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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.

Quote:

Originally Posted by Bavarian (Post 1047240)

Not all of us Feds are under FERS, just the young ones. Don't assume that the poster was under FERS, he, like me, could very well be one of "those tine amount of retired Feds under CSRS"

Guess we both assumed wrong because the poster is not under either system as he worked for a city.

Just to clarify, my reference to the small number left of CSRS employees are those still working not retired. With the CSRS pension plan ending in 1987, those that came in on the tail end of that system have reached or will soon reach 30 years of service. My CSRS friends tell me that their pensions are calculated on 30 years of service, and any time worked beyond that does not have much financial impact on their pensions.

Quote:

Originally Posted by Nightengale212 (Post 1047552)

If so, that is a change. before you worked until 41 yrs, 11 mos to get full benefit 80% of high three. I took a hit leaving at 30, but wanted to lock in before Congress tampers with it. Same like the plans to take away people's SS if they have any savings.

Under these cut backs, I will not get spouse benefit of my wife's SS, which would have given her more money. There is little value to work now. As you make money, your Government Pension is cut.

I wonder if the Private sector knows we pay close to half of our medical ins, all of our dental ins and all of our Long term care ins.

We made up for it with lower pay to professionals.

Quote:

Originally Posted by Villager Dude (Post 1047499)

You are absolutely right!

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

First, you have to decide how long you are going to live [emoji4]. Only slightly kidding. If there is longevity in your family, and you don't need the money, wait until age 70. It's not only that there's an 8% increase for each year you wait; it's that it's 8% more plus COLA for the increased amount. I am not going to debate about the chances of SS being taxed more or adjusted. I have no idea how that will shake out. I will say that none of the proposals I am familiar with affect people currently age 55 and over. DH will take his at 70. I am 8 years younger than he is. I will take 50% of his at age 66 and then switch to mine at age 70, if that strategy continues to be allowed.

For a good review of the subject of when to take SS, read Laurence Kotlikoff's new book: "Get What's Yours". Kotlikoff is an academic who has studied SS for years. He is considered an expert. Last time I looked, Barnes and Noble in LSL had copies.

The current average is $1,294.00 per month for SS.

I have been lucky enough, to have worked for the RR all my life and retiring in February. I have never put any money into the SS system, but I do pay into railroad retirement. Which is much more per month than SS.