[Francie]

I am wondering if it makes sense to utilize my investments when I retire at 62, then take SS when I turn 70 for the maximum payout, versus taking SS at 62 or 66.

I welcome any opinions.

[pooh]

I took mine at 62, also, after doing some math. I got less money per month if taken at 62, but more money over my lifetime. Did calculations up to age 75 I believe....it's been a while since I did the math, but it worked out better for me and for Mike to take our SS at age 62.

[RichieLion]

Originally Posted by pooh

I took mine at 62, also, after doing some math. I got less money per month if taken at 62, but more money over my lifetime. Did calculations up to age 75 I believe....it's been a while since I did the math, but it worked out better for me and for Mike to take our SS at age 62.

That's what I did. I figured how much money I would get taking the money at 62 until I turned 66; and then how much time it would take to make up all that money I didn't get for those 4 years with the increased payment.

It turned out I would be at least 76 years old until I broke even, and then I would at that point start getting ahead by a few hundred dollars a month.

I figured I'd take the money while I'm young enough to enjoy it.

[barb1191]

I chose to take my deceased husband's SS when I retired at 62, and at 70, switched to my SS to get the higher rate. Worked out fine for me.

[angiefox10]

I will collect half my husbands SS until I am 70 and then take the max on mine, for an increase of 64%. It's an 8% increase every year.

Edit... My husband is still alive.... Now......

[aljetmet]

Originally Posted by Francie

I am wondering if it makes sense to utilize my investments when I retire at 62, then take SS when I turn 70 for the maximum payout, versus taking SS at 62 or 66.

I welcome any opinions.

Most of us have that same question. The problem is to begin a financial analysis is to know all your financial details and your life expectancy.
Can your investments at say 3% return provide enough money to provide you the income you will be foregoing? Do you know how much you need?

There are so many variables.

My advice is to find a good retirement simulator and feed in your data and start SS at different ages. Social security website will provide the info you need for your expected benefits for each age.

Good Luck.

By the way, the president of the US should not influence your decisions...

[skyguy79]

Originally Posted by RichieLion

That's what I did. I figured how much money I would get taking the money at 62 until I turned 66; and then how much time it would take to make up all that money I didn't get for those 4 years with the increased payment.

It turned out I would be at least 76 years old until I broke even, and then I would at that point start getting ahead by a few hundred dollars a month.

I figured I'd take the money while I'm young enough to enjoy it.

This was the same basis I used in deciding to take my SS at 62. If one is fortunate enough to live to 70, can you imagine how old they would be before making up the benefits they would have lost over the 8 years between 62 and 70?

[BobKat1]

Originally Posted by aljetmet

Most of us have that same question. The problem is to begin a financial analysis is to know all your financial details and your life expectancy.
Can your investments at say 3% return provide enough money to provide you the income you will be foregoing? Do you know how much you need?

There are so many variables.

My advice is to find a good retirement simulator and feed in your data and start SS at different ages. Social security website will provide the info you need for your expected benefits for each age.

Good Luck.

By the way, the president of the US should not influence your decisions...

Amen to that...

[BarryRX]

same decision for me. I took mine at age 63. If I waited until I was 66 there would be a 20 year payback. I have no guarantee I will live until 83 so I took it immediately. I figure if 90 bucks a month is going to make a difference in my life 20 years from now, then I'm in trouble anyway!!

[mmac321]

Now I am not 62 yet but I read this somewhere a couple of years ago and will ask SS if I can do at the appropriate time. I will take SS when I turn 62. When my wife turns 62 she will take the spousal benefit (half of my monthly benefit while I still take my full SS monthly benefit) she will suspend her SS benefit and it will continue to grow. At the appropriate time she will take her higher SS benefit. I have heard that if a spouse has not worked a day in their life they are eligible for this spousal benefit. There are lot's of ways to manipulate your SS benefit. Like I said I haven't tried this yet but it may be worth looking into. You may wish to start reading SS benefits on the net under AARP. Good Luck!!

[angiefox10]

Originally Posted by mmac321

Now I am not 62 yet but I read this somewhere a couple of years ago and will ask SS if I can do at the appropriate time. I will take SS when I turn 62. When my wife turns 62 she will take the spousal benefit (half of my monthly benefit while I still take my full SS monthly benefit) she will suspend her SS benefit and it will continue to grow. At the appropriate time she will take her higher SS benefit. I have heard that if a spouse has not worked a day in their life they are eligible for this spousal benefit. There are lot's of ways to manipulate your SS benefit. Like I said I haven't tried this yet but it may be worth looking into. You may wish to start reading SS benefits on the net under AARP. Good Luck!!

This is exactly what I will do. See my previous post!

[jimbo2012]

Originally Posted by BarryRX

same decision for me. I took mine at age 63. If I waited until I was 66 there would be a 20 year payback. I have no guarantee I will live until 83 so I took it immediately. I figure if 90 bucks a month is going to make a difference in my life 20 years from now, then I'm in trouble anyway!!

I agree

[Bill-n-Brillo]

Originally Posted by Francie

I am wondering if it makes sense to utilize my investments when I retire at 62, then take SS when I turn 70 for the maximum payout, versus taking SS at 62 or 66. ......

You might also want to compare and contrast holding onto your investments (and what you'd anticipate as a reasonable rate of return on them) versus dipping into them at age 62 when you retire.

Lots of avenues and things to consider - everybody's personal situation with drive some of their decisions.

Bill

[Bill-n-Brillo]

Originally Posted by angiefox10

..... Edit... My husband is still alive.... Now......

I've heard he's walking a very tight line at present......

Bill

[angiefox10]

Originally Posted by Bill-n-Brillo

I've heard he's walking a very tight line at present......

Bill

I do the math! Lucky for him... I'm bad at math!