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14 members (JD53, odocoileus, Thread Killer, fish251, mcninja, Bglen, Jweeks, BamaGuitarDude, RCHRR, CAL, buzzard, BrandonClark, 2 invisible),
624
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Key:
Admin,
Global Mod,
Mod
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Joined: Jan 2017
Posts: 5,760 Likes: 75
12 point
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12 point
Joined: Jan 2017
Posts: 5,760 Likes: 75 |
Got this link in an email and I like the table to show how much you lose or gain depending on your age when you start taking social security based on how long you might live. Scroll down to item #2 to see the chart. https://www.usaa.com/advice/tips-fo...ctv_Outrch_Tst_Lrn-adv-n_a-po_test_learn
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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Joined: Oct 2009
Posts: 7,068 Likes: 50
14 point
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14 point
Joined: Oct 2009
Posts: 7,068 Likes: 50 |
The way I look at it is do you have enough money to retire at 62 without social security? If so its a no brainer. If not keep working until you do if you are able. Ive always looked at social security as FU money anyway.
If you have enough money to retire at 62 then using the tax system to your benefit is way more beneficial than waiting on government crumbs.
"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
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Joined: Jan 2017
Posts: 5,760 Likes: 75
12 point
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12 point
Joined: Jan 2017
Posts: 5,760 Likes: 75 |
The way I look at it is do you have enough money to retire at 62 without social security? If so its a no brainer. If not keep working until you do if you are able. Ive always looked at social security as FU money anyway.
If you have enough money to retire at 62 then using the tax system to your benefit is way more beneficial than waiting on government crumbs. Very True, I chose to get it the first second they offered it because I figured they might deny it to me later.
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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1 member likes this:
bamafan1966 |
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Joined: Dec 2013
Posts: 28,317 Likes: 564
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 28,317 Likes: 564 |
I just perused through the whole thing and it appears that there are 3 things that the article didn't account for...
1. You're money is going to be worth more in buying power when you are 62 vs when you are 80+. If you don't need the money, then take it at 62 and invest it in EFT's and you would beat the performance of the Social Security System. Plus if you take it at 62 and it keeps you from having to draw any out of your 401k plan to live on, then you are ahead of the game there too, because your 401k is going to outperform Social Security too.
2. You can go and do and have much more fun when you are 62 vs when you are 80+, so when you're older you are not going to need to spend as much travelling, etc... When you're 62 is when you are going to want to spend and have a good time. Go-Go years, Slow-Go years and No-Go years... I retired at 62 and we have been enjoying the hell out of it.
3. There is more than likely going to be a reduction in benefits in about 10 more years. It may be a significant amount. That is going to change the paradigm of the "It's best to wait" theory.
Mrs. Irish took her's a couple of months ago at 62 and I will be taking mine at 65 in August. Mainly because that's when I elected to have my pension adjusted downwards. Both of those checks every month are going to be a nice raise for us.
The whole Social Security thing is a big gamble with the government saying, "I bet you die early." and you sayin, "I bet I don't." This is why damn near every single article written on the subject encourages you to wait until the last possible minute to take it. Kind of like everyone wanting us all to take the vaccine...
"When I say ever thing I mean ever thing." - Frankie
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2 members like this:
3bailey3, General |
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Joined: Jun 2016
Posts: 2,172 Likes: 19
8 point
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8 point
Joined: Jun 2016
Posts: 2,172 Likes: 19 |
There is a break even point at a certain age for all of us. If u live long enough I think u end up with same money at a certain age no matter when u start . I probaly keep working an invest mine at 62 . That be next December . I love my job and good health . I just keep working for awhile .
Brushwacker
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Joined: Jan 2001
Posts: 29,718 Likes: 165
Freak of Nature
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Freak of Nature
Joined: Jan 2001
Posts: 29,718 Likes: 165 |
The real answer is how long do you reasonably expect to live? For me, who has had a rough life, and not in great health, as soon as possible is the answer. If you are on the other side of the spectrum, holding off is the sway to go. It doesn't take a PhDed CPA to figure that out.
Last edited by jawbone; 01/08/26 01:51 PM.
Lord, please help us get our nation straightened out.
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Joined: Nov 2005
Posts: 4,499 Likes: 14
10 point
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10 point
Joined: Nov 2005
Posts: 4,499 Likes: 14 |
There is a break even point at a certain age for all of us. If u live long enough I think u end up with same money at a certain age no matter when u start . I probaly keep working an invest mine at 62 . That be next December . I love my job and good health . I just keep working for awhile . What’s your job? Genuinely interested in what you still love doing at 62. I’ve yet to find a job that I love. I’m here for the $ and when I can afford not to be here, I’m out.
You're only as good as your worst shot-
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Joined: Apr 2010
Posts: 3,982 Likes: 26
10 point
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10 point
Joined: Apr 2010
Posts: 3,982 Likes: 26 |
About to be 56. I have been wondering about this question as well. Maxing my Roth's out. I am leaning on 62.
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Joined: Nov 2009
Posts: 5,747 Likes: 12
pic perv
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pic perv
Joined: Nov 2009
Posts: 5,747 Likes: 12 |
The real answer is when you plan on retiring from work. If you take it at 62, you will have a permanent reduction in the benefit and you also take a hit for how much you are still earning at your job. My wife just reached full retirement age but she’s still working so she’s gets her first SS check next month with no penalties.
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Joined: Nov 2013
Posts: 3,446 Likes: 28
10 point
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10 point
Joined: Nov 2013
Posts: 3,446 Likes: 28 |
Took mine at 64.5, didn’t need it but took it anyway, wife makes extremely good money, she makes more so she will not get any of mine so I took what they gave
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Joined: Jul 2003
Posts: 15,578 Likes: 96
Old Mossy Horns
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Old Mossy Horns
Joined: Jul 2003
Posts: 15,578 Likes: 96 |
I'll be 62 in March, and I want my money! Hell, I'm probably not gonna live to 70.
Life is a journey. Make sure and bring plenty of Beer.
My luck has been so bad lately, it could be raining pussies and I'd catch one with a dick broke off in it.
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Joined: Sep 2001
Posts: 1,247 Likes: 18
8 point
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8 point
Joined: Sep 2001
Posts: 1,247 Likes: 18 |
I should be able to retire at 62 but as long as I have my health will work longer. I enjoy what I do. I own a CPA firm and enjoy the clients. Yes one of those nerdy types.
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Joined: Mar 2014
Posts: 3,336 Likes: 26
10 point
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10 point
Joined: Mar 2014
Posts: 3,336 Likes: 26 |
I just perused through the whole thing and it appears that there are 3 things that the article didn't account for...
1. You're money is going to be worth more in buying power when you are 62 vs when you are 80+. If you don't need the money, then take it at 62 and invest it in EFT's and you would beat the performance of the Social Security System. Plus if you take it at 62 and it keeps you from having to draw any out of your 401k plan to live on, then you are ahead of the game there too, because your 401k is going to outperform Social Security too.
2. You can go and do and have much more fun when you are 62 vs when you are 80+, so when you're older you are not going to need to spend as much travelling, etc... When you're 62 is when you are going to want to spend and have a good time. Go-Go years, Slow-Go years and No-Go years... I retired at 62 and we have been enjoying the hell out of it.
3. There is more than likely going to be a reduction in benefits in about 10 more years. It may be a significant amount. That is going to change the paradigm of the "It's best to wait" theory.
Mrs. Irish took her's a couple of months ago at 62 and I will be taking mine at 65 in August. Mainly because that's when I elected to have my pension adjusted downwards. Both of those checks every month are going to be a nice raise for us.
The whole Social Security thing is a big gamble with the government saying, "I bet you die early." and you sayin, "I bet I don't." This is why damn near every single article written on the subject encourages you to wait until the last possible minute to take it. Kind of like everyone wanting us all to take the vaccine... You wrote exactly what I was thinking.
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Joined: Jul 2020
Posts: 10,379 Likes: 72
Booner
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Booner
Joined: Jul 2020
Posts: 10,379 Likes: 72 |
If they did it where you weren't penalized for drawing it while you were working and you could invest it, taking it early would be way better.
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Joined: Nov 2011
Posts: 5,794 Likes: 38
12 point
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12 point
Joined: Nov 2011
Posts: 5,794 Likes: 38 |
The way I look at it is do you have enough money to retire at 62 without social security? If so its a no brainer. If not keep working until you do if you are able. Ive always looked at social security as FU money anyway.
If you have enough money to retire at 62 then using the tax system to your benefit is way more beneficial than waiting on government crumbs. well yea, if you have enough money then you don't have to worry about any of this.
Last edited by scrape; 01/08/26 03:24 PM.
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Joined: Jul 2016
Posts: 4,460 Likes: 19
10 point
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10 point
Joined: Jul 2016
Posts: 4,460 Likes: 19 |
Being that I had a heart attack over ten years ago and have now survived to 66 yrs old, I figured it was best I start collecting my SSR when I made 62 yrs of age... I didn't feel I would live till my retirement age of 67.. five years is a long time.. but now that I'm knocking on the door of 67 I think it sure would have been nice to get the full on benefits ... I also chose to start my SSR at 62 because of financial difficulties at the time .... I just didn't feel I'd make it to 67 and beyond...  
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Joined: Dec 2013
Posts: 28,317 Likes: 564
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 28,317 Likes: 564 |
There is a break even point at a certain age for all of us. If u live long enough I think u end up with same money at a certain age no matter when u start . I probaly keep working an invest mine at 62 . That be next December . I love my job and good health . I just keep working for awhile . You can't do that, because you are limited to how much money you can make. Once you make beyond a certain amount, they start cutting you SS payments.
"When I say ever thing I mean ever thing." - Frankie
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Joined: Dec 2010
Posts: 6,076 Likes: 19
12 point
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12 point
Joined: Dec 2010
Posts: 6,076 Likes: 19 |
I should be able to retire at 62 but as long as I have my health will work longer. I enjoy what I do. I own a CPA firm and enjoy the clients. Yes one of those nerdy types. Don’t retire til after me. No one else can keep up with our mess🤣🤣🤣
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Joined: Jan 2008
Posts: 1,317
8 point
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8 point
Joined: Jan 2008
Posts: 1,317 |
It's like 77 years old when you start seeing a benefit of taking at 67 vs 62. Chances are I'm not making it that far so it'll be 62 for me.
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Joined: Jul 2011
Posts: 39,938 Likes: 130
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,938 Likes: 130 |
Everyone's situation is different. I opted to take SS at 62 and roll my all of my 401K into a self directed IRA . That $ is still make $ tax free.......A LOT of $. Way more than SS would have increased. I don't plan on touching the IRA / old 401k $ anytime soon.
Last edited by 2Dogs; 01/08/26 07:11 PM.
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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