Early Social Security?

[luv2fly]

Just wondering what those who are eligible for early Social Security but have not yet applied, thinking they would wait as long as they could, perhaps reaching their full retirement age if it works out, are now thinking? Are people applying now, hoping to at least get a foot in the door before the cuts come?

I don't hold out hope that we won't all be impacted in some way, whether you are applying now or have been receiving benefits for years... I'm grappling with this decision myself and wonder what others are thinking.

My financial guy is of a "let's wait and see" mind frame and I respect him greatly, but every day it gnaws at me and I wonder if I should be applying, knowing the amount will be less than if I wait, but still something.

[BeerBarrelPolka]

1. I

I'd like to know as well. I applied for SSI because of my health situation and am waiting for a determination/decision.

[XanaDUer2]

8. Good luck

With lawyer, took me 14 months

[BeerBarrelPolka]

13. Ugh

I don't have a lawyer. I filed in February. I am still seeing new specialists and have ongoing hospitalizations. I had aFib that led to a stroke and continuing seizures. I also may have MS that is yet to be determined, and now deafness as well (100% right ear, 50% left ear). If I don't qualify, there's definitely something wrong here.

[XanaDUer2]

16. I'm so sorry

I wish you the best. Your lawyer doesn't get paid unless you won

[BeerBarrelPolka]

19. .

Thanks very much.

I talked to an law agency (supposedly free) that says I have to wait until I get the determination letter. If I get declined I should call them back. Seeing that I'm 60, I just know I will never work again, especially in the field that I used to do. It's not physically possible.

[XanaDUer2]

21. That exactly what my lawyer said

Apply you'll be turned down they let us know asap. I did. He added my physical. Problems. I was over 55 which helped.

He won on first appeal

[BeerBarrelPolka]

24. .

How long did you have the lawyer before his appeal? Was it 14 months with the lawyer or 14 months since you started?

[XanaDUer2]

26. At 53 I had a long free consultation

He said wait if you can, to 55. I did. It took 14 mos from my application to win. He once went over my paperwork to check wording

[BeerBarrelPolka]

28. Hmm

Ok. I had an online psych eval and the physical last month. Someone told me it should be 2-4 months from that time to get my determination. Their physical was a joke.

[XanaDUer2]

29. I met with a brusque woman

For 15 mins who wrote 8 page report on me.

[BeerBarrelPolka]

31. Mine

Mine was a brusque Indian lady. I had a caregiver with me. I think it lasted about 30 minutes. I was honest totally. But they know I am seeing other neurologists that are "super" specialists to see why I am still dizzy and falling. Vertigo has been ruled out and that's how they caught my deafness. So it's on to a vestibular neurologist and a neuro-ophthalmologist.

[XanaDUer2]

33. I wish you the best

[BeerBarrelPolka]

35. .

[Emile]

2. 12 years ago I retired at age 62. Best thing I

ever did. No regrets what so ever.

[mikewv]

3. Good for you. That is my goal

But I am only 56 1/2. At this point, I am just hoping there is something still there when I turn 62.

[RANDYWILDMAN]

18. 52 my goal is 62

hope for some massive turnaround after Trump fucks everything up !

[Shellback Squid]

25. I applied and was approved two months ago, no money this year as I made too much but I quit my

job in October so I will get the SS check next year, I'm 62 too.
Plus they found monies from a company I worked at in the 80's, didn't accumulate any interest though.

[comradebillyboy]

77. Me too. Money now is better than the promise of

money in the future.

[ProfessorGAC]

78. Same Age For Me

38 days after I turned 62. 6 years ago.
No regrets at all. I was ready.

[Think. Again.]

4. I'm seriously considering applying at 62 for the same reason you mentioned....

...my thought is that any cuts might be relegated to new applicants, or starting at a certain set time in the near future, and if I am already on the roll I might be "grandfathered" and not be as affected by the coming cuts.

[luv2fly]

15. Hoping for the same but counting on nothing

There is so much chatter online about what will/might/may/could happen it is both terrifying and ... well no "and," just terrifying. I'm 63 and wanted to wait at least until 67, I work part time now and my income meets my needs but I suspect these bastards are going to push my full retirement age of 67 back to 70. So many "maybes" it's disturbing. Not to mention my work is funded by Medicaid and well, yeah, that could get cut too.

[Think. Again.]

34. Yeah, I don't know. I just don't know.

We shouldn't have to be taking guesses like we're gambling or something.

[jimfields33]

79. Biggest thing is have that mortgage paid off.

I wouldn’t stop working until the house is free and clear. That will help a ton.

[Think. Again.]

81. My concern right now is the new threats that SocSec is facing...

....we have no idea what a nazi administration will do with any earned benefits.

[jimfields33]

86. They will keep the current and most likely 50 and above.

The rest will be early take at 70 years old and 73 for full retirement. But that will be for those born in 1976 and beyond and that’s if they even start at that age.

In 1986, they changed social security by changing the age and it was decided that it would be decades later. Nobody made a peep about it back then.

[Think. Again.]

88. Are those the changes they said they are making?

How does what was done 40 years ago relate to what a nazi administration will do now?

[jimfields33]

90. They will not change current recipients

VP Vance has said that.

[Think. Again.]

92. you do know that group lies for a living, right?

[Ocelot II]

5. It depends on what you need to get by.

Your monthly payments will be higher if you wait, but if you need them now you need them. The government is betting that it won't have to make those higher payments for as long because you'll die. If you start collecting the lower payments now you'll have a lot longer to keep getting them. Sort of a bird in the hand vs. bush calculation. Do you need some money now or can you afford to wait for more money later?

[luv2fly]

23. Been through that decision once already

I took early retirement from my government job at 55 and don't regret it one bit, even though if I had stuck it out my pension would have been bigger. The health benefits of not working for a sadist (new boss) outweighed the monetary gains had I waited.

So the current decision about taking early SS is similar though I don't have the sadist trying to make my life miserable, although with Trump and his folks taking over I suppose one could argue it's the same on steroids.

[Happy Hoosier]

94. The hit to the Federal pension is less than for SS.

I spent 19 years as a Federal employee earlier in my career... started my deferred retirement last year.... made sense for my stuation. But I will wait for FRA for my SS, since there are income limits on SS until FRA.

[The Madcap]

46. Also don't forget

That if you go early, it takes several years for the total amount to be surpassed by waiting. Plus you get time away from having to work. The last thing I want to do is work until 67 and then not be able to do anything but sit on the couch.

My goal is 62, but I think 63-64 is probably a bit more likely, as it will reduce the number of years before going on Medicare. So much depends on what they do to ACA. If it goes away and we are back to the old way, a lot of people are going to have years stolen due to the pre-existing condition clauses coming back.

The last thing I want to do is leap before I see what Caligula is going to do.

[Joinfortmill]

96. Just my thoughts on ACA. I think they may just change the name only and say they improved it...

I'm sure Trump would like to call it Trump Care, but that likely won't happen.

[NewHendoLib]

6. My wife took at 62, I'm holding out for 70

As suggested by our financial planner. 1 year to go!

[TomSlick]

54. I'm a little further from 70 than you but I plan to continue to wait.

I still find it hard to believe that MAGAts are stupid enough to touch that third rail.

[getagrip_already]

7. I only have till march....

Then ill be at full retirement age and im still working. So im going to wait.

The chances that they will be able to pass something controservial in a narrowly controlled house is small, at least quickly.

So it depends on how long you have until full retirement and if you are still working.

In addition to reduced benefits, if you take early retirement, you will get reduced benefits if you earn above a set amount of income. So there is less incentive to collect while working.

[usonian]

9. If you contributed a lot, retire early.

If I get this right, the contributions max out, so the payback from waiting it out to get the max income is not that big.
I figured that the years I collected "early" would take a long time to recoup later if I took zero for those years.

And I got a lot of nice things with the money in the meantime.

A person who contributes less would see a bigger boost by waiting.

If you can get an estimate of income "today" versus waiting it out, count the number of years times the lower number to equal the number of (later) years times the higher number to recoup that later on.

And besides, retiring early might mean spending the money on scuba dives versus later on, spending it on a rascal scooter.

Not there yet! Though I live on a pretty steep ridge and my evening sunset spot is some 50 feet below the home, and I sometimes wonder about a fairly sure-footed buggy to help the walk back with the camera gear.

[Midnight Writer]

10. One thing seldom mentioned in these calculations is the cost-of-living adjustment.

It's not as if your payment at age 62 is what you are stuck with. Some years the cost-of-living will raise your payment more than an additional year of work.

In my situation, my pension grew roughly 2% per year of work. But we had a couple years of high inflation that jacked my payment up well beyond the 2% I would have earned if I had been working those years.

Just food for thought. Inflation is unpredictable so proceed with caution.

[mucholderthandirt]

84. Yeah, my first COL raised me over the $1K mark. Other years, it's just been a tiny bit, but I'll take it.

I had to "retire" early, though I wanted to wait until 65 to at least be getting Medicare and a larger check. But I couldn't find a job, no one would diagnose my medical issues as anything for disability, so when I could, I bit the bullet. I hadn't been working for years, so it hurt, but I had no choice. I curse my last boss every day, because she got me basically blacklisted and I never found any kind of job, or least, not anything I could physically do.

[WarGamer]

11. Why do you think recipient benefits for current or soon to be recipients will be cut?

[luv2fly]

20. Project 2025

Yes I know it isn't mentioned directly, but the Project 2025 folks Trump is putting in place are all eager to cut so they can give themselves more tax cuts. None of this is "known," just fears, perhaps well placed, perhaps not.

[WarGamer]

39. I think there are more pressing concerns...

[multigraincracker]

12. I retired over 22 years ago.

Back then they had “30 and out” at the UAW. I was 52.
I get $3k/month and another k in pension. Not a lot compared to what my friends get, but I do ok. Only because I had everything paid off then and now. Also have a few hobby businesses that I’m getting out of now.
I wouldn’t suggest it if you are in debt.

[The Madcap]

48. That's the key

Eliminating debt before pulling the plug. That really lowers those monthly expenses.

[multigraincracker]

73. Plus two years ago I married an RN.

She works 2 days a week doing what she loves, taking care of a baby. They make a good living.
What you buy cost almost half as much not paying interest on it.

[Lunabell]

14. I got mine this year.

Before the fall out. I'm 63 and want to at least get a little of my money back.

[CanonRay]

17. If SSA lays off a bunch of people

its going to be harder to file, longer to get benefits. Plus if you are on the rolls you might get grandfathered from any changes. Pure speculation, of course.

[C0RI0LANUS]

22. Take advice cautiously.

Two different financial advisors told me to take social security benefits as soon as possible. And one of them only advises clients with portfolios of $10m or more (regrettably not me).

They both basically said the same thing:

"You can get hit by a truck next week."

Everybody's situation is different so please absorb everything before deciding.

I will be taking less immediately rather than wait for the pot at the end of the rainbow in case of that runaway truck.

[madville]

30. My dad waited until 70

But he worked full time up until then because he enjoyed his job and was in good health. If someone is going to continue working full time and making a good salary then waiting makes sense.

[C0RI0LANUS]

36. Glad that plan worked it out for him, madville. Like I wrote, everybody's health and fate are different.

[madville]

27. Currently exempt from social security

My municipal government job doesn’t participate in social security so I don’t contribute. I do have enough quarters from previous jobs to get it but it will be reduced 50% as a penalty for being in an exempt retirement program. I’ll just take it at 62.5 and get whatever I get I guess.

[Americanme]

32. I retired at 61, took social security at 62

Thought about waiting for full benefit, but , like Ben Franklin said, a bird in the hand is worth two in the bush.

[yardwork]

37. I'm still waiting.

I figure social security will be the last to fall, because so many people will go apeshit if it's cut.

But who knows.

[luv2fly]

49. My thinking too, or at least my hope

But with their supposed "mandate" and all, I fear the worst here. We shouldn't have to worry about something we've earned, but yeah, MAGAts...

[nilram]

38. Age 66 but spouse and I are concerned about Medicare.

I don't have to go on it while I have insurance from where I work, but if either of us goes on SS, then they also have to go on Medicare – as I understand it. We already have various health conditions, and think this is the better course for now.

And we have some debt. I'd like to get the extra SS cash to help pay it off but don't want to open Pandora's box.

[tritsofme]

43. If you are still working and cover your spouse, that coverage will remain primary until you retire.

Regardless of whether your spouse starts taking SS.

[nilram]

44. Thanks

[jojog]

40. Health Insurance is the Key

I retired at 62 and never regretted it. But remember Medicare kicks in at 65.
I survived on COBRA for 18 months and had saved enough to cover the other 18 months.

[WarGamer]

41. Just FYI...

In the 5 years between 62 and 67...

If your SS benefit is $1500/mo...

You will receive $90k in those 5 years... could be $115k if you invest every payment into an index fund.

It will take a while for larger full retirement payments to make up for that chunk of money.

[Cosmocat]

68. Gotta figure taxes into that, too

I know my projection shows a very big difference between 62, 65 and 69. Just not seeing how I could possibly do 62 at all.

[AverageOldGuy]

42. Wife and I took SS at 62

No guarantee any of us will live to 65.

[JohnSJ]

45. If you can wait until full retirement it will amount to significantly more money, but only if it is 66 not 70, and if

you are healthy.

[ancianita]

47. I wouldn't wait. That's just me. I don't trust that in the next 4 years, those not already in will be let in.

Remember that it's Russell Vought in the White House triumvirate. Read what he did last time he had a shot at Medicaid and Medicare.

During his tenure at OMB and as an outside adviser to Republican lawmakers, Vought advocated massive cuts to Medicaid and federal nutrition assistance, programs that the GOP is targeting as it looks to offset the costs of its proposed tax cuts.

Vought also spearheaded budget proposals from the Trump White House that recommended cuts to Social Security and Medicare, both of which the president-elect vowed to protect during his 2024 campaign.

"Vought oversaw every budget in the first Trump administration that cut Social Security and Medicare," said Tony Carrk, executive director of the watchdog group Accountable.US. "This much is clear: Social Security and Medicare are at risk in the second Trump presidency."

at https://www.commondreams.org/news/russell-vought-trump



Yes, the money will be less, but what would you have if you found it's being "phased out." If you start the application paperwork right now, you should be processed before Jan 20. So make a decision ASAP.
Also, as it stands now, while you receive Soc Security, you can earn a yearly salary -- not sure how much, maybe somewhere between $2,000-$4,000?

Just my opinion. We're all having to reconsider our futures now, and I deeply sympathize you and anyone in this situation.

[luv2fly]

51. Read the same article

Thanks, I read that too and it is part of what sparked this rare-poster to post something. I think there is some merit in thinking the blowback will be intense if they try and mess with SS, at the same time we all know they don't care what we think. We can all see the vultures circling and we're unsure just how hungry they are.

[ancianita]

55. Trump and Vought don't care about no blowback. If you know that, and you know that The People are

not at the White House table, what are you waiting for, a miracle?
You can wait and see and take your chances, but me, I'd play it safe and apply ASAP.
60% of something is better than 100% of nothing.

Up to you. Take care.

[Auggie]

50. I expect medical costs and local taxes to skyrocket. I'm holding out until age 70.

If the Rs do something shitty like lower or cap the max payout then I'll take it early. The difference for me between filing at age 68 and age 70 is about $650 a month. Worth waiting IMO.

[lostnfound]

74. Forgoing 2 years of 3600: 86,400. Breakeven point of 86,400 / 650: 11 years after age 70 age 81, not counting interest.

And a 5% return in a CD on 86,400 principal is 4320 per year = 360 per month. The 650/month reduction may be closer to 350 per month when you consider monthly interest from investing the receipts from the first 2 years of payments at age 68 and 69. Thus, suggesting a breakeven point that is more like 86,400/350 = 20 years after age 70. I.e., age 90 may be breakeven point for that decision.

Now factor in the chances that the program may be cut, that it won’t keep up with inflation, etc., and it’s leading me to re-think the plan.

[Auggie]

93. It's simpler for me ...

I’m waiting because I want to stay in California and it’s expensive to live here. I care about monthly income.

The goal is $10,000 a month after taxes. I’d rather have money and not need it than need money and not have it.

[Shermann]

52. I think once you get to 60 you are in the clear

Baby Boomers probably don't have much to worry about when it comes to primary benefits (family benefits and disability benefits could be a different matter however). It is a serious renege to change the rules after a retiree has already taken or delayed their benefits and would be political suicide.

Generation X might not be so lucky. Their full retirement age (FRA) could foreseeably be raised to 68.

Medicare is another matter entirely, however. I'd be more concerned about that.

[luv2fly]

56. I want to agree with you

I'm 63 and want to agree with you but I suspect they couldn't care less about: A) rules, and B) how we feel about it ("F*ck your feelings" and all that). They need those tax cuts for billionaires ya know.

[Jack Valentino]

53. I have applied for early benefits, although I didn't want to,

I felt I had no choice because of my personal situation--- has nothing to do with the incoming Drumph administration, although now I have to worry about THAT, also...

[MaineNative]

57. What to do......

I am agonizing over this decision myself. I will be 65 in January, get my medical through the VA, and we are doing ok. I cannot believe that if this Sexual Assault Administration (SAA) makes any attempts to screw us out of what it ours, that it won’t bring the house down on them. When MEGA gets hit in the pocketbook they will howl. In the mean time, should I collect or wait till 67? I just don’t know. Maybe we should sell it all and bail to another country.

How can anyone back this fool knowing the pain he will inflict? Are many of us sadists? And just what is Biden doing to make it difficult for this fool to win anything? Turkey pardoning isn’t it.

[rso]

58. Social Security

If one is healthy and expects to be able to live and work until he/she is in their late seventies, waiting until 67 is prudent, as at that point there are no limits as to how much one can earn separately.

[Mariana]

71. Under the current rules that is true.

The dilemma is in the fact that the rules can be changed.

[Joinfortmill]

59. I took social security at 65, one year before my full retirement benefit at 66.

I was just burned out. The difference was less than 150.00 a month, which was about the same amount I would be receiving from a small pension I earned from a company I had worked for for a year or two. One of the best decisions I ever made.

If your looking to retire more than a year before your full retirement, you should be able to learn the difference in amounts from the Social Security site and then evaluate your personal situation. You can always pick up a part-time job in the first few years you're retired to make up the difference.

Best of luck.

[sakabatou]

60. I've been on disability just after my first semester of college, but I don't know if that counts.

[valleyrogue]

61. I doubt there will be "cuts."

I took mine when I turned 62 in 2017. No regrets. I have continued to work full-time and will in the foreseeable future. Most of my income is from work, while the rest is from SS and a small Nevada pension.

[liberal N proud]

62. My plan was to work to 70 and draw the full benefit

I have 4 years to go in that plan.
If they are going to cut it, I am screwed.

[Xolodno]

63. Depends on your financial situation.

If you get an advisor that says work to 70 without really considering your 401k, Pension, etc. drop him like a bad habit. The longer you work, the longer they have you as a customer. They are not looking out for your well being. Also consider your health, mobility, etc.

The calculator on my 401k says I have more than enough for retirement if I retire at 63 in ten years (I could at 62, but decided to give myself an extra year, my grandfather retired and enjoyed himself early on, but then became bored, so I need to figure out something to do).

You can still work two days a week to keep you busy with something, a co-worker of my uncle called him and asked what he was doing and he told him, just watching the grass grow. So now he works for him twice a week just to have something to do.

I doubt those of Gen X and above will see any decrease in benefits, but those after us, are probably going to see a cut. Such as retirement age being moved from 62 to 65 and full retirement moved from 70 to 75, decreased benefits, etc.

So, don't panic just yet. Panic decisions are often wrong.

[ALBliberal]

64. Applied early age 63 just today

I feel it’s good to be collecting if I can. Maybe harder to take it away from those already collecting?
I have other sources of income however so there’s that. So I really can’t advise others.

[SarcasticSatyr]

65. I turn 62 in 2 months . . . .

I'm going to go ahead and apply. I honestly don't foresee living very much longer, maybe only a couple of years.

[barbtries]

66. i applied for early SS

after not being able to get even an interview let alone a job. No regrets. I still need to work to maintain my lifestyle though, but that probably would have been true under any circumstances, because I didn't get a good career or a decent paycheck until late in life.

[Kaleva]

75. I had to go back to work part time

It was too hard to get by on SS alone.

[Arthur_Frain]

67. I wanted to wait until I was 70 to claim it.

I won’t need it at my earliest eligibility, it’s basically beer money for me at this point, but if I’d waited, at 70, it would have seriously eased any upcoming financial burdens for the next couple of decades providing I survived.

Now I plan on taking it at my earliest eligibility. Both because I expect it will be insoluble much sooner now, and I, as a federal retiree, expect them to come after my pension next.

[progressoid]

69. Retirement?

What's that?

[wolfie001]

70. Not me

I retired at 63 years and 10 months. One year retired is on Dec. 8th. No regrets. I've learned a lot of kitchen intricacies to help keep the grocery bill manageable. I can make a mean Splenda apple pie, I blanched peaches and made the best peach pie I ever tasted. Beef stew, chix noodle soup, black bean tortillas, beans and rice that tastes great, lentils. I'd rather have the lesser amount and be a bit healthier so I can keep moving around. Average American male lifespan in the US is now down to sub 76 I believe. The Bluer states are a bit more but if you retire at 67, that doesn't leave a whole lotta room.

[Pinback]

72. I would expect them to leave older workers and current recipients untouched.

Part of the plan is to create intergenerational conflict by screwing younger workers with either a higher retirement age, lower benefits, privatization, or some combination of the above.

The SS benefit, as I’m sure you’ve heard, goes up 8% for every year you wait. And that’s something that can’t just be changed with an executive order or a Xitter post. If you know of an investment that produces a guaranteed 8% a year return for 7+ straight years, please let us know.

Sure, the assholes are in charge now, but I don’t think they want to piss off every American over the age of 55. I could be wrong. We shall see.

Bottom line for me is: Social Security is old age insurance. If I die before I “break even,” that doesn’t mean I “lost.” It just means I was in a decent position to afford basic expenses if I continued living into advanced age. And if I do live to an advanced age, Social Security won’t make me rich, but it will help pay the bills.

Obviously, the calculus can be very different depending on your individual situation — my friend who has early Alzheimer’s, for example, should not wait til age 70 to claim benefits. Nor should someone in their 60s who really needs to retire soon for whatever reasons and can’t afford to wait on Social Security income.

I’m fortunate that I could wait, and that’s worked out well in my situation. But there are many scenarios where that’s not the case. So read up on alternatives, get advice from trustworthy sources, and do what’s best for you.

[quaker bill]

76. The myths can be reduced simply

It is a question of whether you want larger checks of more of them. We will all pass at some point and that point is likely not changed by when we start collecting SS.

So, if you start collecting at 65, by the time you are 67, you will have received 24 checks. If you wait until you are 67 then by the time you get your first larger check, the person who started at 65 will have deposited 25 of them. Given you have the same employment record the person who retired at 67 will be getting more each month but be way behind in $ received.

Now in no small feat of actuarial soundness, it all breaks even at age 83. Whether you start at 62 or 70, you end up with the same number of dollars received by 83, from there it is a wager on how long you live. Folks who wait will collect more money if they live well beyond 83. It will make little difference if they pass at 84 or 85.

There is another bit that matters here that is more subtle. You only get COLA increases if you are collecting benefits.

Where waiting may make some sense is if your wages over the last 35 years were low and the check you will get is too small to be of much help. Then waiting to make it bigger can make some sense. Also, say if you are making vastly more money now than you made 35 years ago as the check is calculated as an average of your highest 35, so bumping a few low numbers off with far larger numbers can help.

Personally I wanted the $ when I could still enjoy retirement and claimed a bit early.

[scarletlib]

80. Go for it. My husband has worked full time for years while on Social Security.

He deposited most of his check into another savings type account. Or you can pay taxes yourself on the Ss directly to Ss. A bonus for him: the earned income was calculated for the year and he got increases in his Social Security.

[mucholderthandirt]

82. My brother is eligible in January, and he's debating taking it early. He'd planned to work a few more year.

But he's worried that if he hasn't already signed up he might miss out. He likes his job (OTR driver, works for a good company), and was hoping to make it to 65. I don't know what to tell him. It might be months before Trump is able to do any of this madness, or it might be day one. At any rate, he doesn't want to stop working yet, he's saving money to buy land.

[doc03]

83. I retired at 62 14 years ago, I have never regretted that decision for one second. Of course,

that depends on your financial situation. If I only had SS I couldn't live my current lifestyle. In addition to SS
I have a defined benefit pension and a substantial IRA income.

[Jacson6]

85. The cuts will come automatically in 7 yrs.

Congress won't have to do anything so that they occur.

[JustABozoOnThisBus]

87. I retired as an "old fart", 68 years old, and started SS when I turned 70

If I die in the next five years, my decision will have been a poor one. If I live longer than that, I will think I made a wise choice. I figure the breakeven point is at around age 84.

If I have things to 'splain when I meet St Peter, I doubt that my Social Security strategy will be at the top of his list.

I don't think I've met anyone who regrets starting SS at 62.

Best of luck with your decisions, about this and about the looming Medicare stuff

[discntnt_irny_srcsm]

89. These are the key ages: 62, full retirement age (FRA), year you reach FRA, maximum benefit age (MBA)

MBA is now 70. As of now waiting till 70 to begin collecting maximizes the amount of your monthly benefit.
Your benefit at FRA is reduced for early collection. Here's a chart: https://www.ssa.gov/benefits/retirement/planner/agereduction.html

Between 62 and your FRA, any earnings above $1,860/month (as of 2024) will reduce your monthly benefit by $1 for every $2 above that.

Example:
If you work after you begin collecting and your wages are $25/hour, you will earn about $4,375 in the average month. $4,375 - $1860 = $2,515. Your monthly benefit will be reduced by $2,515 / 2 about $1,258. Collecting at 62 reduces what you would have gotten at FRA by 30%. If you plan to work after you begin collecting, make sure you will actually net some money based on your expected wages.
For instance, this year, if you expect to earn more than about $69,400, don't begin taking social security. Doing so will lock your benefit at a lower amount but earning that much will reduce your benefit to near zero. Another link: https://www.ssa.gov/benefits/retirement/planner/whileworking.html#h1

In the year that you reach FRA, benefits are reduced $1 for every $3 of earnings. After FRA all deductions from your benefit stop.
The maximum monthly benefit at age 70 is $4,873; at FRA is $3,822.
For deduction purposes investment income, pensions, annuities, interest, veterans benefits, or other government or military retirement benefits are not counted.

Hope this helps.

[sweetapogee]

97. I'm one of those people that studies everything...

...and not to sound uncaring but trying to talk someone out of taking social security at 62 because of the income penalties or reduction in benefit is usually not a fun task if the person is determined to quite their job and start traveling the world. As for me personally, I'm 4 weeks away from FRA and planning on waiting to start collecting at age 70. My partner age 68 is going to retire Dec 2025 so 12 months from now. So, we will have two social security checks and one pension and a 401K, a 403B, one each Roth IRAs and a rollover IRA. That plus a taxable brokerage account and a healthy savings account and some gold and silver bullion.

People ask me all the time when am I going to retire? Ideally we want our home's value to be no more than 20% of our total net worth. If I have any say in the matter I will continue to work at my full time employment and diligently save and invest to get to that point. That is somewhere around age 71 or 72 so 5 years from now. Once we achieve that we will have 3 streams of retirement income, my Social Security, my partners SS and pension and our investments, any single one of those streams will be adequate to meet our retirement expenses.

A lot of people don't seem to appreciate that the 4% rule allows the retiree a $40K per year withdraw from a 401K or similar investment on a portfolio of one million dollars. Not to be misunderstood, I'm certainly looking forward to hanging it up and sleeping until noon. But I'm personally willing to be patient and yes frugal in the process so that on the last day of my work life, the last thing on my mind will be stress over money. I have several friends that took SS at 62 and get about $1900/ month, same for the spouse and that is $3800 per month for a couple with no debt or mortgage which is ok but after Medicare there is little to travel on and one financial disaster they are in pain because they don't have any retirement savings.

[discntnt_irny_srcsm]

98. BTW any SS benefits may be taxable.

Thank you very much reagan.

[MineralMan]

91. I started getting SS benefits at 62.

I supplemented them by carefully staying under the maximum I could earn until I reached full retirement age. Since I was self-employed, it was pretty easy to manage, and I didn't have as much work as I had in the past, anyhow.

My wife waited until she was 64, and had many issues because she was earning too much. SS gets confused with self-employed people and the amount you receive changes now and then until you reach full retirement age, when it no longer matters.

Was it worth it, starting at 62? Yes, for me. IN the four years before I reached full retirement age, SS benefits added up to about $50k. Since I've been at full retirement age for sometime, the benefits stay the same as they were at 62, but other things in my life have improved, and my wife and I are doing just find at this point.

Do the math, and then evaluate your situation. That's the only way to make the decision.

[Happy Hoosier]

95. The real question is can you afford to?

Given that early SS benefits come with an income limit, can you get by with the limited income and reduced benefit? If you have a lot saved, withdrawals won't count towards the limit. If so, that's a viable path. Don't forget medical insurance before Midecare eligibility.

Personally, I'm going to try and pad my 401K as much as I can to FRA.