General Discussion

dixiegrrrrl

(60,150 posts)

34. I took early Soc sec.

Reply to Horse with no Name (Original post)

Mon May 28, 2012, 04:47 PM

May 2012

Because of the economy.
At the time, the plan/idea was that with annual COLA raises, any "loss" of monthly SS income would be caught up by the time I reached 65.
Well, we all know what happened..no Colas for 3 years.
Plus, once I signed up for Medicare, I am losing money from the SS check, so it is smaller than the planned on numbers.
However, once I reached 66, any money I could earn from a job is not counted for SS purposes.
And Medicare is very cheap insurance to buy...so far.
Also, Mr. d has an income...we need both incomes to make it here.

No regrets, the situation when I was 62 made the decision easy.

Click here to purchase valentine hearts!

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

51 replies

= new reply since forum marked as read

Highlight:

On Social Security benefits..if you were 62 and were underemployed [View all] Horse with no Name May 2012 OP

Wait thelordofhell May 2012 #1

I just did it last month.. Fumesucker May 2012 #2

I did it. MineralMan May 2012 #3

It isn't for me but for a family member Horse with no Name May 2012 #6

In that case, it may not make sense. MineralMan May 2012 #7

Just to make sure I have this right Horse with no Name May 2012 #20

I can't answer that exactly. MineralMan May 2012 #25

It's gross income Glitterati May 2012 #38

23K is next to nothing? hfojvt May 2012 #27

I'm guessing you missed the part where he brings home $480 every two weeks Horse with no Name May 2012 #32

Retiring at 62 makes for a smaller check than he would get at full retirement age FarCenter May 2012 #36

thanks for this far center^^^^ irisblue May 2012 #45

I would do it in a heartbeat. Demit May 2012 #4

This is the correct answer. Ikonoklast May 2012 #8

More money doesn't win you anything. The answer lies in quality of life and that means enough money. valerief May 2012 #14

More money today means a great deal if you need it. Ikonoklast May 2012 #21

yes...Very true. Horse with no Name May 2012 #26

Uh, the point was more money if you don't need doesn't win you anything. valerief May 2012 #47

Good point about life expectancy. MineralMan May 2012 #9

I did precisely that in 2010 longship May 2012 #5

I will probably have to 3 years hence. nt Wounded Bear May 2012 #10

My husband turned 62 abolugi May 2012 #11

Early SS will likely be the only income for me since 2008. LiberalEsto May 2012 #12

I'll be 62 in Sept and I'm going for it. panader0 May 2012 #13

The SSA sees your annual income as you report it in your taxes. MineralMan May 2012 #17

That's exactly what I plan to do in another five months or so. Buns_of_Fire May 2012 #15

Go for it. hobbit709 May 2012 #16

There was a study that said the earlier you retire, the longer you live CreekDog May 2012 #18

Yes. Honeycombe8 May 2012 #19

I did that in 2010 Greybnk48 May 2012 #22

You say you are underemployed. Would you quit your present job? Does present job have any benefits? retread May 2012 #23

I was a high school teacher... Bigmack May 2012 #24

"Take the money and run" Buns_of_Fire May 2012 #29

I waited, but when I retired at 65 I was making the highest salary of my CTyankee May 2012 #28

It's good to hear other people's opinion on this PlanetBev May 2012 #30

It starts at 66 for people born a few years on either side of 1950 Lydia Leftcoast May 2012 #31

I could have started collecting a year ago, but my monthly benefit would be $0.00. bornskeptic May 2012 #33

I took early Soc sec. dixiegrrrrl May 2012 #34

So can you get Medicare once you start getting SS or do you have to wait? n/t Horse with no Name May 2012 #35

Medicare is separate from and unrelated to SS. The Velveteen Ocelot May 2012 #37

Thanks! n/t Horse with no Name May 2012 #40

Also note that his Medicare Part B premium will be deducted from his SS check beginning at age 65. FarCenter May 2012 #46

Medicare usually licks in at age 65. dixiegrrrrl May 2012 #41

If you're getting social security disability at 62, it takes one year after the date of aint_no_life_nowhere May 2012 #43

25% less ...nope. I will work to 65 ...maybe 70 if I still have good health. L0oniX May 2012 #39

absolutely magical thyme May 2012 #42

So many considerations... dkf May 2012 #44

This Might be Helpful !!! WillyT May 2012 #48

Excellent sites. According to the SS site, I can't receive ANY benefits before age 65.... Honeycombe8 May 2012 #51

If you have to do it then you have to do it. former9thward May 2012 #49

Fortunately, I was employed and started collecting Social Security benefits at 65. n/t RebelOne May 2012 #50