[DianeM]

I opted to start the minute I turned 62 and let any investments I have continue to grow and use them as needed. My philosophy was that I figured SS may not last forever and I wanted in before the powers that be decided the bank was closed. I also figured that waiting was a gamble. I may live to 100 but I also may not see the sunrise. None of us know so I decided to take the money and run.

[Midvale]

Originally Posted by DianeM

I opted to start the minute I turned 62 and let any investments I have continue to grow and use them as needed. My philosophy was that I figured SS may not last forever and I wanted in before the powers that be decided the bank was closed. I also figured that waiting was a gamble. I may live to 100 but I also may not see the sunrise. None of us know so I decided to take the money and run.

Me too!

[asianthree]

we are going to delay for awhile and see how it goes...can always change our mind and take early SS

[manaboutown]

Take the money and run! Woody Allen. I took mine at 65.10 mos, full retirement age being born in 1942. I did not want to lose by taking early or wait until I was 70 because I did not and do not trust that SS will remain as promised.

[dillywho]

My brother died 4 months after he turned 65. He went in for surgery less than a month after he turned 65 and never came home because of complications after the surgery. He wanted to work until his "full retirement age" so passed on taking it at 62. He was born in 1945 and would have turned 68 the 17th of this month.

My point? Life does not come with a guaranteed expiration date so you may never live long enough to get the maximum. You paid for it, along with you employer(s), so go for it at the earliest possible time.

[Schaumburger]

I was born in 1960. According to the Social Security web site:

Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.

If you start receiving retirement benefits at
•age 62, you will get 70% of the monthly benefit because you will be getting benefits for an additional 60 months

So am I better off waiting until I turn 67 which is the full retirement age for those born in 1960 and after? Or is it a crap shoot? If family history has anything to do with my decision...my mother died at 67; my dad is still going strong at 83. He retired at 62 and started collected Social Security right after he retired, so he has been collecting SS for 21 years.

[DougB]

Please everyone, keep posting the benefits of retiring and collecting SS at the age of 62. I am printing them all out and taping them to all the walls for my wife to see. Two years and counting!

[allus70]

From Morningstar

Social Security: Delaying Equals Staying Power for Your Portfolio

[Pepperhead]

I took mine at 62 and applied every penny of it as extra payments on the principle of my mortgage. The interest I saved more than made up for my not waiting until max age.

[Villager Dude]

Our decision is based on the fact my Mother in law lived to 96 (my wife has good genes )

Wife took social security at 66, at 66 I will take 1/2 of hers ( spousal Benefit ), I will defer mine which is higher than hers.

At 70 I will start mine which will be 32% higher than my SS at age 66.

At my demise my wife will get 100% of mine for life which will be far more than hers would be by waiting to age 70.

[batman911]

Originally Posted by Villager Dude

Our decision is based on the fact my Mother in law lived to 96 (my wife has good genes )

Wife took social security at 66, at 66 I will take 1/2 of hers ( spousal Benefit ), I will defer mine which is higher than hers.

At 70 I will start mine which will be 32% higher than my SS at age 66.

At my demise my wife will get 100% of mine for life which will be far more than hers would be by waiting to age 70.

Good plan Villager Dude. The decision of when to start taking SS payments is an individual choice. A lot depends on your current state of health, longevity of parents and grand parents and financial need. No one shoe fits all.

[rjm1cc]

Originally Posted by Villager Dude

Our decision is based on the fact my Mother in law lived to 96 (my wife has good genes )

Wife took social security at 66, at 66 I will take 1/2 of hers ( spousal Benefit ), I will defer mine which is higher than hers.

At 70 I will start mine which will be 32% higher than my SS at age 66.

At my demise my wife will get 100% of mine for life which will be far more than hers would be by waiting to age 70.

Agree

[asianthree]

Originally Posted by dillywho

My brother died 4 months after he turned 65. He went in for surgery less than a month after he turned 65 and never came home because of complications after the surgery. He wanted to work until his "full retirement age" so passed on taking it at 62. He was born in 1945 and would have turned 68 the 17th of this month.

My point? Life does not come with a guaranteed expiration date so you may never live long enough to get the maximum. You paid for it, along with you employer(s), so go for it at the earliest possible time.

it would be so nice to have an expiration date on the bottom of our foot...but since thats not possible...my fathers parents lived to be 98 and 99...my dad had been trying to go the light at 80...he can't understand why he is not going to live as long as them

[Russ_Boston]

Originally Posted by Villager Dude

Our decision is based on the fact my Mother in law lived to 96 (my wife has good genes )

Wife took social security at 66, at 66 I will take 1/2 of hers ( spousal Benefit ), I will defer mine which is higher than hers.

At 70 I will start mine which will be 32% higher than my SS at age 66.

At my demise my wife will get 100% of mine for life which will be far more than hers would be by waiting to age 70.

Sounds like a very sound plan based on my knowledge of the system.