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

[burrheadd]

100% x 0 = 0

LMAO don't know if it's your humor

Or the Haze

 

[BakerMayfield2018]

100% x 0 = 0

Tax evasion is not a good idea. You will be caught eventually. Maybe not this year. Maybe not this decade. But you will be caught.

 

[Catatonic]

Tax evasion is not a good idea. You will be caught eventually. Maybe not this year. Maybe not this decade. But you will be caught.

It was 100% times zero tips!
Geez!
I need to get stoned or drunk so I can communicate with y'all goobers!

 

[MC4YOU2]

I ran my numbers at 62,65 and 70. I estimated a life span of 85, but who knows? I could live to 100 or get hit by someone texting in a Prius tomorrow.

Anyway, at 70 a lot of good years would have gone by. At 65, really the same story but not quite as bad. At 62 I'd take a small financial hit, but win in the long run, as it would take years to break even if I waited until 65/70.

I'd much rather have the cash asap, before Congress hoses it any further. Plus, I'm not a big fan of waiting until I'm so old i can't enjoy the extra money.

I'm drawing mine at 62.

 

[rod]

If I would have know I was going to live so long I would have taken better care of myself.

 

[olroadbeech]

If I would have know I was going to live so long I would have taken better care of myself.

the great Mickey Mantle.

his father lived to only about 40. his grandfather too. so the great Mick lived life to the fullest drinking and carrying on thinking he was living on borrowed time.

if he had not been hurt when as a rookie he would have destroyed every record in the book. I saw him play in his last years at Fenway Park when the Yankees played the Red Sox. There was electricity in the air every time he came to bat.

 

[twoweeled]

it's different for everyone. depends on health, financial status , and a dozen other variables.

we have grandchildren starting college soon and we agreed to help them out so we are going to start drawing at 62. anyways it takes about 18 years to break even if you start at a later age.

being that we are getting along just fine with the pension and not even tapping into the 401k yet ( knock on wood ) we would probably be better off investing some of that SS ourselves or banking it for a rainy day.

You would be better off asking a pro that knows about your situation to make a good decision on this.

Love the grand kids, but let's hope they get some scholarships!!!! LOL!

 

[twoweeled]

100% taxes x 0 tips = 0

YEAH!! That's what I'm talkin bout!! I'm sure I'd end up in that same
"good news bad news" boat. 100% tax free, on zero earnings.

 

[twoweeled]

A bird in hand is worth two in the bush.

Maybe, but in my younger years - I tried to get my hands in as many bushes as possible.
Did I say that?

 

[brownmonster]

Maybe, but in my younger years - I tried to get my hands in as many bushes as possible.
Did I say that?

A bush is so 80s.

 

[MyTripisCut]

the great Mickey Mantle.

his father lived to only about 40. his grandfather too. so the great Mick lived life to the fullest drinking and carrying on thinking he was living on borrowed time.

if he had not been hurt when as a rookie he would have destroyed every record in the book. I saw him play in his last years at Fenway Park when the Yankees played the Red Sox. There was electricity in the air every time he came to bat.

How old were you when you saw him?

 

[twoweeled]

it's different for everyone. depends on health, financial status , and a dozen other variables.

we have grandchildren starting college soon and we agreed to help them out so we are going to start drawing at 62. anyways it takes about 18 years to break even if you start at a later age.

being that we are getting along just fine with the pension and not even tapping into the 401k yet ( knock on wood ) we would probably be better off investing some of that SS ourselves or banking it for a rainy day.

You would be better off asking a pro that knows about your situation to make a good decision on this.

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.

 

[UpstateNYUPSer(Ret)]

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.

 

[twoweeled]

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.

Yes, your numbers are probably consistent with mine. I'm thinking they were roughly $2090 at 62, $2800 at 66 4 months, $3600 at 70. 66 4 months being my full retirement age. Yet, the one year increments between early retirement of 62 and full retirement of 66 years 4 months do (compute) work out to 8% increases "per year". But the person at S Security tells me I don't get those 8% increases until after full retirement age ie 66 years 4 months. The only increases I get between 62 years and 66 years are due to increases in my contributions. Which they did the computations and told me it would be roughly $75. I take it, you didn't receive the same info?
I didn't get into SS to get exact numbers. They usually shut down on weekends and nights for whatever reason. but the numbers are close.

 

[oldngray]

Yes, your numbers are probably consistent with mine. I'm thinking they were roughly $2090 at 62, $2800 at 66 4 months, $3600 at 70. 66 4 months being my full retirement age. Yet, the one year increments between early retirement of 62 and full retirement of 66 years 4 months do (compute) work out to 8% increases "per year". But the person at S Security tells me I don't get those 8% increases until after full retirement age ie 66 years 4 months. The only increases I get between 62 years and 66 years are due to increases in my contributions. Which they did the computations and told me it would be roughly $75. I take it, you didn't receive the same info?
I didn't get into SS to get exact numbers. They usually shut down on weekends and nights for whatever reason. but the numbers are close.

I don't understand what you are trying to say. If you retire early, the amount is reduced by 8% for every year before your normal retirement age. Once you start the amount is fixed except for cost of living adjustments. It isn't that complicated.

 

[twoweeled]

I don't understand what you are trying to say. If you retire early, the amount is reduced by 8% for every year before your normal retirement age. Once you start the amount is fixed except for cost of living adjustments. It isn't that complicated.

Not the way you put it, it isn't complicated. When SS tells me that is not the case, it changes things a bit. What part of what I'm stating do you not understand exactlly?

 

[oldngray]

Not the way you put it, it isn't complicated. When SS tells me that is not the case, it changes things a bit. What part of what I'm stating do you not understand exactlly?

Are you trying to say that if you retire at 62 you think your amount will still get bumped up 8% every year until you reach normal retirement age? No it won't.

Basically if you retire early you will always get less per month. But you start drawing earlier so its a gamble as to how long you will live. The break even point between the 2 plans is about age 78, so if you think you will live longer you might be better off waiting longer to retire.

 

[twoweeled]

Are you trying to say that if you retire at 62 you think your amount will still get bumped up 8% every year until you reach normal retirement age? No it won't.

Basically if you retire early you will always get less per month. But you start drawing earlier so its a gamble as to how long you will live. The break even point between the 2 plans is about age 78, so if you think you will live longer you might be better off waiting longer to retire.

Putting aside the take it earlier or not debate.

You are correct. I did think, delaying my SS would increase my pay aprox 8% - and it does, only after 66 years old. You seem to be up on this. Why does it increase the equivalent of aprox 8% per year (age 62 to 66) eg 4 years months jumps from $2090 to $2800ish? But only after 66 years, does it increase 8% per year, and you can take those jumps in individual years? it's difficult to explain in text LOL.

 

[twoweeled]

I don't understand what you are trying to say. If you retire early, the amount is reduced by 8% for every year before your normal retirement age. Once you start the amount is fixed except for cost of living adjustments. It isn't that complicated.

trying to make it more simple. If I wait from age 62 to 63 years, I don't get the 8% increase. If I wait till 66, I get roughly the equivalent of 8% "per year" (62 to 66 years). If I wait between age 66 to 67 years, I do get the 8% increase.

 

[oldngray]

Putting aside the take it earlier or not debate.

You are correct. I did think, delaying my SS would increase my pay aprox 8% - and it does, only after 66 years old. You seem to be up on this. Why does it increase the equivalent of aprox 8% per year (age 62 to 66) eg 4 years months jumps from $2090 to $2800ish? But only after 66 years, does it increase 8% per year, and you can take those jumps in individual years? it's difficult to explain in text LOL.

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?).