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19 members (Young20, 7mmSTW, mopar, Bama-66, fur_n_feathers, mjs14, janiemae, Fishminer91, gobblebox, AUjerbear, gregnbc, StateLine, catdoctor, coosabuckhunter, UA Hunter, Exhoosier, Stacey, 2 invisible),
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Key:
Admin,
Global Mod,
Mod
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Joined: Oct 2006
Posts: 9,133 Likes: 40
14 point
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14 point
Joined: Oct 2006
Posts: 9,133 Likes: 40 |
As others have pointed out - make sure you know the laws IF you plan on continuing to work AND draw SS before full retirement age.
"The struggle you're in today, is developing the strength you need for tomorrow."
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Joined: Feb 2002
Posts: 46,042 Likes: 231
Freak of Nature
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Freak of Nature
Joined: Feb 2002
Posts: 46,042 Likes: 231 |
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. Incorrect info here and it's a common OLD tale that got started somewhere WAY back. .........As long as you continue working you are still paying into the SS fund. Your account is checked annually for additional payments into your account. You DO NOT set a permanent benefit amount at this point. You may actually get a benefit increase from one year to the next based on those payments into your account. When you do actually retire, the additional earnings will be added and a new calculation is made for your benefit amount. Read it here... https://www.ssa.gov/faqs/en/questions/KA-01921.html#:~:text=You%20can%20get%20Social%20Security,matter%20how%20much%20you%20earn.
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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. Incorrect info here and it's a common OLD tale that got started somewhere WAY back. .........As long as you continue working you are still paying into the SS fund. Your account is checked annually for additional payments into your account. You DO NOT set a permanent benefit amount at this point. You may actually get a benefit increase from one year to the next based on those payments into your account. When you do actually retire, the additional earnings will be added and a new calculation is made for your benefit amount. Read it here... https://www.ssa.gov/faqs/en/questions/KA-01921.html#:~:text=You%20can%20get%20Social%20Security,matter%20how%20much%20you%20earn. Can’t get the link to work but the way I read it straight from SSA.gov is: If you take your benefits at 62 and continue to work, your income limit is $24,480. Your benefits are reduced by $1 for every $2 you exceed that limit. So for example, if you make $64,480 in 2026, your benefit would be reduced by $20,000. This occurs every year until you reach your FRA when your benefit is re-evaluated. Also, if you take your benefit at age 62, your benefits are permanently reduced by about 30% from what they would have been if you waited until your FRA.
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Joined: Jun 2015
Posts: 15,383 Likes: 77
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,383 Likes: 77 |
I’m currently 34, I plan on seeing $0.00.
Sure wish I could opt out.
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1 member likes this:
imadeerhntr |
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Joined: Dec 2004
Posts: 20,179 Likes: 81
Freak of Nature
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Freak of Nature
Joined: Dec 2004
Posts: 20,179 Likes: 81 |
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... Irish gets it. I plan on waiting 6 months after I turn 62 to retire. The only reason why is because I want to work until my work anniversary, making my start and stop date on the same day, giving me exactly 28 years with my company, and 31 years in the industry. Just something I want to do.
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Joined: Sep 2012
Posts: 17,204 Likes: 23
Old Mossy Horns
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Old Mossy Horns
Joined: Sep 2012
Posts: 17,204 Likes: 23 |
I’m currently 34, I plan on seeing $0.00.
Sure wish I could opt out. I said and thought the same thing when I was your age...Seemed like every other day they were talking about doing away with it, and that no way it could last another 10 yrs...  I turned 60 this past Oct. and can't wait to get my grubby paws on it when I turn 62...  I ain't waitin for shit, I's gonna get mines.... 
Did you know that Beer Nutz are over a Dollar...and Deer Nutz are under a Buck...
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Joined: Feb 2017
Posts: 1,778 Likes: 3
8 point
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8 point
Joined: Feb 2017
Posts: 1,778 Likes: 3 |
I elected to take mine at 62. I get my first check this month.
"America First! Nothing Else Matters"
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Joined: Jan 2005
Posts: 17,376 Likes: 203
Old Mossy Horns
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Old Mossy Horns
Joined: Jan 2005
Posts: 17,376 Likes: 203 |
I will never get out what I put in. I'll take it the moment I can. Life isn't guaranteed and if I die early rather than later, the gubment gets my money and so does some undeserving ass hat that never worked for it.
I'll take what I can when I can. And If I live a longer life, I'll maybe break even.
Character is not developed in moments of temptation and trial. That is when it is intended to be used.
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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 |
I’m currently 34, I plan on seeing $0.00.
Sure wish I could opt out. The Guvment will raise the age and prop it up .
"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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Joined: Jun 2025
Posts: 810 Likes: 52
6 point
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6 point
Joined: Jun 2025
Posts: 810 Likes: 52 |
The amount that is taxed is what really matters if you take it early but are still working. Higher tax bracket individuals need to consider the reduced benefit plus the tax implications. The break even point changes.
________________________________________
In a world of game takers, be a gamekeeper.
"Of what avail are forty freedoms without a blank spot on the map?"
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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... Irish gets it. I plan on waiting 6 months after I turn 62 to retire. The only reason why is because I want to work until my work anniversary, making my start and stop date on the same day, giving me exactly 28 years with my company, and 31 years in the industry. Just something I want to do. I retired at 62. I could have taken my SS when I retired, but thankfully I didn't need to. In two years of not contributing to or taking money out of my 401k and it just sitting there, it has gained $278,615. (I would have taken my SS at 62 had I not had the high/low option with my pension, but it's the same principle.) This goes back to my first point for folks that want to retire early, have a 401k plan and want to take their SS at 62. By taking at 62, yes you are going to get less money overall if you make it to 80 years old, but the gains your investments make because you didn't have to touch them early WAY more than makes up for it. Plus the gains your investments make your family gets to keep if when you die, whereas all that "extra money" you make my postponing your SS, the government gets to keep when you die.
"When I say ever thing I mean ever thing." - Frankie
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1 member likes this:
SC53 |
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Joined: Oct 2005
Posts: 1,628 Likes: 4
8 point
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8 point
Joined: Oct 2005
Posts: 1,628 Likes: 4 |
Men in the US live until about 73 on average. Women live until around 80. These are the stats. I plan to take SS ASAP [if it’s around] when I’m 62.
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Joined: Oct 2001
Posts: 27,998 Likes: 85
Freak of Nature
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Freak of Nature
Joined: Oct 2001
Posts: 27,998 Likes: 85 |
Men in the US live until about 73 on average. Women live until around 80. These are the stats. I plan to take SS ASAP [if it’s around] when I’m 62. That is NOT the right number to look at. You need to look at life expectancy of men/women based on their current age. This link below calculates the number of years you have to live based on your current age. I put the data in a simple table below. A man that is 50yrs old today, on average, will live to be 79. (This includes sick folks and marathon runners) If a woman makes it to 70 she has a better than 50% chance to make it to 85, if she is healthy it is much higher than 50%. At your current age what is your average age of death. Current age.......Men........Women 0......74.74.......80.18 30.....76.51.....81.25 40.....77.67.....81.86 50.....79.05.....82.73 60.....81.08.....84.12 70.....84.09.....86.27 80.....88.11.....89.49 https://www.ssa.gov/oact/STATS/table4c6.html
Last edited by Beer Belly; 01/09/26 08:23 AM.
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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 |
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... Irish gets it. I plan on waiting 6 months after I turn 62 to retire. The only reason why is because I want to work until my work anniversary, making my start and stop date on the same day, giving me exactly 28 years with my company, and 31 years in the industry. Just something I want to do. I retired at 62. I could have taken my SS when I retired, but thankfully I didn't need to. In two years of not contributing to or taking money out of my 401k and it just sitting there, it has gained $278,615. (I would have taken my SS at 62 had I not had the high/low option with my pension, but it's the same principle.) This goes back to my first point for folks that want to retire early, have a 401k plan and want to take their SS at 62. By taking at 62, yes you are going to get less money overall if you make it to 80 years old, but the gains your investments make because you didn't have to touch them early WAY more than makes up for it. Plus the gains your investments make your family gets to keep if when you die, whereas all that "extra money" you make my postponing your SS, the government gets to keep when you die. This ^^^^^^^ is correct and exactly what I was trying to articulate up stream . Letting my old 401k money ride in a self directed IRA, still building $ tax free was one of the best financial moves I've ever made. I love trading individual stocks.
"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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Joined: Feb 2015
Posts: 8,276 Likes: 23
14 point
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14 point
Joined: Feb 2015
Posts: 8,276 Likes: 23 |
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. That's why I waited until my full retirement age, 66 1/2. I'm still working FT so mine goes straight into a money market account.
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Joined: Feb 2012
Posts: 271 Likes: 2
4 point
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4 point
Joined: Feb 2012
Posts: 271 Likes: 2 |
67 for me and continue working.
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Joined: Apr 2020
Posts: 2,821 Likes: 6
10 point
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10 point
Joined: Apr 2020
Posts: 2,821 Likes: 6 |
Im not a money manager so this may be a crazy way to look at it. I took mine at 62 for 2 reasons. 1) Im not sure how long SS will be solvent. Ive put in my whole life and want to get back as much as I can. 2) I took the amount I get at 62 and subtracted that from how much I would draw at 67 years and 8 months. (Full Retirement) Multiplied that monthly amount by 80(number of months between age 62 and 68 years and 8 months…Then took that number and dived it by the number of months it would take me to get it back at the full SS benefit by waiting to full benefit. I would be 80 years old before I recouped the amount I drew taking it early. I doubt Ill live to be 80. The only benefit I see to waiting to full benefit is the Surviver benefit. Surviving spouse receives the larger amount of SS between married couple. My wife will receive my work retirement if I die first and also my SS. It only made sense for me to take it early. Irish Guy also makes an excellent point. The older you get the less money you need, get it while you can.
If at first you dont succeed, You may not want to try parachuting
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1 member likes this:
2Dogs |
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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 |
Im not a money manager so this may be a crazy way to look at it. I took mine at 62 for 2 reasons. 1) Im not sure how long SS will be solvent. Ive put in my whole life and want to get back as much as I can. 2) I took the amount I get at 62 and subtracted that from how much I would draw at 67 years and 8 months. (Full Retirement) Multiplied that monthly amount by 80(number of months between age 62 and 68 years and 8 months…Then took that number and dived it by the number of months it would take me to get it back at the full SS benefit by waiting to full benefit. I would be 80 years old before I recouped the amount I drew taking it early. I doubt I’ll live to be 80. The only benefit I see to waiting to full benefit is the Surviver benefit. Surviving spouse receives the larger amount of SS between married couple. My wife will receive my work retirement if I die first and also my SS. It only made sense for me to take it early. Irish Guy also makes an excellent point. The older you get the less money you need, get it while you can. Not crazy . A good plan . Everyone is different . Planning is very important. I don’t need the SS an hopefully never will because I learn years ago take care of myself not depend on gov. But I will take it because I was required to pay it in. I love my job and wife is disabled an we can’t travel so I keep working as long I’m healthy . The survivor benefits is something most folks don’t consider. I’m still on fence when I take it . If I can figure how not pay taxes on it an keep working I’m taking it early. I got a plan if my boss will let me do it . Just got keep the gov from knowing my income above a certain level . Plan,plan and more planning is best option.
Brushwacker
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Joined: Dec 2002
Posts: 14,332 Likes: 65
Booner
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Booner
Joined: Dec 2002
Posts: 14,332 Likes: 65 |
Does the amount of money you can make come from your pre-tax or post tax earnings? Before you start getting penalized? Reason I’m asking is you could pile it into 401k and not show as much earned income to avoid that. IF the gov will let you? Just thinking. I’d like to draw at 62 and keep working for a lil while.
Everything woke turns to shucks
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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 |
I’m currently 34, I plan on seeing $0.00.
Sure wish I could opt out. The Guvment will raise the age and prop it up . Exactly.
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