Anyone over 70 who took social security at 62 and now regrets it? (friend, years)
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My younger brother took SS at 62, I’m waiting for 70. Neither of us needed the money to live on and both in good health. Now 66 and 68 I told him what my projected monthly benefit will be at 70 and he was shocked. I think the COL adjustment on the higher payout was the key to his shock. It will come down to time of death but he may be beginning to have some regret.
My soc security benefit at 62 (ie, had I taken it last year) would have been really small, while it will be very decent at 70, even if I get only 75% of the estimated benefit (due to soc security trust fund running out of $ around 2033, I make all plans based on the assumption that I'll get only 75% of what it says in the soc security estimate). In fact, I am hoping they move the oldest age to start taking soc security to 72. I am from a long-living family, and will take soc security at the oldest possible age. I don't need it in my 60s, but I do care to maximize it in my 90s and beyond, if I live that long. If I die within next 7 years and don't collect any soc security, I doubt my ashes will regret the decision to postpone taking it.
I'm approching 80, took ss at 62 and never regretted it one second. I read someplace that by 80 I will have gotten the same amount of money than if I had waited to 66.
I'll be 66 this week and I haven't filed for social security yet. I wanted to clear the capital gains on the rental properties before I filed. We got hit hard with the last property last year. I think I will collect in July. I need to talk to our accountant about how much taxes to take out first.
My appointment with the cardiologist was disturbing last week. I have to have a nuclear stress test next week. The heart disease is definitely advancing. I don't think he thinks I will die any time soon, but you never know. It would be nice to collect some of the money before I go.
It would definitely help the surviving spouse if the other spouse waits as long as possible to collect (up to age 70) so that the SS survivor benefit can be as high as possible, especially if the surviving spouse had a lower income throughout their career and little or no pension of their own, and/or little or no survivor's pension option. This is the real bonus that I see for most people. For people like us with 2 equal pensions, each with survivor's option at 100%, plus more or less equal SS benefits, it's just a "pay me now, or pay me later" type question.
That ex has to have been married to the earner for 10 years. I have a friend who divorced at 9 1/2 years and could not file based on the ex's ss. That's poor planning.
And really poor service from their attorneys, assuming they used attorneys. Anytime you have arbitrary criteria though there will be some who just barely qualify or not.
My ex’s attorney used legal stall tactics to make sure we were married for 10 years and 1 week, for just that reason, though I had filed for divorce about a year earlier. Karma was her usual self, and she only collected on her own for a few months, as she died before I even turned 62.
Karma? What harm did she cause you? An ex-spouse drawing on your SS earnings doesn't cost you in any way.
My ex waited until our 10th anniversary to serve me with papers. Yep, he did it on our anniversary. Of course, I knew it was coming, but I think it's ironic that he thought this was going to be better for him. Little did he know I would retire at 51 and he would end up working to 65. Oh well, c'est la vie.
Medicare Hold Harmless is only of any use if there is basically no COLA or your SS is a lower amount. If you are at say $3200/mo or more, then about any COLA increase on your SS will be larger than the Medicare increases, so it’s not much use. If there is 0% COLA, then there is usually 0% Medicare increase too.
We had a cola increase the year I started Medicare , my wife’s premiums were less then mine as I wasn’t collecting .
I think we had a 2% cola adjustment the year I went on Medicare
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