Had to bring this thread back to announce I decided now that I'm 64, to go ahead and put in for my SS benefits.

The loss in payment will be 13.3%, which after doing the calculations, I can live with that all things considered.

I applied on line and it was very easy.

One thing to keep in mind....whatever date your birthday is....you need to wait until after that date on the next month before applying. In other words at least 30 days. This is because your benefits will be calculated for your current age - and what your age has been for a full 30 days.

Since my birthday was June 11, and I applied yesterday (July 21) my benefits will be based on my current age of 64. If I had applied anytime between June 11 and July 11, they would have been calculated at age 63.

I should also add that they give you an opportunity to choose what month to start your benefits, so you can go ahead and apply but make sure you don't start them too early.

I set up a direct deposit and will keep everyone posted when it hits. I understand it might be at least 30-60 days to have my application processed.

It's funny how one can change their mind on things. I kept running into people who told me that applied as soon as they hit 62. They all said they did the math. They all said they had no regrets. That stayed with me along with the comments in this thread.

Finally I will get something BACK....lol......

I will start when I have to...........

Several financial advisors that I trusted said to take it early.
Bob Brinker, national radio program, Money Talk, said that same.

I suggested to our financial advisor to see if my wife starting to take SS at 62 made sense . At first his reaction was " bad suggestion " , we were on a telecon with him and after crunching the numbers he said " I'll be damned it looks like it makes sense " :D . I made this suggestion because as a wife she can still fall back on my SS if I happen to pass before she does . I am currently only 60 so not drawing yet . My plan is to draw mine at 65 . Hey if we both live 20 + more years more power to us at least we will draw out some that we paid in .

Thanks - confirms the conclusion I came to. Except having the wife part. :p

I started mine 2 months ago. I will be 65 in Nov.
Figured I would be able to use the money for more fun now..instead of for more health care later. :)

I think Financial Advisors are like Porsche mechanics. Ask 3 of them the exact same question about the best approach to fixing something on your car, you will get 3 answers.

Our advisor said since we did not need SS, wait until 70. You can always take it early if needed and the extra guaranteed 8% per year is a really attractive return.

I agree re: financial advisors.
Look at all those who said the market would fall through its ass once Trump was elected.
Hmmm.........

I’m trying to figure this out myself. I’m leaning toward taking it at 62. I’m 61 now and haven’t worked for the last 11 years. If I did the math correctly, if I can get 4% on my money the break even point is mid 80’s.

I’m at the point that I’ll either need the SS money or will have to withdraw some money from my IRA. I’m also conserned about taxes, Not sure how required withdrawals would effect me later or what will higher SS payments put me.

I’ll be fine either way, I’m thinking take it early. By the time I’m 85 a few extra bucks probably won’t do me any good anyway.

Your IRA is transferable, being part of your estate to pass to your heirs when you die. SS benefits aren't. As such, if you have heirs, preserve the IRA. The mandatory IRA withdrawal age is 70 1/2. Decide at that time how much to withdraw. Circumstances change.

My dad worked 41 years in a tire factory and retied at 58.5, while Mom never worked other than an occasional part time position with the church. They are in good health, and live a comfortable life with new cars, and a nice house, they enjoy traveling in thier almost new Airstream, and have been doing so for the last 17 years of retirement.He started collecting SS at 62, and has hardly touched his 401K (had to start collecting when mandated at 70). He had health benefits from his company already paid though his retirement.

I plan on retiring as early as I can to do some traveling, and tinker on my farm before I get too old to enjoy it. Those of you waiting till 70 to retire/take SS, I wish you good luck, and good health.....you'll need it to enjoy retirement.

FYI: Got this email this morning......

++++++++++++

Thank you for filing your Social Security application online. Our Social Security Office in PLAINS, PA received your claim and will be working with you to process it. Our goal is to process all applications efficiently.

A representative may call you for more information at the phone number you provided on your application. Please be aware that our representative may call you outside normal business hours, such as on a weekend or during the evening. If we are unable to reach you by phone, we may also contact you by e-mail or U.S. mail.

You should receive a letter in the mail within 30 days with a decision or to request additional information. If you have a future month of entitlement, you should receive a letter in the mail approximately thirty days before your benefits should start. Also, you can check the status of your application at Status of your application or you may call us at (855) 249-4342 with questions. Please wait five days from the time that you filed before checking the status online.
If you have not done so already, please log onto my Social Security will provide you with quick and easy access to many of our services.

Think of it this way, you draw at 65 and you get say $2,500/mo. That's $30,000 you actually got that year. If you draw at 66 you would be getting $30,000+ 8% or a total of $32,400, but if you divide the $30,000/2,400 (the increase for waiting until 66) you see it would take about 7 years to make up the difference of what you get for retiring at 65 vs 66. Carry that out to age 70 and it gets worse.

Think about it in more simple terms. If you collect at 65 you'd have gotten $60,000 from SS when you hit 67 ($30K + $30K), but if you start at 66 by the time you hit 67 you'd have only received $32,500.
Another factor, once you are drawing, its more difficult for them to change the rules on you, than when you haven't enrolled, think things like "means testing" and looking at your other retirement investments as a "balance" or what is "fair".

If you have a 401k, and you desire to convert it to an IRA or Roth, you may want to do that prior to turning 70. My brother and I are discussing this. If you take social security during this conversion, which is a strategic conversion you want to keep your income, including SS low so as to avoid a higher tax bracket. Also, your monthly medicare is means tested, and SS income is included in that means testing. I have a couple of three pensions, so this has a tremendous impact on me. As far as a savings rate of 4 or 8% during the strategic conversion and all other factors it may serve me best to hold off on drawing SS until I convert my 401k over the next 3 to 5 years.

My financial advisor says I should start drawing SS as soon as I can get my grubby paws on it.
But only after I retire so I don't take the tax hit.

He's a fart smeller but he spends way too much time on PPOT. ;)

Everyone's situation is different....YMMV. Convert your 401k(s) to IRAs (rollover) anytime....non-issue imo. Roth IRAs never made $en$e....for me, but I've played the 72(t) rules to my advantage. Don't trust anyone but myself....I do OK. My SS payback is gonna suck....no matter when I start, and I've never counted on it....it's a rigged game :(. If you don't pay in for 35 years....well...sorta kills it, for me...oh well.

No regrets....

edited: the years between ages 12-23...don't count ;)

August 1 and just got off the phone with SS. A real nice lady who just wanted to confirm the authenticity of my application. She indicated I would need to visit my local SS office in person and was able to make the appointment right then. It's this Friday at 10am. I will report back afterwards.

According to her, my benefit will be 64 years plus one month.....$1,467/month, for those interested, and they will issue the first check to me this week, after I visit the local office.

The lady I spoke with was very pleasant and it was an easy process. She said she has been with SS since 1996. She also said SS was taking steps to ensure benefits will continue to be maintained, despite the extended longevity we are experiencing.

In some ways I feel like this is the end of an era. The beginning of the end. I'm not depressed about it - just waxing philosophically. Can't help but think about the fact that I will be "on" social security soon. Crazy.....

So next June when I turn 65 I will get a Medicare Advantage plan and that will take a small amount of my SS but I will have health care coverage and then it will just be a matter of TCB for the rest of how many years I am granted by the big man upstairs.

Tallyho.....

Baz, "Do not regret growing older. It is a privilege denied to many". That's my philosophy. Take your first SS check and go buy something fun, like a new surfboard. Celebrate the fact that you were successful at the game of life and can now relax and enjoy the benefits of your hard work ;)

Financial "experts" want to give strictly analytical advice.


Real world advice.

If you like your job, and you enjoy going to work every day - keep working.
If the above is true AND you get a fat paycheck - keep working, that's even better.
Or, if you have some big bills, a big mortgage, and need the money - keep working.
Or, if you are suddenly retired and all you do is stare at your spouse all day. Better keep working.


Good jobs give you health insurance, a nice paycheck, vacation.
And if you're in your 60's, it's probably the highest paying gig you'll have... It's all downhill from there. And the young ones want to push you out.


70 isn't that old anymore. Lots of 70ish types hobbling around at the BMW rally.

Thanks Craig....words of wisdom. I'm OK with it all - no regrets, and that's the most important thing.

But the book is not yet finished on my life...many chapter yet to come.....


Agree 100%

And don't forget to add: you can still work and collect SS --- at the same time! :)