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.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?
Correct - You WIN the Prize IMO. Enjoy LIFE while You Can. Pension Retired at 55, SS at 62, NO REGRETSI 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.
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?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?
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…Correct - You WIN the Prize IMO. Enjoy LIFE while You Can. Pension Retired at 55, SS at 62, NO REGRETS
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…If you start early, aren’t you income limited from then on?
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.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…
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 toIt 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…
I'm doing the 55 and retired with a pension now and plan on taking the SS at 62.Correct - You WIN the Prize IMO. Enjoy LIFE while You Can. Pension Retired at 55, SS at 62, NO REGRETS
Glad it works for you but that does not for everyone like you seem to imply. There are other folks with different needs.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
I think it's 19500k until you reach your full retirement, then it's unlimited.If you start early, aren’t you income limited from then on?
IT DOES WORK for ME - I'm Terribly GLAD that YOU Agree. I Stated my Opinion, You Stated Yours. Can YOU NOT Leave it BeGlad it works for you but that does not for everyone like you seem to imply. There are other folks with different needs.
You were the one that could not let my post stand without quoting it, but accuse me of beating a dead horse.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
If I'm not mistaken, and I very well could be, income from a pension doesn't count toward that $19,560 cap.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.
You were the one that could not let my post stand without quoting it, but accuse me of beating a dead horse.