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Discussion Starter #1
Well you have to be 61 years and 9 months old to file for social security,
Rocking chair money as my dad called it!!
and today I'm that age. I retired at 55 (December 04) and time sure has gone fast. So I guess with the extra money I'll get another motorcycle!!
 

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Welcome to the club!

Get all you can, while you can, for as long as you can.
 

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Don't take it all...save some for us...and :congrats:
 

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Congrats! I'm going to retire next year at 56 and have been wondering if I should take it at 62 or wait until later. I've read the pros and cons and it looks like I'll take it at 62 too. How did you reach the decision to take it at 62 instead of later?
 

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Congrats. Wife and I did it at 63. Dec 30, 2010 was our last day on the job. The extra money from both our state pensions, which we get a 4%COLA every year, and SS by waiting till we were 66 was not worth the wait. Been 8 months now and don't miss the stress one bit. BB
 

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Joe, we have something in common, I retired at 55 and Thursday I signed up for S.S.. Congratulations.
Jakec
 

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Congrats! I'm going to retire next year at 56 and have been wondering if I should take it at 62 or wait until later. I've read the pros and cons and it looks like I'll take it at 62 too. How did you reach the decision to take it at 62 instead of later?
If you live the average life span, it's a break even deal. It doesn't matter when you take it, you get the same amount of money. That's how they calculated the amount they add to your monthly payment for waiting.

If you live less, you get less. If you live longer you get more. There's a small additional penalty for taking it before your so-called normal retirement age, 66 or so these days.

Here's the argument for waiting, if that's an option for you. If you die earlier than expected, you get less money than you could have. But how big a deal is that? If you live longer than average, you have more money near the end of your life, when, for various reasons, you may really need it. It adds to the security of not running out.

That argument persuades me, but it doesn't persuade the majority of people. Most take it as soon as they can. Of course, in some cases that's absolutely necessary.

There's little chance that social security will be reduced any more for older folks who wait, than for those who don't, but it does exist. That's the grab it while you can argument, which I don't find persuasive at all. If that happens, we're in really deep trouble anyway.
 

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Guess I really picked the wrong career(s). Worked until after I turned 67 years young, then retired. Started drawing my Social Secirity at age 65 (full retirement benefit for my year of birth). That helped clear up some finances.

Some of you must be a lot smarter than me if you were able to not need an income when in the middle 50's of age. However, I just can't picture myself stopping working at like age 56. Seems like I see a lot of folks that just sort of wither up and become inactive when they retire young. I don't know how I would have handled retirement 10 or 12 years sooner. I think I would have to have found something to do, probably could not have dealt with all that leisure time. Just sayin'.
 

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I pulled the plug at 55 and will be 62 in Nov and will take it will I can. I might have my bike by then. You think :shrug:
 

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Guess I really picked the wrong career(s). Worked until after I turned 67 years young, then retired. Started drawing my Social Secirity at age 65 (full retirement benefit for my year of birth). That helped clear up some finances.

Some of you must be a lot smarter than me if you were able to not need an income when in the middle 50's of age. However, I just can't picture myself stopping working at like age 56. Seems like I see a lot of folks that just sort of wither up and become inactive when they retire young. I don't know how I would have handled retirement 10 or 12 years sooner. I think I would have to have found something to do, probably could not have dealt with all that leisure time. Just sayin'.
It's a different strokes for different folks kind of deal. Some folks just want to keep working forever. Some early retirees have no trouble filling the time in ways they really like, and like to say "How did I ever find the time to work?" There's usually a major financial sacrifice involved in retiring early, the people who do it usually know why they want to.

Somebody who chose to retire very early and change to a vastly simpler life wrote a great book about it twenty years ago, "Your Money or Your Life." It's been revised by his co-author, and is also a website these days. For him, it was a very good call, he sadly died at 59.
 

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I weighed all the considerations and decided to take the reduced old folks welfare check at age 62. Now that I recently turned 69 I look back and wonder if it would have been smarter to wait, forego the check from age 62 to 65 years and 9 months, and receive a larger check now.

No clear answer. Each of us has to decide.
 

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I pulled the plug at 55 and will be 62 in Nov and will take it will I can. I might have my bike by then. You think :shrug:

Boppo, FYI; As per SS rules, you can apply for retirement benefits at age 61 & 9 months. On Sept 1, I turned 61 & 9 months & applied online thru the SS web site. My first check will arrive on January 20, 2012.
 

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The argument I've heard for waiting deals with spouses and survivor benefits. Most men are older than their wife and will pass before the wife. Taking social security payments at 62 reduces the survivor benefits too and could leave the wife with a long life and reduced monthly payments.

In my case, my wife is a couple years older than I am and for some reason women who are older than their spouses don't have as long a life expectancy as women who are younger than their husbands. There is some kind of study waiting to happen there.

The other issue is teachers who didn't pay into social security when they were teaching receive substantially reduced social security benefits, even if they have paid into social security in other jobs. They also receive a 2/3 reduction in survivor benefits (based on their pension).

My wife is unlikely to receive much in the way of spousal benefits so we're taking social security at 62.
 

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Discussion Starter #15
I thought about waiting until later but then after figuring up how long it would take to break even I decided to take it now. You never when the good Lord will call you home. Also on my retirement package I took less each month so my wife could continue to draw that if I go first. I just completed the process on line, very easy and beats waiting at the social security office.
 

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For those of you take weighed taking SS benefits early over waiting based on the break even point, what was the break even point for you? How many years was it? I know everyones break even point will be different because contributions can impact payouts, but it should be relatively close.

I'm only 50 right now but, I'm thinking this far in advance what I might do as the time draws nearer.

And the SO is too as she is slightly older so she is thinking about it too only she hasn't worked outside the home in over 10 years. Does anyone see an issue with this as far as the SSA is concerned besides a reduced benefit?
 

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Please check with your SS office. You may find that some of the information here is not accurate. Benefits depend on your birthday & how many quarters you payed in. So please check first with SS office.
 

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Well you have to be 61 years and 9 months old to file for social security,
Rocking chair money as my dad called it!!
and today I'm that age. I retired at 55 (December 04) and time sure has gone fast. So I guess with the extra money I'll get another motorcycle!!
Whatcha gonna buy Joe?
 

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Please check with your SS office.
I plan to however, I have no doubt that the SSA is on a mission to get people to take benefits at my full retirement age vice taking it early.

I am curious as to what others personal experience has been taking it earlier. And I understand it is all a crapshoot since we never really know when we're going to die.
 

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Since there was no Guarantee that I would live to 65, I started drawing S/S at 62.

Why let them (The Govt.) to continue to use YOUR MONEY without your benefitting from what you paid in to it, all your working life?

Am now 66 and have enjoyed having the extra money to take Long Motorcycle Vacations.:yes1:
 
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