Should You Take Social Security at 62, 66, or 70?

The Motley Fool ^ | updated on January 11, 2018, and originally published on March 25, 2017 | Todd Campbell (TMFEBCapital)

[Maine Mariner]

I took mine at 66; still working full time. The SS checks paid off loans and permitted us to remodel 2 bathrooms and paint the house (over 18 months).

[Dr. Sivana]

She only gets 50%..........

That kind of stinks. A guy can work hard supporting his wife, die at 65, and she only gets half the benefit?

Well, all the more reason to go for the full amount, half of a bigger number is better than half of a smaller number. I'm 15 years away, anyway.

[HotHunt]

Yes.

Medicare Part A (inpatient care) is mandatory for every one who turns 65. You don't have a choice. Goods news, Part A is free.

If you don't want or need any of the other Medicare benefits, you'e not required to enroll in them.

However, if you are drawing SS when you turn 65, the feds will automatically sign you up for Part A (free) and deduct your Part B (outpatient care)from your SS check. It's about $120 a month.

Or you can decline the Part B (I did) and save the $120 or so a month they take from your SS check.

[sneakers]

Here too. I’m 63 and working until I’m 66. I plan on continuing to work at my current job. I can collect my pension and go part time. Well, at least that’s the plan. :-)

[hadaclueonce]

Thanks

[Maine Mariner]

I signed up for Medicare Part A, required; I am working and will be covered by company provided insurance until about age 70. Won’t sign up for other coverage until then.

[Uncle Miltie]

All these analyses usually get the following factors wrong:

1) Likelihood of death
2) Opportunity cost of money while waiting for future payments
3) Congress can declare that you get none later
4) Tax changes
5) Enjoyment value of retiring earlier

I’ll be taking it at age 62 precisely. I’m not going to wait for something to happen. If they’ll pay me to not work, I’ll do that day 1!

[AlaskaErik]

I did not start collecting SS when I turned 62, as I don’t need it, even though I retired at 60. My wife and I both have significant pension income. But when one of us dies, the larger the SS payout, the better off that person will be. If I wait until 70 and die at 69, I’ll be too dead to care that I never got a dime. Had I started at 62 and live to be 90, I’d definitely care that I have a much smaller monthly check vs having waited until FRA or 70.

[Red Badger]

You should set up and IRA in HER NAME, contribute as much as you can each month.

Best IRA Accounts of 2018:

https://www.nerdwallet.com/blog/investing/the-best-ira-account-providers/

[Maine Mariner]

No state income tax, but there maybe federal income tax.

[Red Badger]

The surviving spouse gets only 50% of the dead spouses benefit...............

[UB355]

Tables are wrong, I took at 62 my benefit is above the highest in the table

[HotHunt]

I'm also in the VA co-pays group. I only pay co-pays for actual appointments and prescriptions. Some months I don't owe anything. It's not expensive.

Sure is cheaper than paying medical insurance premiums every month forever.

[Red Badger]

Remember you only get 50% of the dead spouses benefit, but 100% of yours........................

[Red Badger]

They change from year to year and whatever your birth year is...............

[stylin19a]

specifically, if you receive SS you generally should be automatically enrolled in Medicare.

https://www.medicareinteractive.org/get-answers/medicare-health-coverage-options/original-medicare-enrollment/how-to-enroll-in-medicare-if-you-are-turning-65

[freds6girlies]

bookmark

[chesley]

I waited till 70. Last May. I intend to work probably 2 more years. Extra money goes to fixing up the house and getting out of debt. Mortgage is paid off, so it’s going pretty fast now.

But then I like my job.

[Lou L]

He tells me that you may think you need a lot of money when you’re in your 60s, but by the time you hit late 70s, you just don’t need much money, you don’t do as much.

I have a tendency to agree with this. I think for many reasonably healthy people, the 60's are going to be the most active decade, but each successive decade will slow down. Anecdotally, I would plan to do the majority of my remaining traveling in my 60's (just shy of 7 years away), and go strong until the middle of my 70's. We'll see what happens after that.

I'll have other income streams, and won't necessarily have to take my SS at early retirement age, but I can't see waiting until full retirement age, either.

[chesley]

No, not if it’s some kind of approved by the IRS or SS or heck, the FBI. That’s for Medicare B. Might as well get A. It’s free.