How old were you when you started taking Social Security?

[SnoopLoggyDog]

Curious about the pros and cons of starting Social Security earlier than Full Retirement Age (In my case - age 67). I plan on retiring from my job at age 62. Most of my older friends all started drawing as soon as they could. What are your thoughts?

 

[oze]

Curious about the pros and cons of starting Social Security earlier than Full Retirement Age (In my case - age 67). I plan on retiring from my job at age 62. Most of my older friends all started drawing as soon as they could. What are your thoughts?

I started drawing when I turned 62. If you run your numbers, you can easily find your break-even ages based upon amount you'll draw at different ages, and make your informed decision. What really made up my mind to start early was watching my parents' and in-laws' health deteriorate quickly once they got past their early 70s. My in-laws are still alive, but too frail to enjoy their retirement any more. My parents are both gone, and never got much of a chance to get their SS back.

YMMV, but for me, I'm going to take back the money that the government took from me all those years without my permission while I'm still able to be active.

 

[Hardscrable]

62 on advise from my accountant at that time. Was about age 79 or 80 until the amount received from waiting to 67 would be greater than reduced amount starting at 62. That was basically same as life expectancy for males. Dieing any time prior would give edge to 62, dieing after would pay to wait to 67.

 

[4sarge]

I started drawing when I turned 62. If you run your numbers, you can easily find your break-even ages based upon amount you'll draw at different ages, and make your informed decision. What really made up my mind to start early was watching my parents' and in-laws' health deteriorate quickly once they got past their early 70s. My in-laws are still alive, but too frail to enjoy their retirement any more. My parents are both gone, and never got much of a chance to get their SS back.

YMMV, but for me, I'm going to take back the money that the government took from me all those years without my permission while I'm still able to be active.

Correct - You WIN the Prize IMO. Enjoy LIFE while You Can. Pension Retired at 55, SS at 62, NO REGRETS

 

[Ingomike]

Curious about the pros and cons of starting Social Security earlier than Full Retirement Age (In my case - age 67). I plan on retiring from my job at age 62. Most of my older friends all started drawing as soon as they could. What are your thoughts?

How old is your wife and how will her life expectancy play into this question? Does she qualify for her own or will she be getting spousal benefits?

 

[GodFearinGunTotin]

If you start early, aren’t you income limited from then on?

 

[Ingomike]

Correct - You WIN the Prize IMO. Enjoy LIFE while You Can. Pension Retired at 55, SS at 62, NO REGRETS

It is a great question SLD asked, because it is not one size fits all. Lots of variables to factor, including current health, spouse, and when one can retire. What worked very well for you may be completely different for SLD…

 

[Ingomike]

If you start early, aren’t you income limited from then on?

During the first few years, don’t remember exactly how many, it is not limited, you just have to pay taxes on the SS if you earn over a set amount…

 

[GodFearinGunTotin]

During the first few years, don’t remember exactly how many, it is not limited, you just have to pay taxes on the SS if you earn over a set amount…

im not sure either. If I had to guess, it’d be from 62 until your “full retirement” age. If you’re the type that wants to keep working in another field or just part time, it’s something to consider.

 

[4sarge]

It is a great question SLD asked, because it is not one size fits all. Lots of variables to factor, including current health, spouse, and when one can retire. What worked very well for you may be completely different for SLD…

Again - IMO, Enjoy LIFE while You Can - YOU can NOT Take it with You. THIS works for Me - YOU can SHOP till You DROP - I Chose NOT to

 

[jerrob]

Correct - You WIN the Prize IMO. Enjoy LIFE while You Can. Pension Retired at 55, SS at 62, NO REGRETS

I'm doing the 55 and retired with a pension now and plan on taking the SS at 62.
Life is too short and the government took way too much from me to leave anything on the table if I can avoid it.

 

[Ingomike]

Again - IMO, Enjoy LIFE while You Can - YOU can NOT Take it with You. THIS works for Me - YOU can SHOP till You DROP - I Chose NOT to

Glad it works for you but that does not for everyone like you seem to imply. There are other folks with different needs.

 

[Ingomike]

Glad I am not near dead nor worrying about that, living in this crazy world at 75 is a bigger concern…

 

[Ziggidy]

If you start early, aren’t you income limited from then on?

I think it's 19500k until you reach your full retirement, then it's unlimited.

I think that's correct but don't quote me.

 

[Magyars]

Started at 62 and never regretted it

 

[4sarge]

Glad it works for you but that does not for everyone like you seem to imply. There are other folks with different needs.

IT DOES WORK for ME - I'm Terribly GLAD that YOU Agree. I Stated my Opinion, You Stated Yours. Can YOU NOT Leave it Be

 

[Ingomike]

I do know this for sure, when I die I want to go peacefully in my sleep like my uncle, not screaming like the passengers in his car…

 

[Ingomike]

IT DOES WORK for ME - I'm Terribly GLAD that YOU Agree. I Stated my Opinion, You Stated Yours. Can YOU NOT Leave it Be

You were the one that could not let my post stand without quoting it, but accuse me of beating a dead horse.

 

[jerrob]

I think it's 19500k until you reach your full retirement, then it's unlimited.

I think that's correct but don't quote me.

If I'm not mistaken, and I very well could be, income from a pension doesn't count toward that $19,560 cap.

 

[4sarge]

You were the one that could not let my post stand without quoting it, but accuse me of beating a dead horse.