How did you feel about taking Social Security at 62? (beach, moving, states)
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Honestly, after reading an article on SS cutbacks I think taking it early is the prudent financial choice because of the high probability of cuts to benefits. So collect more before the cuts goes the thinking from those predicting cuts.
If you think that way, it really has nothing to do with when you think your time is up.
This is exactly why I took mine at 62 (5 years ago). There have been non-stop threats of reducing benefits, pushing the full benefit age upward towards 70, and the deletion of QOL increases - which is practically non-existent now. It just seemed prudent.
I will say that DH and I have significant investments and he is several years older so he took his at the maximum age of 70 and this all balanced out for us. Everyone's situation is different though, and if your SS is going to be your primary retirement nest egg the strategy may be quite different.
But, I'm astonished by all the people that took SS at 62 for the reason, "I may die before I get to the breakeven age."
Very strange.
How is that strange? The amount at 70 is much higher but you have to look at how much another person has already collected over the last 96 months when you are just getting your very first check.
Even when I enjoyed my job there were other things I enjoyed even more!
If ss goes bust everyone would be cut regardless ....but that won’t happen ..you bet it will be fully funded in the 11th hour
Yes, but I could see cutbacks (or additional taxes on SS) that hit high-earners and those with savings from other sources disproportionately. I know that's one of the risks I'm taking in holding off to age 70 but, like everyone else here, I don't have a crystal ball.
There are loads of reasons for taking it early or delaying .i can argue for or against just as strongly ...but one thing I always try to do is plan around what was , what is and what stands a reasonable chance of continuing
I have run all the spreadsheet and my break even if I took social security at 62, 8 months is a 25% reduction. I will be at break even at about 78. I feel like it would enable me to retire, and working longer does not seem like something I want to do. But then, you never know if you will live to even break even. For those that took social security early, say 62, how did that work out for you? Do you have any regrets? I think my biggest regret would be dropping dead at my desk.
Time is your most precious commodity, not money. How is your health? If it's so so then optimize it. Everyone looks at squeezing out every penny. If your mental capital is waning get out. Ive seen folks with fat pensions and zero mental capital and wammy , death.
Health care is a factor though. Will you get medicare? I just started my 3rd decade retired. My best day on the job doesn't even come close to my worst day retired. I'll take retirement any day.
I have run all the spreadsheets and my break even if I took social security at 62, 8 months is a 25% reduction. I will be at break even at about 78. I feel like it would enable me to retire, and working longer does not seem like something I want to do. But then, you never know if you will live to even break even. For those that took social security early, say 62, how did that work out for you? Do you have any regrets? I think my biggest regret would be dropping dead at my desk.
If retiring is your goal then it seems the best choice is obvious, you should take it and retire.
I'm already semi retired at age 61 and will be taking SS at age 62. I have a very good defined benefit health care coverage, so one way of looking at the reduction in benefit for taking early is that it will be somewhat offset because I will have 3 years of collecting payments without having the obligatory medicare deduction coming out of the monthly check.
Also, consider that as you age the amount of money spent on travelling, food, basically all of life's pleasures, will be gradually tapering off. Might as well enjoy it while you can and forget about breaking even. Actually, I sincerely hope that I don't break even!
I'm taking mine at 62 in a few months. If I wait until I'm 66 & 8 months, I lose about 120k.
I'd rather have the money now, than later.
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