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I started drawing at 62. I retired at age 46 and have other sources of income. SS income is icing on the cake.

Hot soup

Careful, sand illy may be watching. LOL

For those who are married, something that may or may not make a difference as to whether or not to postpone filing for SS retirement benefits, is a spouse, upon reaching their retirement age, has the option of drawing approx.1/2 of primary recipients SS benefit amount in lieu of their own, based on which ever is the larger of the two.

Also, upon the primary's death a surviving spouse can draw 100% of the primary's benefit amount in lieu of their own SS benefit, again, based on which is the larger.

Point being upon the death of either spouse, depending on their financial situation, there will be what could amount to a substantial reduction in total household income with the loss of the deceased SS benefit, therefore the longer one can postpone filing for SS benefits the more income a surviving spouse will have.

(ex spouses of 10 or more years marriage also qualify to receive SS retirement benefits from a previous marriage, too).

At 62 - I'd have lost money - I make too much.
My sister (CPA) says "take it at 66+ - if you put the money into an interest bearing account, you'll come out ahead at around age 75"
If you're paying a mortgage, or other loan - you'd be even MORE better off applying the money there.

Great thread. I’m torn, I’d like to wait till 66 as we shouldn’t need the income. But I have this fear they’re gonna change the rules and means test it here in the near future. I’d really like to get some of my $ back. Self employed so 15% for over 30 years.

They do give a signifianct bump at 66, damn sharp penciled guys. They know enough of us will die between 62-66 that it’s worth it to them

62 I get 1800 a month wife 62 got 900

That is not my experience when chatting with Ed, to the contrary in fact.

I will file next year at 63 1/2.

Jack, How many years do you figure on living?

I waited til 66 to get full benefit. My family has lived into 80s and 90s. I also was keeping my insurance. I also waited until my previous year bonus was paid. We are each different. Do your calculations. Before you draw.

Good idea, but hard for most to do, due to the fact that the more you make in retirement, the more social security you have to pay back in income tax. They use some type of convoluted formula to calculate that amount. Hard to follow going step by step each year when doing taxes, much less trying to figure on future income. Mine runs between 20% and 25% every year so far. So in a way, they are already doing means testing. miles

My father retired at 65. 2 months later he died. Figured this wasn't going to happen to me so i retired at 62. Took a big cut in SS but i am getting by 10 years later.

Don't sweat it, arrogance is his best trait.

62

I retired from Ford Motor Co in 2003 at the age of 56. In an effort to reduce salaried headcount back then, my "package" was to bridge the difference between of the SS retirement I would have lost from 56 until I turned 62. So after 6 years of retirement I chose a slight reduced SS rate versus waiting until 65 or 66 - whichever it was.

I was already in contributory retirement which is a $400+ a month supplement plus I was receiving a $533 retirement bonus for the 3 year split off to Visteon. I was in the maximum 15% tax efficient savings account, and because of the reduced amount of taxes, my take home during retirement was a few dollar more than when I was working. However, the Medicare Prescription Drug, and Supplemental insurance is a helluva lot more now than it was in 2003!

So much depends on your personal situation. My finances at 62 weren't quite where they needed to be to retire then. Then, at 64, my job was eliminated. I took another job planning on retiring at 66. However, I couldn't stand that job so I decided to retire at 65. I lost a little by not working 1 more year but my sanity was taking a hit and it was time to go. I haven't regretted it for a minute. I'll be 70 this summer when I could max it out, but if I'd stayed there, I'd be in a nuthouse now.

Age 66, but being self employed, going on Medicare at 65 was a bigger help.
Not to side track the thread.

Yep...theres only one dick in this exchange, and its not Ed....


On topic, draw at 62...

Got to say Ingwe, that is one hell of a memory you have there!

I took it at 62. One of those situations. No debt and plenty of toys. No wife. Living is fairly easy.