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Thread: Just turned 62, to SS or not to SS

  1. #1
    Senior Member Simplemind's Avatar
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    Just turned 62, to SS or not to SS

    Would love to hear your thoughts on taking it at 62 or waiting. My husband is 63 and currently on SS disability. His long term disability insurance runs out when he is 66. We had figured on me waiting until I was 65 so that when his insurance ran out we could replace it with my SS. I'm still feeling like I am leaving money on the table by not taking it at 62. I am paying $900 for medical insurance and who knows how much that is going to go up between now and when I can get medicare at 65. Decisions, decisions..

  2. #2
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    I think the received wisdom is that it's best to wait to collect SS until you are full retirement age unless you have some compelling reason not to.

  3. #3
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    I am your age, Simplemind. I am not taking it yet because I still can earn over 16000, and if I took it, they would reduce it one dollar for every two dollars I earned. (I think.)
    So are you still working, and do you make more than 16000?
    I know what you mean about leaving money on the table, although supposedly you break even at about 79 if you wait to take it.

  4. #4
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    Because I make 22k/year I am waiting until 66 which is FRA.

  5. #5
    Senior Member Simplemind's Avatar
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    I don't work (retired with pension at 55) and don't need the money at the moment. We live well within our means. So I was wondering if it would be best to take and invest.

  6. #6
    Senior Member dmc's Avatar
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    How long to you plan to live?

    I think I’ll take mine at 62 and invest the money. I don’t need the money and never planned on needing it. So I’d rather have it now, if i live longer than the average it may cost me a little in the end. But by then it probably won’t matter. And who knows what changes may be in store when it starts running out of money? Means testing or more taxes for those who saved and don’t need it?

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    Our answer is the same as dmc. It all is a gamble and we figure out taxes and extra Medicare payments will be greater in outward years due to the mandatory withdrawals from tax sheltered accounts at age 701/2. So we took it early to invest. My hubby is a take it now kind of person. I might have left it for awhile.
    Last edited by sweetana3; 6-6-18 at 5:46am.

  8. #8
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    SS is 70% higher at age 70 than age 62. What is longevity in your family?

    It's a calculation only you can determine what's best for you.

  9. #9
    Senior Member Simplemind's Avatar
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    Both of my parents died in their mid 80's. So if things calculate out that you break even at about 79-80yrs old, there are only a few years where it would make a difference. Perhaps investing it for those 8 years would make up for that? In almost every other case in my life I would delay gratification for a bigger reward but when we are getting to the end of things and life has shown me how unpredictable it can be.... I wonder about leaving money on the table. I don't envision needing to take any of my own money until it is mandatory at 70, at least if things continue as they are at present. We lead a very simple life.

  10. #10
    Senior Member Simplemind's Avatar
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    Finally got a chance to talk to our advisor and he said taking all things into consideration, to start taking it now at 62 and invest it until we need to use it. We can then leave our investments to continue to grow.

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