Posted on 05/16/2020 9:47:35 AM PDT by rintintin
The coronavirus pandemic is wreaking havoc on Americans’ financial situations, which may cause some older Americans to consider collecting Social Security benefits before they had planned to.
About 33 million Americans have filed for unemployment since mid-March. Considering one-third of the U.S. labor force is 50 or older, some older Americans may be forced out of the labor force years earlier than they had anticipated.
Social Security is a tool that is available to people who have worked for a sufficient number of years: For most Americans who haven’t started collecting, the full retirement age will either be between ages 66 and 67. Age 62 is the earliest you can begin collecting, while 70 is the latest.
While delaying when you collect, if possible, can actually increase your benefit by as much as 32 percent, some reasons that people may need to file early include paying for health care or paying for other immediate living expenses, particularly in light of job loss.
Chad Parks, founder and CEO of Ubiquity Retirement + Savings, told FOX Business that given the circumstances, collecting benefits early could be “the right move,” even for people who were planning to wait until age 67 or 68.
“It’s a very personal decision,” Parks added.
(Excerpt) Read more at google.com ...
Easiest decision imaginable. Take it the second you turn 62.
Even though my break even point (62 vs 66 + 2 months) is 78 I am still waiting so my wife would get more in case I died earlier.
I’m planning on working until I drop - whenever that is.
Isn’t the earliest 62.5?
Isn’t the earliest 62.5?
Isn’t the earliest 62.5?
I am eligible but trying to put it off because of the rule that you begin to lose fifty cents on the dollar in benefits for wages earned over $15,000. So at about $40,000 in income I’d get no SS at all. Is my reasoning flawed?
Damned computer!
Two years and seven months to go. The Lord willing.
62. Apply 3 months before your 62nd birthday. You become eligible first month after 62nd birthday then receive the payment for that month the month after that. Soooo....if you turn 62 in June 2020, you will receive your first check in August which will be July’s payment.
That’s not right. You don’t immediately start to lose benefits if you have additional income. What happens is your social security benefits will be partially taxable.
Thanks.
Thanks.
If you’re working, don’t take it.
If you are forced out of the job market why would you not take it at 62.
Draining your retirement accounts so you can get a little more in SS down the road is crazy.
You might end up broke about the same time SS goes broke.
So protect YOUR money as long as possible.
+1
“Easiest decision imaginable. Take it the second you turn 62.”
Of course, unless the only one who can gives you His guarantee you will live long enough to make it worthwhile.
Even if you work until you drop, at 65 you can collect SS and make as much as you want.
That’s exactly what I did. Who knows how many years each of us has left.
Take it at 62.
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