Anyone over 70 who took social security at 62 and now regrets it? (pension, retired)
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The number of years between 62 and 70, it only 8 years, but I've read how many take Social Security at 62 instead of waiting until FRA or longer to age 70. Is there anyone here over 70 who took Social Security at age 62, but now regrets doing that because you've been stuck in the lower monthly benefit?
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.
I took it at 64. I had no choice because my job was eliminated and I couldn’t get another one. My husband lost his final job before he was 66 also. We needed the money to live on then, so no regrets.
The number of years between 62 and 70, it only 8 years...
The leverage point for me (for most I suspect) is Medicare Eligibility at age 65.
I don't want to do Med without the SS in place eta: and I can afford these as choices not needs.
ymmv
Last edited by MrRational; 01-16-2023 at 06:59 AM..
Reason: eta: re the later comments ...
I retired mid-year 2020 at age 64. I would have needed to work until Late Fall 2022 to achieve FRA, and even longer for age 70. Considering the amount of weight that 'fell from my frame' due to removal of unrecognized job stress immediately after retirement, it might be a coin flip whether I could have worked those additional 6 years.
I lost probably $100 a month in pension to retire at 61, and I took SS at 62 instead of waiting. Both were decsions that 'cost' forever... but I'd do the same thing again.
I find that most people take SS at 62 need the money. And most people who wait until 70 are wealthy and don't need SS money at 62.
Exactly, because most who retire early and try to delay to 70 need money to live on .
Generally those that need the bigger payments can’t afford to front themselves so much money to live on upfront without going dangerously low.
So it’s usually a catch 22 situation…those that can afford to delay to 70 and retire earlier don’t need the money .
But remember , retirement isn’t a right , it is only for those who can afford to not work .
So retiring at 62 for someone who needs the money to be bigger at 70 may be not a great financial idea .
I took it at 65 .
The money I was laying out to live on from our own money could have stayed invested and growing .
Today we are in better shape even with the dip then had we waited until 70
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