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Replies: 13
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All-In [47843]
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Boomer.net - SS edition.....
Aug 22, 2022, 9:23 AM
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Dear old pharts:
When did you start (or plan to start) taking Social Security? 62? 67 (full retirement age)? or 70 (max)?
[FWIW: Anyone under 40 needn't worry, cause it will be bankrupt by the time you're old enough.  ]
Doing the math I would break even at 82, pretty much no matter when I start.
TIA for the boomer jokes.
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All-In [40657]
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As a German
Aug 22, 2022, 9:25 AM
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I was worried clicking your post.
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Heisman Winner [105736]
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Getting some REAL Schutzstaffel vibes, huh?***
May 20, 2022, 8:49 AM
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All-TigerNet [11644]
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As soon as you can...
Aug 22, 2022, 9:28 AM
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If you have a solid 401k or other retirement account.
If you defer your SS and start withdrawing on retirement account, you lose those gains now and forever on the money withdrawn. Include those potential future gains on that money and then look at the math.
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Lot o points [163012]
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Joined: 1/17/07
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Not going to touch that money until they make me
Aug 22, 2022, 10:41 AM
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which is age 72 now iirc.
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Oculus Spirit [83161]
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Will at 66.5. SS ain't going to run out. It will be fine for
Aug 22, 2022, 9:32 AM
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future generations.
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Legend [17349]
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Joined: 12/14/98
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Started at 64 but doing some consulting so deferred monthly checks …
Aug 22, 2022, 9:52 AM
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for about six months due to other income. Any deferred SS withdrawals go into recalculated payments starting at 66.5.
Tried to manage annual income at about $120 k but selling non primary resident real estate throws a kink into calculations.
Pretty sure about 80,000 of the new IRS agents are coming for me so the rest of y’all are safe.
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All-In [40952]
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70 no question
Aug 22, 2022, 10:12 AM
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I don't need it and my wife is a lot younger than me so it's best to plan for the long haul just in case. Plus I am reasonably healthy.
Social Security for me is security and not a retirement plan. Another reason to maximize. Something happens and I end up broke, I want the highest paycheck possible so my kids don't have to support me.
The average age might be 78 or so, but the average age of someone already in their 60's is easily in the 80's.
I turn 60 in September.
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All-TigerNet [12609]
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Re: 70 no question
Aug 22, 2022, 10:36 AM
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70 based on health and strong family history. If you knew when you were going to die, things would be easier but would really suck when you got the 2 minute warning.
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Heisman Winner [119842]
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I started at 67.5
Aug 22, 2022, 10:37 AM
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Cause I got a nice bump at that point..
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Lot o points [163012]
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70 max. My wife is 7 years younger and assuming she
Aug 22, 2022, 10:39 AM
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outlives me by 7 years, there are 14 years she will be getting the higher amount and per the math, makes sense to delay. We will start collecting hers as soon as we can.
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All-In [40952]
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yep, same boat as me
Aug 22, 2022, 10:59 AM
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I retire at 70, wife retires at 62 and we both start collecting at the same time.
I'll probably still work because that's what I do, but I'll be working a lot less!
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CU Medallion [58512]
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I started @ 62.
Aug 22, 2022, 10:56 AM
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First of all, I have health issues which made working the old job 40+ a week a real strain, almost impossible, yet I didn't qualify for disability. Plus, I ran the numbers and would break even at 78, and not being confident I'll live that long (but who knows), I went ahead and retired, and started drawing SS. Why punish myself for 5 more years for minimal return? It's 5 precious years I'll never get back, and I'm willing to modify my lifestyle if needed, and enjoy what time I have left not being a slave. I still work 2 days a week, in a reduced capacity (no stress) to stay in the loop with the outside world and old friends and customers, plus a little pocket change. I also trade stocks to supplement income.
I understand, however, there is no cookie-cutter answer for everyone. It's very much an individual decision for everyone.
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All-In [30505]
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In about another 6 years or so. I'll be 67ish***
Aug 23, 2022, 10:13 AM
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