Start collecting Social Security now?

[NameAlreadyTaken]

I haven't started collecting it because I wanted to wait until my Full Retirement Age of 67, which is 2 years from now. I turn 65 tomorrow. But, with all that's going on, I'm thinking I should just apply now and take the lower monthly payment now. Of course I would get a lower monthly payment than if I waited. At least I would be in the system as a beneficiary already. Your thoughts on this?

[OLDMDDEM]

1. Get it now.

[mvd]

2. My dad got his early

But he had lost his job and at his age was having trouble getting work again. He needed it for the family. If you don’t need it, it’s usually better to wait. But with Trump in there I can’t advise against taking it. Just get it.

[NewHendoLib]

3. No single answer. Depends on many things.

Last edited Sun Mar 2, 2025, 07:43 PM - Edit history (1)

Your health, health outlook, monthly bills, if you have a 401K/ IRA, total family income. I'm waiting 1 more year, at 70. I'm in the minority, I believe

[Ms. Toad]

21. I hope that 79 is a typo -

Otherwise you've thrown away 9 years of your money. SS maxes at 70, so there is no reason to wait beyond 70.

I'm waiting until 70. My parents are still alive at 94. My grandmother died at 101, so I'll likely be collecting a long time. And I have a state retirement fund, and an annuity I'm drawing down to zero over 4 years to supplement it. That will tide me over until I hit 70.

[dweller]

28. It's a typo

He’s younger than me … not telling our ages
😬




✌🏻

[NewHendoLib]

29. Fixed. Damn thumb!

[enid602]

31. Decision

I waited until 70, which was late ‘23. I don’t know if I’d make the same decision today. It might not make much of a difference anyway.

[Skittles]

22. ?

there's no increase after age 70, that is it

[NewHendoLib]

32. Fixed - typo

[Skittles]

33. heh

I am doing the same, and will NOT let that fascist fuck Trump influence my decision. NOPE.

[haele]

4. A guy at work is thinking about that - just turned 65.

He married a (much younger) woman late in life and has two kids still under 18; he's thinking of working and collecting Social Security early when he can, and get the dependent subsidy to help pay into their savings accounts so if something happens to his or his wife's government jobs, there will be a way for them to afford college or trade school.

[jrthin]

5. Get it now.

[kimbutgar]

6. I was holding out for the maximum payout at 70 1/2 but I still got 2 years

But now might apply also before they shut it down.

Something tells me though if the muskrat does attempt to end it there will be massive crowds of people in the streets. MAGAs having to support their parents and maggots receiving it themselves, and don't get me started on those 24-35 year olds with student loan and credit card debt still living at home now having to also support their parents and grandparents also.

The muskrat administration is doing shock and awe to us now to gas light us.

[whathehell]

7. I took SS at 63 and never regretted it.

My life, of course, might be very different than yours..Given the current environment, I'd seriously consider taking it early.

[multigraincracker]

12. I retired at 52. Been retired for 23 years.

No regrets at all. My hobbies are cheap living and hobbies that make me a little extra.
I’m in cash now in case it all goes to hell. Want to be in a position to buy when prices fall.

[whathehell]

20. It's great that you were,

and continue to be, able to do that.. Had I been able to retire in my 50's, I'd definitely have done the same.

[BlueWaveNeverEnd]

23. me too

[godsentme]

8. I started one year early

I was reluctant but I'm glad I did. I did the math and it made sense for me to start early. Also, when I called the SS office to see about getting started, I got a human on the phone right away and he helped me decide. The following month, I got my first check. Sending my best regards for your decision.

[WarGamer]

9. Always take it early.

If you don't need the $$ for monthly expenses... take the lower monthly payments and buy shares of an ETF like SPY or QQQ...

Repeat every month and by the power of the markets, the stack of money after the 5 years you would have waited to collect will be greater than the little bigger monthly payment

IIRC, it takes living til 87 to BREAK EVEN compared to taking it at 67

The SP has averaged 10% annual gains for 30+ years...

1500 a month for 5 years, all invested in SPY produces a $120,000 golden egg...

After that time, it is producing $1000/mo in income if you sell and $500 a month if you take it out of the market and into 4% notes.

[LuckyLib]

10. Take it now. While it may not be at risk, you'll

have removed two years of worry. Life is short.

[J_William_Ryan]

11. "At least I would be in the system as a beneficiary already."

If you’re concerned about Social Security being eliminated, it will happen as a phase out, not a sudden cessation of benefits.

Those with their 40 qualifying quarters will still be eligible; those without, born after a certain year, will not be eligible.

The Program will come to an end as beneficiaries die off.

You will apply for Medicare when you turn 65; that program’s survival should be your greater concern.

[NameAlreadyTaken]

14. Thank you. Medicare started for me yesterday.

[GoodRaisin]

25. "It will happen as a phase out"

We hope, rather than as highway robbery. But I wouldn’t put anything out of the realm of possibilities with this evil, greedy government.

[Danascot]

13. What is the Social Security break-even age? AARP article

The article below gives some insight into whether to take SS early or later.

That said, due to the uncertainty of what trump/elon will do to it, getting into the system sooner than later may be the right step.

Say for example your benefit at 67, the full retirement age, is $1,800:

Starting at 62, your payment would be 30 percent less, or $1,260 per month. So, between the ages of 62 and 67, you would receive $75,600 in benefits ($1,260 for 60 months).

If you wait until you turn 67, you give up that initial $75,600 but would receive $540 more per month, or $6,480 more per year. At that rate, it would take about 140 months (11 years and eight months) to make up for the money you’d forgo by claiming benefits later. At around age 78 and 8 months, you reach the break-even point, when your cumulative benefits from claiming at 67 surpass those you’d get by taking retirement at 62.

You can use a similar calculation to determine the break-even age for taking your maximum benefit at age 70 — in this example, approximately $2,230 a month.

Starting at 62, your benefits would come to $120,960 over the next eight years. Starting at 70, you’d get approximately $970 more a month, or about $11,640 more a year. It would take about 10.4 years to break even, so you’d be 80 and change when claiming your maximum monthly benefit begins to pay off in terms of total dollars.

https://www.aarp.org/social-security/faq/break-even-age/#:~:text=That%20catch%2Dup%20moment%20is%20called%20the%20break%2Deven,out%20of%20your%20benefits%20over%20your%20lifetime.

[NameAlreadyTaken]

15. Thank you

[GoodRaisin]

27. I took mine at 62 and calculated 14 years, or age 76, as my breakeven point

when I made the decision 10 years ago.

[Skittles]

34. I honestly do not care about "break even"

maybe the money I paid in went to a young widow with kids, or a disabled person......no problem with that

[ProfessorGAC]

16. I Took It Early

With the reduced amount, I got 56 months of SS payments before full retirement age.
In order to breakeven with the difference, I'd have to live 13&1/2 years.
With neither parent making it to 76, neither grandmother to 60, on grandfather to 77, and 3 uncles and an aunt all before 65, I have no strong expectation of living long enough to see a difference.
Of course, a rare mitigating factor is that my SS payment is about 1/6th of our total retirement income. Others with tighter constraints may have decided differently.

[NameAlreadyTaken]

17. Thank you

[mnhtnbb]

18. I took mine early

with no regrets. Given the circumstances in DC, it's probably advisable to take it early and if at all possible, put some into savings that will generate some investment income .

[milestogo]

19. Yes

I just did. Was planning to wait till 70 but took it 20 months early. Got my first check already. You never know when they are going to take it away, even though its OURS. Trump and Elon are thieves.

[SheltieLover]

36. Good for you, Miles!

They wilk have a more difficult time, I think, taking away benefits already in the system, byt who knows?

[DeepWinter]

24. The earlier collection

almost always works out better in your favor the first 15 years, if you make it to that. It ultimately comes dow to what you think your life expectancy is. (Family life expectancy?)

My parents, grandparents, great-grand parents have all lived into their late 80's and up to 99. Even with that, I'm starting at 62, it just makes sense for me.

[Farmgirl1961]

26. Thank you for starting this thread...

I'm 63 and was planning on waiting until 67 to collect. My husband is 68 and just got his SS deposited (he filed back in Dec). I retired early from 20+ years working for the state of Oregon (so I have PERS retirement) and we have some other sources of income, meaning that at this moment we don't need the extra $$, but I don't want to lose it either. I'm very much in the wait and see and maybe split the difference and file at 65....

[Emile]

30. You know how much longer on earth you have?

[NameAlreadyTaken]

39. No

[unc70]

35. Waited until 70+ and able to receive the max

While waiting, I filed for a spousal amount against my ex wife's account. A bit less than half what I would have received, but it gave me 2+ years early and lowered my break even point accordingly.

[SheltieLover]

37. Personally, I would get in the system asap.

It would seem they will have a more difficult time taking away what has already been awarded. But I'm just guessing like everyone else.

[MiKenMi33]

38. Definitely start now.

Don’t wait. I read an article a few months ago that stated if you’re already drawing, it’s be much harder to stop payments.

[sakabatou]

40. Already have it, due to disability

[halobeam]

41. wondering if I take half my spouses' now, when he passes, do I still just get half or his full?

anyone know? ofc, depending if it still exists.

[mnhtnbb]

42. Info about survivors benefits

https://www.ssa.gov/faqs/en/questions/KA-02083.html

[halobeam]

43. :) thank you mnhtnbb !!