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OT/Social Security

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acesup

02-27-2007 11:08:27

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I know each person has to make thier own decisions but a little input from experianced folks could help.
Is it best to draw SS at 62 or wait till full retirement age of 66?

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dan hill

02-28-2007 02:44:16

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

I took it at 62 because i would have lost 18 grand if I waited till 65.I knew a fellow who waited till he was 65.His friends were after him to take it at 62 because of very poor health.He died two days after his first check arrived.

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Pappy

02-27-2007 19:37:14

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

I had this all figured out to the penny when my time came. It would have taken 142 months to benefit from waiting until I was 65.

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davpal

02-27-2007 19:10:06

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

Take your money as soon as you can get it. Dad and I were just looking at the figures on this a couple of months ago and the benifit for waiting is almost laughable. The government sends you this sappy letter about waiting for your money and you will get a few more bucks. That letter is just bait to hope that a few people are dumb enough to believe it and wait and save them money. I know a lot more people that are alive and 60 than I do alive and over 70. Trust me, when you see the figures it will probably tick you off. I know it did me. Take the money and run.

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ramblineagle

02-27-2007 17:40:37

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

are you sure you will still be alive when your 65th birthday comes??

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Leroy

02-27-2007 17:22:33

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

Was 62 on Sept 11, 05, got first check in Nov, Figured if I waited till was 65 would have been 72 to break even if I was around that long and that does not take into consideration the interest on money I would have been borrowing to live on that I would still be having to take that much longer to recover. I am still working at the same job as before and don't make enough to get close to loosing any of my check.

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02-27-2007 17:11:38

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

Glad I saw this post! I'm just starting the process. I'll be 62 in May and have been drawing my Teamsters pension since 6-04. I'm going to take what I can get from the SSA as soon as I can get it; you just never know when one of those hi-flyers is going to lose another chunk of ice. :-)

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Areo

02-27-2007 16:08:35

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

As is alluded to in a post below, you break even dollarwise at age 77. Having early benefits can be advantagious, but you are limited as to how much you can earn without losing benefits until 65.Then there is screwy regulation that the year you retire you can only have X amount of income. This means if your birthday is at the end of the year you get the short end of the stick. Also, if your b-day is in the first ten days of the month you get paid on the 2nd wednesday, 11-20th, the 3rd wednesday, and after the 21st on the 4th wednesday, so this month I get mine the hte last day to the month. $##$@$%^%$%#@%#@%$

Areo

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Midwest redneck

02-27-2007 14:26:25

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

I would talk with a SS person or a finacial advisor. My parents are both retired now and started collecting at 62-63 age. My parents are okay money wise but getting SS money at 62 is better then waiting 3 years and not getting anything for 3 years I would think. What is nice is to get SS money every month and also pull money out of a 401K plan every month too. (If you have the money)

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T_Bone

02-27-2007 13:31:31

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

Hi Aces,

Remember you also have to wait 2yrs for medicare to kick in no matter what age.

If your wife is not 65 and not working then she has to wait until 65 to collect on yours even if you file at 62. If that is the case you can run a biz under her name if you wanted. See a tax man for the details.

You can also get your info online if you don't mind using your SS# on the net.

There's numerous retirement calculators for figuring out just what your wanting to do. I like the ones at my Bank website as there easy to use and accurate. I've spent hours running " what if's "

There's a few ways to make money that don't effect your SSA until high dollar amounts are made. Investing is one of them.

T_Bone

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1936

02-27-2007 13:22:29

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

CPA told to to take it at 62 you will never make up what you lost waiting. You can still work if you want.

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noncompos

02-27-2007 13:00:42

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

Arizona Bob has an excellent point: if your health is none too good, and the early SS will be enough, less money in hand may well be better than the promise of more down the road, esp if you're liable to be under it. I took early retirement (I was doing high-liability title work, I was making stupid mistakes, and I decided to get out before I blew 10 or 20 million). I took early SS, figuring (as best I could, not knowing about future inflation or future COLA) that when (if) I hit 771/2 I'd begin losing money; I'm past 75 and, with my private pension and wife's SS,so far, so good. But it's a gamble, whatever you decide. Good luck.

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rrlund

02-27-2007 12:58:47

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

One little tip that a cousin gave me,he waited until 65,his brother at 62. The percentage increase multiplied by the rate at 65 is a lot bigger than the increase at 62. In other words 100x.05=5 50x.05=2.5 and that compounds every year.

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CRUSADER

02-27-2007 12:12:54

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

Not sure, but the way I figured it once I would have to wait until I was about 75 to retire with the Social Security. I'm also debating on a simular subject. With a promotion I recieved, in order to retire with the rate, pay and benifits I need to stay until 24 yrs. I'm eligible to retire now (without the rate and benifits of the promotion), and they are offering a waiver on a portion of the time, but it will be considerable amount less if I take it and would have to retire by 1 Sep 07. Here's the problem...if I take this and retire (will have to put the papers down by 30 April) and leave by 1 Sep with 22 years in it will be at an amount that I will HAVE to get another job in order to make the bills. But, if I wait until I have 24 years in, it's possible that I may only have to get a part time job in order to have some extra money in order to play with. Which would you do?

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Coloken

02-27-2007 11:54:07

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

When I decided, it would have taken 12 years at the 65 rate to make up for what was lost by not takeing at 62. Don't wait for birthday, go in several months befor.

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Lou

02-27-2007 12:28:59

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Re: OT/Social Security in reply to Coloken, 02-27-2007 11:54:07

That about what I heard it takes 11 years to make up what you didnt collect, I just got my second check at 62, if its a mistake , its a mistake that feels good.

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Vern-MI

02-27-2007 11:49:55

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

One thing you have to decide is whether you will continue working after you take the age 62 benefit. If you keep working then you will be taxed $1 for every $2 that you make over $12,000 annually.

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Larry NE IL

02-27-2007 11:23:20

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Re: OT/Social Security in reply to acesup, 02-27-2007 11:08:27

Make an appointment with your local S.S. office.
My experience has been nothing but good with their people. They will tell you exactly what your asking.
Good luck and a happy retirement!

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Eric SEI

02-27-2007 18:30:52

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Re: OT/Social Security in reply to Larry NE IL, 02-27-2007 11:23:20

Also, look at your family history. If you have no relatives over 70, consider collecting early. If you keep getting invited to relatives' 90th birthday parties, delay collecting. The rest of your savings may have to last a long time.

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Arizona Bob

02-27-2007 11:36:55

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Re: OT/Social Security in reply to Larry NE IL, 02-27-2007 11:23:20

What I did was figure out how much extra I would get if I waited for full benefits and multiplied by expected life span. Then I figured out how much I would get between early retirement and regular retirement. The difference between the two wasn"t much as I recall.

Part of your decision processs should include your health and financial status.

Bob
Central Arizona

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Tom Railsback

02-27-2007 17:40:03

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Re: OT/Social Security in reply to Arizona Bob, 02-27-2007 11:36:55

Larry NE IL has the best advice; I know as I used to work for the Social Security Administration albeit in a different program they administer so I can't give specific informa-tion about the retirement program.

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