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Thread: Social Security at 62?

  1. #13

    Default Re: Social Security at 62?

    Quote Originally Posted by ripper View Post
    I've always planned to take my SS when I reached 62. But after looking at it from a different viewpoint, I'm not so sure.

    Delaying SS payments after 62 increases the eventual payment by about 5-7%/year until age 66 (8%/year after 66). This seems to me to be similar to receiving 5-7%/year (tax-free) on an investment. Not sure if I'm viewing this accurately.

    If I delayed my payments, I would withdraw a similar amount from my retirement accounts until I began receiving SS. It would be about 2% of my total retirement funds and I'm OK with that. The downside to this is that those retirement withdrawals would be mostly taxable, while SS would not be. So maybe it would be kind of a wash...
    I think I might wait until 63 and then reevaluate which way would be better for me.

    I realize everyone's retirement situation is unique. Lots of important factors like health, family, retirement account balance, etc...just trying to figure out which would be best for me.

    Thoughts, anyone?
    I don't expect Social Security to be solvent when I am able to collect. I'll see it as a bonus if there's money there when I turn 62.
    God bless the United States of America!

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  3. #14

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    Default Re: Social Security at 62?

    Quote Originally Posted by Viva_La_Migra View Post
    I don't expect Social Security to be solvent when I am able to collect. I'll see it as a bonus if there's money there when I turn 62.
    Even so, I would never admit that in a public forum.

    I believe a study showing that 100% of Americans expect ss to be solvent would have a more desirable [for me and mine with regard to the money we've put into ss; imo] effect on current/future politicians than them being able to say: 'Well, since only 10% expect it to be solvent...don't worry about it.'
    "In the land of idiots, the moron is King."--Unknown

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  5. #15

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    Default Re: Social Security at 62?

    Lets face it. There are some folks who just have no intention of working past 62, at least not full time. While there are others who enjoy working and will chose a time that is more to their liking. Just like I'm sure there are folks who have been saving for a long time who will step out at 59 1/2 or even earlier.

    Life expectancy is really a non-issue for me. When I drop, whether I'm employed or retired, I'm not going to like it.

    Additionally the age of ones significant other comes into play as well. If my spouse and I are the same age 62 may be more of an option as opposed to if I am 5 years older. Of course this really only applies if both are workers.

    62 VS 67 VS 70- Every day over 62 is a risk, everyday closer to 70 is a reward. Health is an important component in the decision making process but so is overall portfolio value.
    In Dog Beers I've only had two.

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  7. #16

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    Default Re: Social Security at 62?

    My uncle, private sector good job, worked well past when he'd expected to be able to retire, due to his beloved wife's progressive brain tumor-related incapacitation over 10 years. He kept her at home til the bitter end, paid his daughter to provide inhome daytime care while he continued working. I think he retired when my aunt died, when he was about 70. Everyone has their own reasons for timing retirement and what post-retirement plans turn out to be. He still volunteers at a medical charity related to his lifetime passion and career in aviation, even tho he's pushing 90. The charity was nominated for a Nobel peace prize a few years ago.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  9. #17

    Default Re: Social Security at 62?

    Quote Originally Posted by Stoplight View Post
    Here's another take on the subject :

    Pull it at age 62, whether you need it or not...invest it if you don't need/want to spend it.....

    ....Can my heirs draw my or the Wife's SS benefits after we're gone ? I don't think so...

    As others have noted...everyone's "situation" is different...ya gotta do the math !


    Stoplight...
    Never thought of this angle, SL.... I would be able to leave SS investment to my heirs plus whatever is left of my TSP.
    thanks SL for a different pov. I guess this is applicable if both husband and wife has SS coming...
    Have been debating whether to start claiming at 62 or delay until FRA.
    Emotions should never play a role in one's investing strategy!
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  11. #18

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    Default Re: Social Security at 62?

    In case anyone is interested or curious, this is the charity I mentioned in earlier post this thread.

    Start Page
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard


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  13. #19

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    Default Re: Social Security at 62?

    Thoughts:


    ripper kindled a feeble flame of hope, causing me to go back and check. Unfortunately it is called "combined income" the sum of AGI, non taxable interest and a % of the SS payment.


    userque presents an interesting thought. I am afraid that cat is long out of the bag and running amok.


    Interesting thought Stoplight. A way to maybe leave some of it to the heirs.


    That book just may be worth 10 bucks or so.


    PO

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  15. #20

    Default Re: Social Security at 62?

    Quote Originally Posted by alevin View Post
    In case anyone is interested or curious, this is the charity I mentioned in earlier post this thread.

    Start Page
    Seems a very good non profit org and the name has a "catchy" ring..."Wings of Hope.."
    Last edited by Maricar19; 06-07-2015 at 06:26 PM. Reason: Spelling?
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
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  17. #21

    Default Re: Social Security at 62?

    Good read on "Why taking SS at 62". You need to read the comments as well..

    Social Security: Why Taking Benefits at 62 Is Smarter Than You Think

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  19. #22

    Default Re: Social Security at 62?

    Quote Originally Posted by hotwings View Post
    Good read on "Why taking SS at 62". You need to read the comments as well..

    Social Security: Why Taking Benefits at 62 Is Smarter Than You Think
    That was a good read...thanks for sharing..
    The key "breakeven point!"
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  21. #23

    Default Re: Social Security at 62?

    My intent will be to draw social security as soon as I'm eligible. For every dollar I receive in SS that's one less dollar I'm pulling from my investments which can continue to earn at a higher rate. You cannot inherit SS.

    And while my family has a history of longevity (parents are still chugging along at 84) that doesn't mean I can't be taken out by other means.
    TSP: 2007=6.4%, 2008=(39.95%), 2009=30.96%, 2010=17.04% , 2011=(4.92%), 2012=17.74%, 2013=26.58%, 2014=5.39%
    TSP Talk: 2015=???

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  23. #24

    Default Re: Social Security at 62?

    Quote Originally Posted by Itchn2retire View Post
    My intent will be to draw social security as soon as I'm eligible. For every dollar I receive in SS that's one less dollar I'm pulling from my investments which can continue to earn at a higher rate. You cannot inherit SS.

    And while my family has a history of longevity (parents are still chugging along at 84) that doesn't mean I can't be taken out by other means.
    I am now 70/30 in favor to AGE 62....
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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