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Social Security 62 or 66

Old 05-08-2010, 01:11 PM
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Default Social Security 62 or 66

If I wait 'til age 66 I get 25% more. I am thinking to go for it now. Any thoughts?
Old 05-08-2010, 02:01 PM
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Go for it at 62, and invest the money....
Then run the numbers....
In the end, unless you live to be 100, you'll be way ahead rather than waiting to file at 66....
Old 05-08-2010, 02:08 PM
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Originally Posted by Beuford T. Justice View Post
Go for it at 62, and invest the money....
Then run the numbers....
In the end, unless you live to be 100, you'll be way ahead rather than waiting to file at 66....
I have not run the numbers myself and it certainly depends on each individuals health and situation but I remember an article within the last 6 months that ran the numbers for the average person in the US and it suggested that the wife should take SS as early as possible and the husband should wait for the higher pay off. The reasoning was that women typically live longer and are younger than men in their relationships and that they would assume the husbands higher benefit after his death. This would make sure that the average person/couple would receive the absolute maximum return from their contributions to SS.
Old 05-08-2010, 02:21 PM
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A LOT of things to think about.

First off... how long do you think you're going live?
Second... how much do you need the money today?

If you think you're going to live beyond the "average" AND you invest the money... then:
http://bulletin.aarp.org/yourmoney/s...ck_social.html

Form 521 is an interesting noodle -- interest free loan. All you have to do is out-live break even.
Old 05-08-2010, 03:22 PM
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My dad started his at 62, he said he wants his money before its all gone!
Old 05-08-2010, 03:35 PM
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Man I am 60 retire in 2 years and face reality of the rest of your life. Or die face down on the showroom. Tough choices.
Old 05-08-2010, 03:39 PM
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Biggest question are you still working and how much do you make go into equation to decide. You have to pay back it you make more than allowed.
Otherwise, you probably will not make up for the extra 5-6 years until you are about 80.
Old 05-08-2010, 03:42 PM
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The first place I worked when I graduated from college had several ladies on the payroll that I never met but their husbands who were on social security showed up everyday.
Old 05-08-2010, 03:43 PM
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If you live to 85

collecting 13,500 per year if you retire at age 65 you collect $270,000 (13,500 x 20yrs)
if you retire at 62 you collect 10,125 per year so you collect $243,000 (10,125 x 24yrs)
Old 05-08-2010, 03:57 PM
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Originally Posted by OldPete View Post
A LOT of things to think about.

First off... how long do you think you're going live?
Second... how much do you need the money today?
Pete nailed that answer....
Old 05-08-2010, 04:02 PM
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My parents never smoked or drank, worked hard and lead an extremely clean healthy lifestyle and both lived to be 86. I smoked drank and have been exposed to a variety of chemicals at work, am overweight, look about 10 years older than I am, and for most of my life rode the old desk - so I am thinking 72, 76 tops. I'm going for it now.
Old 05-08-2010, 05:06 PM
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Other than for life essentials (utilities, taxes,etc) what do you need money for when you're 80. Grab it while you can!
Old 05-08-2010, 05:14 PM
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I would get the money while you can..... Beat out all the illegals in line to use it up first....
Old 05-08-2010, 05:17 PM
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Originally Posted by LI Sound Grunt View Post
My parents never smoked or drank, worked hard and lead an extremely clean healthy lifestyle and both lived to be 86. I smoked drank and have been exposed to a variety of chemicals at work, am overweight, look about 10 years older than I am, and for most of my life rode the old desk - so I am thinking 72, 76 tops. I'm going for it now.
Good decision. I hope you live beyond your expectations, you will be fine.
Old 05-08-2010, 05:19 PM
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Pete, kindly share your throne with Cracker, who nailed it from a different perspective...but valid all the same.

LI Grunt, yours is the most practical answer to your own question....
Old 05-08-2010, 05:20 PM
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I was just wondering where TIRELESS has been lately...and he owes all of us a LOT of funny responses to the dumb things we've been posting! Hope all is well in Georgia for you.
Old 05-08-2010, 05:41 PM
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I'm 62 in November, max I can earn is about 14K before SS gets taxed heavily.
Old 05-08-2010, 06:04 PM
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What do you think Obama will have done to SS by the time you reach 65? Won't be much left for monthly checks.
Old 05-08-2010, 06:08 PM
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Originally Posted by Schmaltz~Herring View Post
I'm 62 in November, max I can earn is about 14K before SS gets taxed heavily.

True, but your wife (if you have one on SS), can earn the same. If you have a small business, and create a joint LLC with her, the LLC can earn about 28k (presuming the records show you each 'earned' half).

"Unearned income", from investments, does not count against you SS limits, so perhaps you can derive some additional from there. I'd take the retirement at 62 (I did). It may not be there to take, if you wait. That being said, if you are earning a high income, like what you do, and are in excellent health, keep working.
Old 05-08-2010, 06:39 PM
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Originally Posted by CaptWill View Post
True, but your wife (if you have one on SS), can earn the same. If you have a small business, and create a joint LLC with her, the LLC can earn about 28k (presuming the records show you each 'earned' half).

"Unearned income", from investments, does not count against you SS limits, so perhaps you can derive some additional from there. I'd take the retirement at 62 (I did). It may not be there to take, if you wait. That being said, if you are earning a high income, like what you do, and are in excellent health, keep working.

Nope, she's younger 56, and I cannot enter into any corporate agreement with a non-attorney. It's the earned income that predisposes me to wait.

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