When to start drawing Social Security

[Bugsinrugs]

Originally Posted by Halm

IMHO, this thread is great for helping figure our when you might want to start taking benefits. But the HOW to take them may not be as straight forward. I would suggest schedule a meeting at your local Social Security office to discuss the options that meet your objectives.

As an example, here is a copy and paste from an article I found on spousal benefits:

"If you collect a spousal benefit and you begin collecting this benefit before you reach FRA, your benefit will be permanently reduced."

HTH

Thanks for the link. It answered my question.

[on2wheels52]

I'm taking that 8% interest; I wish the rest of our investments did that every year.

[wildthing]

69 1/2. Hoping to live until 90 at least (historical in my family).

[Crowbob]

I think this discussion is great.

So many situations, so many strategeries and infinite circumstances.

Sometimes, because these discussions offer various perspectives, they're great to learn from.

[Crowbob]

As I ungracefully age, the horizon appears to be getting closer and closer.

The long-term decisions are morphing into questions about what is best for my kids, not necessarily about what is best for me.

I'm finding out there's allot of power in that kind of thinking.

[Baz]

Originally Posted by aigel

No offense BAZ, but women have significantly higher life expectancy than men. Usually you would look to your male family to get an idea. Father, his brothers, grandfathers and their brothers. Of course often those guys had really bad lifestyles with smoking etc. so it may not be easy to gauge.

Cheers, G

I agree, G but in my case I have reduced stress by remaining unmarried and my GF has her own home. Also all brothers who are older than me are still living (large). My Dad passed away at 48 from a brain tumor but as far as I know - that is not hereditary.

That said my philosophy is tomorrow is never promised to anyone.

Carpe Diem!

[aigel]

Married men live longer. Statistically. They may want to die, but even that’s not helping!

[Crowbob]

Married men only think they live longer. Like for an eternity longer.

[aigel]

But seriously, lifestyle is often better with a wife in terms of bad habits and 3 meals a day. And not being alone when older helps as well - someone will send you to the doc and keep an eye on you. I know more than one single person who died at home alone from something fairly fixable because nobody was there to help them.

G

[Crowbob]

They probably died happy rather than getting nagged to a miserable, slow and painful death.

Though if you know them why dont you ask them? (Ha!)

[vinny c]

I took SS at FRA 66 but kept working till 73(loved the job). My rationale was life expantacy, get it while you can. Received 9 years of SS(I'm 75) so far and counting. I enjoy every check!
Vince

[ckelly78z]

Originally Posted by icemann427

Yes, Baz, you are correct in all your assumptions. I just decided that I'd rather have the income when I was younger than when I was older. Because of certain health issues, I'm guessing I will not even make it to 77, so there was no reason to wait for me...

This is my thinking as well, I currently have a pacemaker, and seem to need chemotherapy every 5 years for the last 30, with lots of related issues. I still feel OK, and am still working full time, but don't want to wait too long to enjoy my retirement, or the SS that I have earned, but may never see.

This thinking is why we bought a newer/nicer truck, and camper this year....carpe diam indeed, and no loans to pay back.

[fintstone]

Originally Posted by on2wheels52

I'm taking that 8% interest; I wish the rest of our investments did that every year.

A lot of folk’s strategy is to start taking their wife’s at 62 if she has her own (based on her work) but made a bit less...but waiting for the husbands to grow. Since women typically live longer, when you die, she gets your higher amount instead of hers. But you still get her’s sooner to spend. Sorta like an insurance policy.

The only reason I personally would not wait is I expect some sort of income test to be enacted before I am 70 (and my retirement income will be significant)..I can take the money now and invest it and probably get better than 8%. Just an S&P Index fund has historically returned more than that over that period (almost 10 years).

[ckelly78z]

Using some of the retirement calculators online seem to indicate that I can maintain my modest lifestyle in Ohio by just taking my pension, and SS for both my wife, and I at 62 years old (reduced rate). Everything I have is paid off already at 52 years old, with no lavish hobbies. I will start drawing from my 401K which will give me $2000 a month extra, which will have to be used for health insurance for a few years until medicaid kicks in.

This doesn't mean I will be going cold turkey on income, my wife and I both have ways of earning non-taxable $$ whether it be her consulting for friends, to my small engine/tractor repair hobby.

[Crowbob]

I'd suggest hitting the 401K last. SS and most pensions are not transferable. Plus it willl grow in the interim.

[Baz]

Originally Posted by aigel

Married men live longer. Statistically. They may want to die, but even that’s not helping!

Originally Posted by aigel

But seriously, lifestyle is often better with a wife in terms of bad habits and 3 meals a day. And not being alone when older helps as well - someone will send you to the doc and keep an eye on you. I know more than one single person who died at home alone from something fairly fixable because nobody was there to help them.

G

Yeah - probably true in many cases.

But I fashion myself as a "thinker" who at least attempts to stay one step ahead.

I mean - who really knows what tomorrow may bring? But I know how much I enjoy my freedom and my space and the upside of relaxation (for me) is well worth any possible downside.

Everyone is built a little different. And thus, should follow whatever path their heart and brain tells them to.

[rfuerst911sc]

One thing to keep in mind , for those of us that don't have retirement health care coverage from employer is the monthly cost of health care . My wife and I shopped around the best we could and ended up with medical/dental/vision for $1080.00 per month ! And that's with a $5,000.00 deductible . We have used it a couple of times and it stinks for coverage but I guess it is what it is until we are old enough for Medicare and a supplemental . We DID figure this into our retirement so it is not a surprise but it will probably only keep going up . I have no faith with the current administration that it's going to get better soon .

So your calculations are trying to hit a running target...... how long will you live ? How much is healthcare going to cost ? Are you going to stay healthy ? Will you be hit with something catastrophic ? You plan for the worst and hope for the best Good luck to all on this decision .

[Chocaholic]

Originally Posted by Crowbob

They probably died happy rather than getting nagged to a miserable, slow and painful death.

Though if you know them why dont you ask them? (Ha!)

You’re confusing bad marriage with good marriage. Big difference.

[Baz]

Originally Posted by rfuerst911sc

One thing to keep in mind , for those of us that don't have retirement health care coverage from employer is the monthly cost of health care . My wife and I shopped around the best we could and ended up with medical/dental/vision for $1080.00 per month ! And that's with a $5,000.00 deductible . We have used it a couple of times and it stinks for coverage but I guess it is what it is until we are old enough for Medicare and a supplemental . We DID figure this into our retirement so it is not a surprise but it will probably only keep going up . I have no faith with the current administration that it's going to get better soon .

So your calculations are trying to hit a running target...... how long will you live ? How much is healthcare going to cost ? Are you going to stay healthy ? Will you be hit with something catastrophic ? You plan for the worst and hope for the best Good luck to all on this decision .

Medicare.

[Baz]

Originally Posted by Chocaholic

You’re confusing bad marriage with good marriage. Big difference.

In a perfect world your spouse is your best friend.