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Any buddy do the math take SS @ 62 or wait?

mogley98mogley98 Member Posts: 18,291 ✭✭✭✭
edited May 2009 in General Discussion
I have always figured I will retire as soon as I hit age since who knows how long I may live anyway. A lot of folks here at work are staying on to reach full retirement age. How long do you usually have to live to make it worth while to wait?
Why don't we go to school and work on the weekends and take the week off!
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Comments

  • spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    i took it at 62....no that much over years figured on self employed lean years on farm did not build to max...better get it before illegals get it all...may have chance of at least recouping input
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  • mousemouse Member Posts: 3,624
    edited November -1
    You'll get a lot more money if you wait.
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  • BaseJumperBaseJumper Member Posts: 5,570
    edited November -1
    Men in my family do not traditionally live long into the 70's. I am taking it as soon as eligible. Can't spend it from the grave.
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  • slipgateslipgate Member Posts: 12,741
    edited November -1
    How long will you live based on your family history? How healthy are you? Do you have other sources of income (do you need it now)? If you are healthy and the family genes are good, wait. If you are not so healthy and you family makes it to maybe 70's, take it now.

    My MIL took hers early. She is very healthy and women in her family all live healthily to over 100. She was dumb.
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  • MIKE WISKEYMIKE WISKEY Member Posts: 10,023 ✭✭✭✭
    edited November -1
    A FRIEND DID THE MATH FOR HIS RETIREMENT, 62 VS 66. HE WOULD HAVE TO MAKE 71 BEFORE MAKING ANY 'EXTRA' $$$. RETIRED AT 62
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  • dav1965dav1965 Member Posts: 26,540 ✭✭✭
    edited November -1
    My dads friend figured it up and if you retire at 62 and get social security
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  • Rocky RaabRocky Raab Member Posts: 14,356 ✭✭✭✭
    edited November -1
    The math is simple. If you'd get 1000 a month at 62 but 1400 a month at 65 (to pick numbers out of thin air), here's the tale:

    From 62 to 66 (the age for those nearing 62 now), you'll get 12,000 a year, or 48,000 total before you hit 66.

    If you wait until 66 to get the extra 400 a month, it would take you 120 months or ten years to "make up" the 48,000 you didn't get between 62 and 66.

    If the forecasts are correct, the chances of you actually getting that 1400 a month all the way until 14 years from now are slim to none. I know what I'd decide because I DID decide it. I got my first SS check last month after turning 62 in February.
    I may be a bit crazy - but I didn't drive myself.
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  • dav1965dav1965 Member Posts: 26,540 ✭✭✭
    edited November -1
    Try this again. My dads friend figured it up and if you retire at 62 and get ss and if you retire at 67 you would have to live to 74 and a couple months to catch up. After 74 you would be making more. Thats my dads friends math not mine. My dads 74 and still working. Why i dont know. He just says that when he quits working he will die. He has worked at the same place for over 60 years. Thats amazing.
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  • HandLoadHandLoad Member Posts: 15,998 ✭
    edited November -1
    The Minute you pass the FIRST opportunity to retire, you are now working for Half (or less) pay. Think about the fuel spent, the wear on the vehicle, the stress, etc (New car?) you will need after you could have tetired....

    I took the first off-ramp (age 51) and haven't regretted it yet. Will be taking SS the minute I qualify. Present value of money, etc...
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  • WulfmannWulfmann Member Posts: 4,900 ✭✭✭
    edited November -1
    It must vary on the amounts because for me I would break even at 79 years old and after that would have gotten more by waiting.

    Since I am 60 and my father died at, gulp, 60, I don't see waiting as practical so it is 62.

    Not only on how long it will take but the matter of a bankrupt SS is a real possibility.

    Wulfmann
    3YUCmbB.jpg
    "Fools learn from their own mistakes. I learn from the mistakes of others"
    Otto von Bismarck
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  • grumpygygrumpygy Member Posts: 48,464 ✭✭✭
    edited November -1
    I'm just hoping to make 62. Heart Attack at 34, Triple By-pass at 50.

    Something tells me I won't make the higher age.[xx(]
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  • 11b6r11b6r Member Posts: 16,584 ✭✭✭
    edited November -1
    62- or 66 (full retirement age is now 66, not 65) depends on whether you intend to continue working. IF you continue working, there is a max amount you can earn each year without your SS payment being reduced.

    There is another quirk in the system- if you retire at the age 62 rate, and on reaching 66 want the higher rate, you can have it- IF YOU REPAY WHAT YOU HAVE BEEN PAID. So take the age 62 money, put it in savings, CDs, etc. At age 66, pay it all back. YOU get to keep the interest on what that money has earned- then start drawing your higher rate.
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  • TooBigTooBig Member Posts: 28,559 ✭✭✭
    edited November -1
    My mom waited till she turned 65 and died in her sleep two weeks after she turned 65.[:(] The way I understand it if you wait till your true retirement date then you can make all the money you can with out penalty unlike the restrictions at 62. Remember most are able to retire at 65 my true date is 66.
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  • Blade SlingerBlade Slinger Member Posts: 5,891
    edited November -1
    Get into the system at 62, its your money go get it asap.
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  • jimdeerejimdeere Member, Moderator Posts: 26,027 ******
    edited November -1
    I am a very health 55. I plan to live well into my 90's and get killed by a jelous husband.[:D]
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  • Marc1301Marc1301 Member Posts: 31,895 ✭✭✭
    edited November -1
    quote:Originally posted by 11b6r
    62- or 66 (full retirement age is now 66, not 65) depends on whether you intend to continue working. IF you continue working, there is a max amount you can earn each year without your SS payment being reduced.

    There is another quirk in the system- if you retire at the age 62 rate, and on reaching 66 want the higher rate, you can have it- IF YOU REPAY WHAT YOU HAVE BEEN PAID. So take the age 62 money, put it in savings, CDs, etc. At age 66, pay it all back. YOU get to keep the interest on what that money has earned- then start drawing your higher rate.




    You beat me to it!

    My mother took it at 62 simply because she wanted to start getting what she paid in back. She could have gotten by without it, but I think watching my grandparents die fairly young had an influence also. They only got to collect for a couple years.[xx(]
    "Beam me up Scotty, there's no intelligent life down here." - William Shatner
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  • Maxx424Maxx424 Member Posts: 719 ✭✭✭✭
    edited November -1
    One thing to consider if you are married is that your widow will get more as a survivor if you wait.
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  • mogley98mogley98 Member Posts: 18,291 ✭✭✭✭
    edited November -1
    Perfect that is what I was looking for, I doubt I will make 71 I smokequote:Originally posted by MIKE WISKEY
    A FRIEND DID THE MATH FOR HIS RETIREMENT, 62 VS 66. HE WOULD HAVE TO MAKE 71 BEFORE MAKING ANY 'EXTRA' $$$. RETIRED AT 62
    Why don't we go to school and work on the weekends and take the week off!
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  • footlongfootlong Member Posts: 8,009
    edited November -1
    Moms Mably smoked 3 packs a day and she lived to 81
    http://en.wikipedia.org/wiki/Moms_Mabley
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  • River RatRiver Rat Member Posts: 9,022 ✭
    edited November -1
    Did the math, but had to factor in the Rapture within the next 20 years or so. The money's about gone anyway, so you better grab it early.
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  • MBKMBK Member Posts: 2,918 ✭✭✭
    edited November -1
    I did financial software for Wall Street, and taught finance.

    I took it at 62 because of the age 79 breakeven above. But I also felt that it also has the effect of allowing compounding of money you did not have to remove from savings during the years between 62 and 66. ( I retired at age 47. )

    With the system going broke, I suspect the option to take money at 62 will be eliminated.
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  • oldnbaldoldnbald Member Posts: 3,578
    edited November -1
    I took my SS at 62 so I could retire from a job I hated. I didn't do the math, but at two different retirement seminars I attended, the SSA representative said that I you waited until full benefits age ( and it's based on when your were born, so it's different for all), it would take 7 years (at that time) to recoup what I would have drawn between 62 and 65.
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  • JohnnylikesgunsJohnnylikesguns Member Posts: 2,887 ✭✭
    edited November -1
    I reached 62 this month ss starts next month.

    The way they (ss) pays it out is the longer you wait the more you get per month. If you live to the average age you will collect the same total amount no matter when you start drawing ss.

    The way I got it figgured out is get it when you can. Worked a union job 30 years and got a good pension there too. Hunting and fishing is my job till I die.
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  • footlongfootlong Member Posts: 8,009
    edited November -1
    I chose NOT to take SS at 62. Math had nothing to do with it. My wife and I are raising a grand dughter who is 11. I need to keep working in order to support the youngen. Dont need to be strapped by any penalties from ss. I just PRAY I am physically able to work another 10 years
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  • tpacuriositytpacuriosity Member Posts: 707 ✭✭✭✭
    edited November -1
    at this point pal, it's a common sense question, and NOT math.........you had best take it if you can, because in 3 years.....well, do I really need to finish?
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  • NOSLEEPNOSLEEP Member Posts: 4,526
    edited November -1
    I just passed a funeral procession. And their was a Brinks armoured truck following the Hearse. I'd wait. [}:)]
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  • savage170savage170 Member Posts: 37,504 ✭✭✭✭
    edited November -1
    Take now while you can if you can make it on it. My dad waited for 65 and only collected 6 mos worth before he passed away
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