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Social Security-----When should you start drawing? (On Topic Only)
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<blockquote data-quote="twoweeled" data-source="post: 3145284" data-attributes="member: 27108"><p>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?</p><p>Disclaimer. SS person told me the numbers could change a bit, but very little if any.</p></blockquote><p></p>
[QUOTE="twoweeled, post: 3145284, member: 27108"] 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. [/QUOTE]
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