Collecting Social Security At 62. My Thoughts With PawPaw.

[blackbeltbill]

 

[Nomad]

So many ways to go here . 
I put mine off a few years , but will draw this year at 65 .

Life expectancy is a key, my family lives a long time so waiting should pay off in greater returns .  Right now a 65 year old male in good health ( me ! ) will live into his late 80s and 40% will make 90 . Life insurance companies make billions accurately predicting these things . 

Some make the case of drawing at 62 and investing it all until you draw and spend , claiming  the income from that will make up the amount lost by waiting , I see some merit as you can accumulate some cash that can be passed  on if that often mentioned bus hits you .

[Otto]

@Nomad I believe if you turn 65 this year, you can collect from Jan 1 on.   

[GreeneHunter]

Back in the day when the numbers were 62 and 65 the going thought was if you waited the three(3) years to collect it would take you until 75 to break even ... " Back in the Day "  ! Everybody is different !

[blackbeltbill]

3 hours ago, GreeneHunter said:

Back in the day when the numbers were 62 and 65 the going thought was if you waited the three(3) years to collect it would take you until 75 to break even ... " Back in the Day "  ! Everybody is different !

As  soon as,I was eligible at 62- I was gone. You are right about- everybody is different. Decades of Heavy Labor in Warehouses will make one want to get out at 62.    I am enjoying it!

[lucky118]

Girlfriends mom retired and found out she had cancer. Died 2 yrs later. Guy I worked with retired 3 months ago. Died a few days ago in his sleep. Then you have my buddy who got a nice chunk from a relatives will. Retired at 55. I have a hard time believing  I'm going to make it till retirement.

[Lawdwaz]

1 hour ago, lucky118 said:

Girlfriends mom retired and found out she had cancer. Died 2 yrs later. Guy I worked with retired 3 months ago. Died a few days ago in his sleep. Then you have my buddy who got a nice chunk from a relatives will. Retired at 55. I have a hard time believing  I'm going to make it till retirement.

Three weeks ago I went to the memorial service for my aunt’s father, 100 years and one month.  
 

Father in law is half way to 96.   
 

Who the hell knows?????

[Buckmaster7600]

Social security is the biggest farce going, I’d rather save my own money and not entrust that to the government! I wish I could opt out!!!!

Edited February 4 by Buckmaster7600

[Upstate Nerdneck]

14 minutes ago, Buckmaster7600 said:

Social security is the biggest farce going, I’d rather save my own money and not entrust that to the government! I wish I could opt out!!!!

You sound like a fellow man with a pension!

[grampy]

I started collecting at 66 and a half. Still working for now. The extra cash is nice. Will have my pension in October. I've survived cancer 3 times. No guarantees here. Live each day like it's your last.

[Splitear]

56 minutes ago, grampy said:

I started collecting at 66 and a half. Still working for now. The extra cash is nice. Will have my pension in October. I've survived cancer 3 times. No guarantees here. Live each day like it's your last.

I hope you have many more days ahead, the world could stand to hang onto guys like you. 

[Buckmaster7600]

2 hours ago, Upstate Nerdneck said:

You sound like a fellow man with a pension!

I have less faith in my pension than I do social security. I wish I could opt out of that as well, I’m certain I could do a better job with my money than they can.

[ChevyZr297]

Anything after 62 is gambling. There is no reset, re-spawning or going backwards in life. Haley said the truth out loud. Never forget that. I don't think anyone on their death bed is going to say "I'm glad they waited to.." Insert ridiculous financial comment here about SS here. lol  I'll take it as soon as I can. Don't need it but I am not gambling it. lol I'll start collecting back the money I put in. The government would like nothing more for people to delay SS. In fact they just might start a marketing campaign promoting it. LMAO

[Kayak Ken]

IMO, take it at 62. If you don't need the money, invest it in Index funds or ETFs. You'll most likely make more money that way then delaying distribution. 

[Larry]

One thing you have to remember is if you are still working at 62 or before you reach your retirement age you can only make so much money then they will take 1 dollar for every 3 you make. For me when I was 62 that was 17500 its more now