Talk of The Villages Florida - View Single Post - Turning 62
Thread: Turning 62
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Old 04-20-2015, 02:21 PM
patfla06 patfla06 is offline
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Quote:
Originally Posted by Villager Dude View Post
If you need SS take as early as possible

If not delay as long as it makes sense.

Keep in mind you may have to give some back if you are working until you reach 65 .

If your full retirement age (FRA) is 66 then you would get a 25% reduction in your SS at age 62 . So if you would get $ 1,000 at age 66 then by taking it early you would get $ 750. If you defer past age 66 till age 70 then you would get an 8% increase for each year for the 4 years till 70. So waiting till 70 and if your benefit was $1000. at age 66 then your benefit at age 70 would be $1320.
You are absolutely right!

How do you decide to take it when you hit 62 or do you wait until 66?
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