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Delay to full retirement or take s.s. at 62?

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Re: Delay to full retirement or take s.s. at 62?

Post by Shawn1974 » Sun Jul 14, 2019 8:02 am

I know my views may change as I am only 45, but I'm thinking 62 and I'm done. Of course, who knows what SS will look like then, and who knows how my life will pan out. I'm just making sure I'm dropping a lot of dough into my 401k. Although I have worked with numerous people who retired and had passed away within a year.
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Re: Delay to full retirement or take s.s. at 62?

Post by RetiredSeabee » Sun Jul 14, 2019 8:04 am

I am 65 now and will hit my full retirement age at 66. Your FRA is different depending on what year you were born my wife was born in 56 hers is 66 and 2 months. Off top of my head I don’t recall the year that made FRA 67 for everyone born after that date.

As Mags said above there is an income penalty if you draw SS prior to your FRA. The amount you receive is reduced but if you are still employed and make above a set amount your SS benefit is also reduced further. For me as I recall if I were to earn more than around 32 grand a year my SS would be reduced quite a bit.
I will put off drawing my SS as long as I am still working and healthy.
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Re: Delay to full retirement or take s.s. at 62?

Post by cooperhawk » Sun Jul 14, 2019 9:16 am

My Father worked hard his entire life and retired at 65, and died at 67. Not much time to enjoy it.

I was eligible to retire at 50, but waited till 60 because the retirement at 50 wasn't much money. I could have worked for another five years and the annuity would have increased quite a bit more, but I chose not to. You simply cannot buy the time back. I don't regret a minute of it. We are financially pretty well off because of saving and investing well. I am now 78 pushing 79.

Everyone and every situation is different and you have to weigh the options carefully. I think I would not be very happy to be retired and not have the resources to enjoy life. I also would not be happy if I worked for five more years just to gain a larger annuity, and ruined my health in the process, and I have seen that happen. I know folks in both category.

Here are some basic questions you should ask before making your decision.
1. What do I want to do after retirement and what is the cost?
2. Are my family and children taken care of to my satisfaction?
3. Will I be living up decreasing resources that will run out before I die?
4. Is the job I am in so onerous that it is affecting my health?
5. Is my spouse on board with my plans?
6. Would retiring and then working part time be an option?

There are a lot more questions to consider but keep in mind that being retired and just sitting around bored is the key to an early demise.
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Re: Delay to full retirement or take s.s. at 62?

Post by cooperhawk » Sun Jul 14, 2019 9:23 am

I should also add that although I retired, my Wife is still working although not as hard as she used to. She is an Attorney and runs her office in our home. She also can work when we travel through the marvel of the internet. She only needs to take clients that she chooses as we do not need the money. Her income is about one third of my retirement but it keeps her mind active and she enjoys what she does as she is now in the business of helping folks.

I think that she is one of those folks who would not handle boredom very well. I am proud of her although between her career and her devout religion she can really screw up plans once in a while.
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Re: Delay to full retirement or take s.s. at 62?

Post by dddrees » Sun Jul 14, 2019 10:37 am

A lot of good points so far but have yet to see Medicare or Healthcare costs mentioned. Because I'm retired military healthcare isn't quite the burden it is for most folks. I pay for my and my wifes health care by virtue of being retired military but it's not nearly what most have to pay and thus waiting until I am 65 is not a consideration I need to be worried about.
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Re: Delay to full retirement or take s.s. at 62?

Post by fortyshooter » Sun Jul 14, 2019 10:51 am

Took my SS at 62 and glad I did and now 65 and on the Medicare deal. Had a long career in the Tool&Die trade.
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Re: Delay to full retirement or take s.s. at 62?

Post by RanchRoper » Sun Jul 14, 2019 11:59 am

Have to wait a couple of years here. Money is not the issue, I have lots, it's just all tied up in debt....
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Re: Delay to full retirement or take s.s. at 62?

Post by JEBar » Sun Jul 14, 2019 12:30 pm

RanchRoper wrote:
Sun Jul 14, 2019 11:59 am
Have to wait a couple of years here. Money is not the issue, I have lots, it's just all tied up in debt....
understood :D
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Re: Delay to full retirement or take s.s. at 62?

Post by ESquared » Sun Jul 14, 2019 1:27 pm

It's been pointed out in a couple of ways above, but the biggest unknown is how much longer you're going to live, no matter when your "retire" and/or begin drawing SS.
I'm going to draw at 62 (next April) and hold off on beginning to tap a small pension from my first ever job in the 80s (in which I'm 100% vested, albeit on a small wage base) and some 401(k) $$ that I've accumulated along the way.
Everybody's situation is unique, but mortality is a tough crystal ball to crack, so I'm taking it as early as I can.
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