Social Security-----When should you start drawing? (On Topic Only)

[Jkloc420]

you want to hold out to full social security age of 67 if you can

 

[oldngray]

you want to hold out to full social security age of 67 if you can

67 if you were born 1960 or later. If you were born earlier it decreases slightly for each year.

 

[Jkloc420]

67 if you were born 1960 or later. If you were born earlier it decreases slightly for each year.

yes, im saying it is best to hold out to full age if you can, mine is 67

 

[UpstateNYUPSer(Ret)]

yes, im saying it is best to hold out to full age if you can, mine is 67

Actually, it is best if you can hold out until you have to take it, which is 70 (1/2?).

 

[oldngray]

yes, im saying it is best to hold out to full age if you can, mine is 67

Very debatable as to when is best. There is no right answer and good arguments for doing it either way.

 

[Jkloc420]

Actually, it is best if you can hold out until you have to take it, which is 70 (1/2?).

whatever maximizes your benefits, but unforeseen circumstances can always alter that

 

[Jkloc420]

Very debatable as to when is best. There is no right answer and good arguments for doing it either way.

your right

 

[twoweeled]

It does jump up each year if that is what you are asking. At 63 you get more than at 62 but less than at 64 for example.

You can retire anytime after 62 and the longer you wait the more you will get. Until you hit the max (at 70 1/2?).

Yes, that is also correct. The difference is, it only goes up 8% "after" full retirement age which is 66 in my case. Waiting from 62 to 63 or 64, it only goes up according to the chance in your contributions (in my case it's noticeably less than 8%). Keep in mind, my contributions will remain the same at full retirement age and age 62.
That's the part that throws me off. I appreciate your help. I've also been told, it's possible to get different answers at Social Sec. I may try calling them again.

 

[oldngray]

Yes, that is also correct. The difference is, it only goes up 8% "after" full retirement age which is 66 in my case. Waiting from 62 to 63 or 64, it only goes up according to the chance in your contributions (in my case it's noticeably less than 8%). Keep in mind, my contributions will remain the same at full retirement age and age 62.
That's the part that throws me off. I appreciate your help. I've also been told, it's possible to get different answers at Social Sec. I may try calling them again.

Call Social Security and talk to someone else.

 

[Jkloc420]

you also got to take the issue of paying taxes on benefits, pension etc.. if it exceeds a certain amount. Which i dont know all the details in that

 

[UpstateNYUPSer(Ret)]

www.ssa.gov is the official website. You should be able to find answers to all of your questions there.

 

[brownmonster]

I plan on taking it at 62, not when I'm a corpse.

 

[UpstateNYUPSer(Ret)]

I plan on taking it at 62, not when I'm a corpse.

This surprises me.

 

[brownmonster]

This surprises me.

My plan is to grab my pension, SS and 401k early and let the wife's SS and 401k ride.

 

[MC4YOU2]

Get it while you can.

 

[Ms.PacMan]

I'm still dealing with this. I think I had opinions from upstate and yourself, but it's been awhile. I'll try and explain my issue. I'm concerned about early SS retirement (62 years old). My concern is the years between 62 and 66 which I think is full retirement is 66 years old for me. I'm concerned about the "8% increase per year" for waiting. I'm fairly certain, Upsate's thought was the 8% "per year" increase does take place between the ages of 62 and 66, or whatever year you choose to start taking SS. I just spoke to someone at Social Sec and I was informed this is not the case. I was told, the only increases I would get between 62 and 66 would be the increases due to my added contributions during that time. Only after 66, would the 8% increases start to take place. Bottom line (sorta) is instead of an 8% increase for waiting from 62 to 63 (which is a bit less than $175 month increase) I would receive aprox $75 increase, because of my added contributions. Is this similar to the information you received? Did you inquire about this? I'm thinking you did. Short of it, is I'm not waiting an extra year for $75. For $175, I'm thinking about it. This totally threw a rock into my plan. I don't need the money now, but I'll never recoup $25K a year, for an increase of $75 a month. I hope I was clear, but maybe not. What do you know, or what can you tell me?
Disclaimer. SS person told me the numbers could change a bit, but very little if any.

Delayed Retirement Credits

8% only after FRA (full retirement age)

If I were to start drawing at 62 I would receive $1,677/month.

If I wait until I am 67 I would receive $2,418/month. This is my current plan.

If I wait until I am forced to draw at 70 I would receive $2,998/month. This would be ideal.

These estimates we receive assume that the person worked, making a similar salary, until 62 or 67 in your case.

My estimated numbers are almost exactly the same but if I retire at 52 the amount I can collect at 62 drops to ~$1400/mo. There is a Social Security calculator on their website.

Actually, it is best if you can hold out until you have to take it, which is 70 (1/2?).

You never have to take Social Security (Warren Buffet chooses not to collect). You're thinking of required minimum distributions or RMD's which is an amount required by law that you have to take out of your 401k or traditional IRA starting at 70 1/2 - so the gov't can collect the taxes it allowed everyone to defer.

My plan is to grab my pension, SS and 401k early and let the wife's SS and 401k ride.

Were you planning on having your wife collect half your SS benefits until she starts hers? I think they changed this law last year and switching benefits is no longer allowed - she can still start SS early or delay but she has to pick either collecting spousal or her own and can never switch to the other. I think.....

 

[Ms.PacMan]

Information We Need, Verify Your Identity, Social Security

SS calculator. This is based on your own personal earnings record.

Allows you to create scenarios like our pension calculator. It assumes you are working until the age you collect unless you change the assumptions and figure a different scenario.

Retirement Estimator I linked above to the start of the calculator but this is the link to the home page.

 

[twoweeled]

Information We Need, Verify Your Identity, Social Security

SS calculator. This is based on your own personal earnings record.

Allows you to create scenarios like our pension calculator. It assumes you are working until the age you collect unless you change the assumptions and figure a different scenario.

Retirement Estimator I linked above to the start of the calculator but this is the link to the home page.

Information We Need, Verify Your Identity, Social Security

SS calculator. This is based on your own personal earnings record.

Allows you to create scenarios like our pension calculator. It assumes you are working until the age you collect unless you change the assumptions and figure a different scenario.

Retirement Estimator I linked above to the start of the calculator but this is the link to the home page.

Delayed Retirement Credits

8% only after FRA (full retirement age)



These estimates we receive assume that the person worked, making a similar salary, until 62 or 67 in your case.

My estimated numbers are almost exactly the same but if I retire at 52 the amount I can collect at 62 drops to ~$1400/mo. There is a Social Security calculator on their website.



You never have to take Social Security (Warren Buffet chooses not to collect). You're thinking of required minimum distributions or RMD's which is an amount required by law that you have to take out of your 401k or traditional IRA starting at 70 1/2 - so the gov't can collect the taxes it allowed everyone to defer.



Were you planning on having your wife collect half your SS benefits until she starts hers? I think they changed this law last year and switching benefits is no longer allowed - she can still start SS early or delay but she has to pick either collecting spousal or her own and can never switch to the other. I think.....

Yes Maam. It would appear you are correct in my case. We've heard and been told it goes up about 8% per year we wait, and that just isn't true. The accurate figures are all based on a percentage of your full retirement age. Which doesn't work out to 8% per year till after FRA. I'm still trying to get more info on this, but it isn't easy.