 70 K $ from age 62 to FRA.
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Re: When will you collect Social Security?

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Message 22 of 53
JL Surratt-That $250. could mean the difference of being able to fully pay your monthly bills to some people. Gail makes sense with her calculations. If you feel early is best for you, then you certainly should take it. Some of us look at the monthly nut and how much it takes to live on. 66 has worked great for me so far. If I die early, I don't think I am going to care about the issue. If I do live a long life, the additional monthly amount will make a huge difference to me.
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Re: When will you collect Social Security?

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Message 23 of 53
Gail.1 - I was talking about your comment of delaying your benefits for 1 year because the FRA is going to 67. not that it was the reduction if you take your benefits at 62.
You cannot just look at the reduction and say I am going to wait for the bigger check.
For me it was easy take it at 62 to get out of debt. I will receive $69,688 from age 62 to FRA. If I waited until FRA it would take until age 78 to get that money back. The big question for many, is how long will you live. By taking SS at 62 I am only losing $60,000 from age 66 to 86 = $250 per month if you subtract the $69,688.
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Re: When will you collect Social Security?

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Message 24 of 53

@JLSurratt

 

I am sure that most people do what they have to or want to do - I am just making them aware of it so they have all the info needed to make the decision.

 

All I am saying is since the Full Retirement Age has increased and is continuing to march towards 67 BUT the early retirement age of 62 has not changed the early reduction will get larger for those making the decision to file for early old age benefits.

 

When the FRA was 65 and early retirement was 62 that was a 36 month period or a 3-year early retirement deduction.

 

Now the FRA is 66 (or greater with additional months added) that is a 48 month + period or 4-years of early retirement deduction.

 

When the FRA reaches 67 and the early retirement age is still 62, that a 60 month or 5-year early retirement calculation (reduction).

 

Here is the explanation chart from SSA on early retirement - notice how the % of reduction keeps getting larger and larger.

 

https://www.ssa.gov/planners/retire/agereduction.html

 

If you retired at 62, your full benefit would have to have been pretty small for the ( per month) reduction to only be $103.

 

 

 

 

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Re: When will you collect Social Security?

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Message 25 of 53
Gail.1 Delaying one year will cost me $15,456 and it would take 12.5 years until the increase of $103 gets back the $15,456. IMO it is not worth waiting one year for just $103
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Re: When will you collect Social Security?

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Message 26 of 53

Everyone shoudl read these 2 books - 

 

Get what's yours - the secret to maxing out social security 

Get what's yours for medicare

 

I retired at 62 1/2.  I was fortunate that I had worked at my company for 25 years and they had a clause in their helath insurance policy that would cover employees who had 23 years more of employment until they reached 65.  Management had changed and I was not enjoying work anymore, so it wasn't a hard decision.  I was going to quit, so the only real decision was to spend my own money for for 2 1/2 years to hit 65.  The difference of $400/month is great, but didn't weigh heavy enough.  If I had waited until 65 to collect social security, I would have been in my late 70's to reach a point that the additional payment of $400 monthly, equaled what I spent of my own money from 62 1/2 - 65.  It's not the same for everyone and everyone needs to calculate the difference between taking social security early, at 65-66, or waiting until 70 to see the monetary differences.  Ultimately, I believe the real decision key is your own health, how long you think you'll be in good health, and the things you want to do or accomplish once you are retired.

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Re: When will you collect Social Security?

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Message 27 of 53
My husband passed away 2 years ago next month, he was only 56 years old. I will begin to collect his social security in February 2020. To tell you the truth I would rather have him in my life instead of the money. I miss him terribly. To everyone out there, losing a spouse is not easy, the heartache alone hurts, so please love your significant other with all your heart and treasure every day.
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Re: When will you collect Social Security?

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Message 28 of 53

I started collecting ss when I was 63 because my husband was retiring at 67 and I knew we would need my ss then, rather than later.  I still work part time at 71 so my ss does in crease a little every year.

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Re: When will you collect Social Security?

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Message 29 of 53

Age 64.  My crossover point is age 78+.

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Message 30 of 53

I've already been paying the full Medicare premium for 2  years now.  I will be paying an additional $1.50 a month starting January.

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