I Bet A Lot Of People Take SS @ 62 Now!
For years I have seen a ton of reasons pro and con about taking early retirement out of the media headlines.
I would wager my yearly income the SS administration is getting hammered with applications for folks wanting to draw at 62!
I would wager my yearly income the SS administration is getting hammered with applications for folks wanting to draw at 62!
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My wife took FMLA to avoid exposure to the virus. She will be 62 before the end of the year, she may not go back to work. 0 -
I took mine early. Takes a lot of yrs to make up the 3 yr difference taking it later. Wife is taking hers in a yr. and a half and will get full benefits. She paid in a lot I didn't . 0 -
I got fed up with the current work ethics. I punched out at 60 and lived off investments. I was sitting in the SS office a month before 62 and having them help with the paperwork. Man it feels good not to put up with that crap!
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heres my thought . if you die you get nothing.... so why not get as much of your own money back for as long as you can. if you live long enough it will all b the same anyway. who's to say when you draw your next breath, give me back my own money 3 -
I was going to with as much as my 401 lost and now looking at living off of savings for who knows how long my retirement plans have all been put on hold including looking for some property in central MO 0 -
As we all know, you aren't getting back your own money; they gave that away decades ago. You are getting some snowflake's money, and that's enough to bring a grin when they call you a Boomer.
I took mine the moment I could, at 62. That was 11 years ago, and I figure I've received something like $132,000 - so far. (Maybe that's why the little schit snowflakes dislike me so much, huh?)
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As someone young enough to understand the scam. I am taking ss the moment they will let me!
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I took mine at 62. No regrets. 3 -
I retired in pretty decent financial shape before 62. Signed up for SS at 62 as a kind of hedge against inflation. So far so good. Bob 3 -
Couldn't hardly retire at 62, my health insurance was a tad over 2200.00 a month.Went on medicare last year at 65, filed for SS in December 2109 all good. Still running the business and drawing a full paycheck.Medicare and couple supplements paying almost 100% of the bills. Had a heart procedure last august, 165,000.00 and change. 0 out of pocket. So far so good.
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I ran a excel spread sheet and plugged in numbers for me and the wife, bottom line it seems like you have to live to 79 to break even on waiting to FRA or 70 and if you die first you got screwed. The pay off is good if you live past your early eighties but since the average age for men is around 83 if you believe in numbers you would be a damn fool to wait. The only other valid reason to wait is if you have so much retirement you can still retire early, live off that and draw SS later. I ONCE thought I should wait so my wife would get the larger of the two retirements in case I die and leave her with less but I took out a 100K term policy for 650 a year fixed and it lasts till I'm 80, problem solved. I turn 62 in December and I will be all over it. I can still pay myself 18K a year and defer any additional income to IRA, HSA, SEP etc. 3 -
I have a buddy. Hard self-employed guy. Known him since 1989.
He's been talking about it for several years and turned 62 last month. He's run the numbers; evidently with his drinking and smoking, he thinks there is a bigger payout taking the smaller amount now and continuing 'side work' as it comes up; his chief contract went belly-up du to stroke of the owner (all of the business owner's tenants stopped paying rent).
So that is his reason. Ran the numbers.0 -
When my Wife draws hers I can refile and draw additional money. 0 -
Dear Barzillia: What's the importance of the "before 1954"? I'm one year after that and I think that I'm doing something similar to what you mentioned, drawing SS as a survivor and deferring my own account until later. I said, "I think" because I tried to file when I turned 62, but the idiots at the local SS office really didn't understand me nor were they able to answer most of my questions. They just kept telling me to do it on-line or by phone. I really wanted to talke face-to-face with someone but that wasn't possible. After about 8 months of being jerked around, I finally got "registered" but that's when the real problem began. The only thing that the SS people had been tellng me was that I'd be getting about $1900 a month just as soon as I was "registered". They'd even sent post cards to my wife before she died and me with that $1900 a month figure. But then.... only after I'd been "registered" and decided to file as a surviror on my late wife's account they tell me that because I worked for the state on a part time basis for six years a long time ago, I am going to get less than $600 a month! Then they told me I could appeal that "decision" but if I appealed it, the appeal might result it that amount being lowered or cancelled altogether!!!! I tried to talk to a lawyer who specialized in SS, but as soon as I mentioned that I'd worked for the state, he said I was screwed and would be lucky to get anything. Throughout this entire thing nobody mentioned the 1954 date. Thanks for letting me rant! 3 -
The problem with retiring at 62 unless you have rental income or investments you can only make something like $15,000 a year or they start taking back your SS so you could end up working and not getting your SS.Sperry said:I have a buddy. Hard self-employed guy. Known him since 1989.
He's been talking about it for several years and turned 62 last month. He's run the numbers; evidently with his drinking and smoking, he thinks there is a bigger payout taking the smaller amount now and continuing 'side work' as it comes up; his chief contract went belly-up du to stroke of the owner (all of the business owner's tenants stopped paying rent).
So that is his reason. Ran the numbers.0 -
Not sure in your particular case but government employment can change survivor and spousal payouts. Judy has a post office pension and at one time in the past they were allowed to draw spousal SS benefits. They stopped that practice quite a few years ago, so no double dipping for us. Bobdok2u said:Dear Barzillia: What's the importance of the "before 1954"? I'm one year after that and I think that I'm doing something similar to what you mentioned, drawing SS as a survivor and deferring my own account until later. I said, "I think" because I tried to file when I turned 62, but the idiots at the local SS office really didn't understand me nor were they able to answer most of my questions. They just kept telling me to do it on-line or by phone. I really wanted to talke face-to-face with someone but that wasn't possible. After about 8 months of being * around, I finally got "registered" but that's when the real problem began. The only thing that the SS people had been tellng me was that I'd be getting about $1900 a month just as soon as I was "registered". They'd even sent post cards to my wife before she died and me with that $1900 a month figure. But then.... only after I'd been "registered" and decided to file as a surviror on my late wife's account they tell me that because I worked for the state on a part time basis for six years a long time ago, I am going to get less than $600 a month! Then they told me I could appeal that "decision" but if I appealed it, the appeal might result it that amount being lowered or cancelled altogether!!!! I tried to talk to a lawyer who specialized in SS, but as soon as I mentioned that I'd worked for the state, he said I was screwed and would be lucky to get anything. Throughout this entire thing nobody mentioned the 1954 date. Thanks for letting me rant!0 -
dok2u said:Dear Barzillia: What's the importance of the "before 1954"? I'm one year after that and I think that I'm doing something similar to what you mentioned, drawing SS as a survivor and deferring my own account until later. I said, "I think" because I tried to file when I turned 62, but the idiots at the local SS office really didn't understand me nor were they able to answer most of my questions. They just kept telling me to do it on-line or by phone. I really wanted to talke face-to-face with someone but that wasn't possible. After about 8 months of being * around, I finally got "registered" but that's when the real problem began. The only thing that the SS people had been tellng me was that I'd be getting about $1900 a month just as soon as I was "registered". They'd even sent post cards to my wife before she died and me with that $1900 a month figure. But then.... only after I'd been "registered" and decided to file as a surviror on my late wife's account they tell me that because I worked for the state on a part time basis for six years a long time ago, I am going to get less than $600 a month! Then they told me I could appeal that "decision" but if I appealed it, the appeal might result it that amount being lowered or cancelled altogether!!!! I tried to talk to a lawyer who specialized in SS, but as soon as I mentioned that I'd worked for the state, he said I was screwed and would be lucky to get anything. Throughout this entire thing nobody mentioned the 1954 date. Thanks for letting me rant!
Law changed if you were born pre 54 you could file on spouse and let your account grow after that you can't. Your case is totally different as a survivor0 -
Okay, say you are 62 and retiring. The standard advice seems to be to wait until you are 70 YOA to collect SS. If you do, for the next 8 years you will need to draw on other income sources, or investments to offset what you would have gotten had you taken SS at 62. So you draw down your investments waiting until 70 to take SS. If you take SS at 62 you would not have to hit your investments as hard. Somehow all the "advisors" miss this very important point. 0 -
I'm 62 and can't retire for one reason. Health insurance. I am blessed to have awesome insurance through my employer. If I retire that would be gone and so would any money to live on after paying for Obummer careless. 0 -
THE best thing I ever did was to serve a full 23 years in the AF Reserve. I could start collecting my pension, AND get full VA and AF medical at age 60. A month before that, I retired (just to be able to say I retired at age 59). My medical insurance is a whopping $110 a month, I get free prescriptions for life, free VA care if I need it, and $4500 a month counting a small annuity. 0 -
truthful said:Okay, say you are 62 and retiring. The standard advice seems to be to wait until you are 70 YOA to collect SS. If you do, for the next 8 years you will need to draw on other income sources, or investments to offset what you would have gotten had you taken SS at 62. So you draw down your investments waiting until 70 to take SS. If you take SS at 62 you would not have to hit your investments as hard. Somehow all the "advisors" miss this very important point.
Their plan is that you would draw much more if you li ve to like 90
Rocky Raab said:THE best thing I ever did was to serve a full 23 years in the AF Reserve. I could start collecting my pension, AND get full VA and AF medical at age 60. A month before that, I retired (just to be able to say I retired at age 59). My medical insurance is a whopping $110 a month, I get free prescriptions for life, free VA care if I need it, and $4500 a month counting a small annuity.
Fantastic if only the country would have paid as we go when we promised all those benefits0 -
bpost said:I'm 62 and can't retire for one reason. Health insurance. I am blessed to have awesome insurance through my employer. If I retire that would be gone and so would any money to live on after paying for Obummer careless.
That all depends, Obama care, depending on your income at retirement might cost a lot less than you think. Tax credit offsets significant if not all the cost and even co pays/co insurance can be covered. Granted you need to make less than 60 something a year as a couple to qualify.0 -
I retired at 63 - 1/2 years old. After calculating how much I was making working vs SS, I was paying my employer $1.20 an hour to work. I'm almost 69 and I would have never thought I would have made it this far. 0 -
I don't know much about SS. I retired at 56 on civil service with nearly no SS contributions. Was retired 2 years to the day before being rehired by another Federal agency. That job has paid enough SS contributions to begin covering my Medicare premiums when I turned 65. Grouch Attack would like to retire before 65 but her SS won't cover her share of the household expenses so she's got to keep slogging along. Poor job choices she made 20 years ago are having serious consequences now. 0 -
I retired at 58 with full pension and 401k. Ive collected ss for 20 years. I got to spend some of it when I had fairly good health. That extra money when you cant do much isnt as important as the first 10 or 15 years. Take it early. 3 -
I drew full SS at 65, and worked 2 more years so I could draw full retirement from my employer at 30 years. I had a "bird nest on the ground" job working with my best friend and had a great engineer for a boss. We worked 6 AM-2 PM five days a week, and could work all the OT we wanted.
I retired on a Tuesday and they called me on Friday wanting me to work off-site rebuilding a machine they were sending to Eastern Europe. I was paid $75/hr in CASH, which afforded me several nice new guns, and a couple of hunting trips. They wanted me to go install it, and offered me more than I was worth to go. I turned that down, won't fly any more.3 -
I know I am. The bar might get raised by the time I get to 62 but I'll take mines. There's a dude on youtube who broke it down for me to take it at 62 or wait a bit to draw. Basically a dude in his backyard explained to take it at 62 the difference is you'll be ahead with cash in the pocket. If you drew later you'll never catch up. Those few "C" notes add up quick.
I also learnt the previous CEO kicked the can after only 8 years or retiring. The place kept offering him more cash to delay. I don't know how much cash he left but I reckon too much. Unless dude did my idea of retiring in a Vegas hotel gambling and hookers 24/7. Then 8 years might've been enough.
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I retired at 62 but the company I worked for ask me to do one more project for them before I left which would only require me being on site 2 or 3 days a week for about a year and a half. So I did it which was good. It was like retiring but not cold turkey.
Then when I finished that job up in about a year and a half they asked me if I would do just one more job before I retired which would be just like the last one that require me being on site 2 or 3 days a week. I thought about it and asked where the location of the project was at and they said it's in WV. So I looked it up on google maps and there were no RV parks around close where I could park my travel trailer that the company had purchased for me and the nearest motel was a long way off also. The location was out in the boonies in the mountains of WV where they get quiet a bit of snow in the winter so I declined the job and threw in the towel and went home to enjoy retirement. I've been enjoying it since Oct. 2014 except for one period in 2016 when I almost died but other than that it's been great.0 -
for folks born in 1960 and later, they added 5 years. in other words these folks will retire at 67 making the same percentage as folks now at 62, this may slow down the retirement crowd........ 0 -
hillbille said:for folks born in 1960 and later, they added 5 years. in other words these folks will retire at 67 making the same percentage as folks now at 62, this may slow down the retirement crowd........
The Virus will get a percentage of those.0
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