Posted on 12/31/2017 7:23:49 AM PST by SeekAndFind
We both took ours at 62 - the math said we weren’t likely to really get ahead by taking it later and it gives us more “play” cash for vacations. etc., while we’re still young enough to enjoy it.
bump
FWIW, CPA’s have training/certification and a new title they can add to their practice to help determine when you should sign up for the benefit. They are the most honorable of the financial professions, and I intend to utilize this service w/ my CPA gnome who has this title when it is time. Nothing against Schwab, good honest firm, but numbers and calcs, come into play here, above and beyond this article. Food for thought.
This has been bantered around on every financial web site for god knows how long.
Its a personal pref and all the articles say the same thing as there is only so much that can be said on the topic. Just as this article has done.
But my opinion on the mater is and we all know about opinions and butt holes and that has been and what I did and my bro done did and that is;
Take it ASAP and if ya dont need it DCA it here:
https://personal.vanguard.com/us/funds/snapshot?FundId=0502&FundIntExt=INT&ps_disable_redirect=true
I took a personal finance class in college and the instructor was big on taking everything, SS, pensions etc., the first day you can get them.
The government is NOT interested in helping you make "wise" decisions.
The government is interested in seeing if they can get you to put a hold on what you are owed, and then hoping that you die before your number comes up.
I signed up at 62 too.
My dad passed at age 60 (pack a day of Camels.)
I draw full SS and work full time, started drawing at 65. I didn’t see this mentioned in the article. Wait until your old enough to hit full retirement and there’s no penalty. Almost 2500 a month on top of my current income. I say draw at full retirement and work as long as you feel good and your health holds out. I love what I do so that really is a determining factor. My wife retires early (62) in less than 2 years and plans on staying on part time at the hospital. Neither of us are ready to just shut down completely, heath matters could change that but that’s the plan at the moment.
Take the money and run before they cut it off.
So start it when you can.
Sorry for his passing. It’s interesting about the impacts of smoking, both my Mom and Dad smoked, Dad about a pack a day and Mom more. She lived to 87 and Pop made it to 93. He dipped Copenhagen also and about a gallon of Whisky a week in his later years.
And after that came coronary artery bypass surgery.
I took it a full-retirement age, not waiting until 70. I ran the income curves and the cross-over point was something like mid-80s.
I didn’t trust the USA under Obama and the RATS.
My wife is working, house is paid, we have want we want (we're not extravagant). It's all gravy. I can get a new Les Paul and if Marshall ever decides to release the new DSL line, a new amp!
Age 62 or later? I say you have to consider your (and/or your spouse’s) health, whether you like your job enough to work longer and if you can pay your health insurance between age 62 until 65 when Medicare kicks in. The bit extra $ by waiting for S.S. should be way down on your decision list.
My wife and I had government jobs at which we had worked long enough to get vested pensions and our health insurance (via my job) had post-retirement payments. We both were fed up with work so we both quit the same time, me at 62 and she too at age 58. Our life now is swell with health and grandkids to have fun with.
Here’s another way to look at it.
If you take the money let’s say, two years early. You put it in an investment account, say, an IRA. Will it be worth more than the difference two years from now. (the answer is yes).
Tax rate on SS depends on your taxable income.
In any case with tax rates dropping and the fact that the government can never take all of your income, it pays to take the money when it’s offered.
My Mom passed away at 57 from cancer. My Dad has had heart issues, but he is still doing pretty well at 86. I thank God for his many blessings and will enjoy the kids and grandkids as long as I can.
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“My dad passed at age 60 (pack a day of Camels.)”
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My Dad passed at 32 (didn’t smoke).
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