For folks who Are 62+, have you filed for Social Security, or are you going to wait till Full retirement age or wait till you turn 70 ? What is your thought process as you made the decision ?
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Don't come knocking, 2uxr. You'll be left out in the cold with the savages when the time comes.
Ha HAHAHAHAHAHHAHH!!!! Too funny!! Pathetic, but funny!!! Been there, done that. I'm over it. NEXT!
I'm with you on that, 2ahm. I'm doing all those things, plus hoarding stockpiles of booze, cigarettes and bullets.
Take everything out asap for your maximum control. Forget about interest and profit, do everything to get maximum control over your money, most banks will freeze and limit accounts in order to use deposits to bailout themselves. A lot pension money and other savings will be lost. Take out your money from shares and convert to cash, take a lot of cash to home or some safe place. Distribute money into several accounts. Buy gold. Have a lot of food and water at home, have generators and weapons. Better move to small towns.
The way interest rates are going, folks who were lucky/smart to not cash out their pensions are really doing well
I would like to to wait till 70, but am concerned that means testing is coming , that is why I will take it at 62
I have no luck at all. I got screwed again. First, I missed being grandfathered by 2 years when Chevron went from 75 points to 90. Second, I got screwed again when the Pension Protection Act of 2006 was passed, meaning I took a 10% reduction to my lump sum calculation. Now, screwed for the third time with this "file and suspend" thing. If the Democrats take the White House again in Nivember, I can look forward to a fourth screwing when they apply "means testing" to my Social Security benefits when I show up in 2 years to collect.
Just to be precise ... File and suspend is still available for those born on or before January 1, 1954. The rest of us are out of luck.
Congress will love you, yjz. If they can convince everyone to wait until 98 they would fix the so-called funding shortage to social security. No thanks, I'll take mine at 62. *(BTW, we know you're joking.)
I am 73 and I am going to wait until I am about 98 just to be on the safe side.
@kan, that was my plan, but Congress beat me to the punch. They changed the Social Security rules to disallow the "file and suspend" tactic about 6 months ago. Damn crooks!
Best option is to wait until 70 because the increased payments are huge, assuming you don't die. If you are married, file and suspend at 62 and your spouse can start his or her payments.
Lots of valid and helpful observations and comments on this thread. I like the previous posters comment about drawing on 401k investments first and SS later on, closer to age 70. Very interesting idea.
One argument in favor of waiting as long as you can afford to before taking Social Security is that it is probably the only income you will have that is automatically adjusted for inflation. If/when this period of low inflation ends, you may be thankful to have as much income as possible whose value is not shrinking each year. I know people who retired 25 years ago and whose pension, which was quite generous at the time, is now much less than their Social Security payments due to cumulative effect of inflation.
An option is to start withdrawing from your retirement accounts once you are 59.5 , this could allow you to delay your Social Security till 70 and at the same time your RMD requirement will be far less when you turn 70! since you have been withdrawing from it for more than 10 years
Tax strategy is an important part of when to start collecting your SS payments. Keep in mind if you wait till 70, you will be need to take out your RMD withdrawals at the same time which may result in your Social Security payments to be taxed due to the increased income
I was cut earlier this year and will be 62 this month. I applied for early social security and have no regrets. I am not going to wait 4 years until I am 66. It is tax free income in many states. The way things are going, benefits will probably be cut before too long. I'm taking it while I can. Wait at your own risk.
@fxb, if you don't need to rely on the social security income right away, you can wait. It goes up all the time until age 70, when you must start drawing it. If you are working past 62, it's best to hold off until you truly retire. Your benefit is calculated on the amount of earnings and the length of time you have contributed social security taxes during your working years. Not needing to collect early is a good thing, but never lose sight of it being a benefit you have earned.
What if you don't need it ? , It is is better to wait if that s the case, right ?, of course your health is another factor
I'm now retired at 59. No have no need or inclination to work for anyone again. I plan to take social security at 62. My benefit will be less than it would be at full retirement age, but I would be collecting a benefit 4 years earlier. The basic rule for the vast majority is to take social security as early as possible, especially when you know you will no longer be earning regular wages again.