Taking Social Security at 62

[Anonymous]

We just ran the numbers, and my break even age is 81.

No way will I work until 67, my full retirement age, or 70. Job has gone from dream job to horrendous.

I am thinking about 63.5 or 65. If I did the earlier age I would use my savings to pay for things. Would love to swing 62 but don't think I can.

Anyone else bail out early to get SS?

We have about 1 million invested. 400 equity in home.

Thinking about retiring back to the South.

[Anonymous]

With a million you get $30/$40K a year plus SS. How far are you from 62? How much more will get saved in that time?

[Anonymous]

I retired at 60 and, after much thought, decided to take SS at 63. I have absolutely no regrets at age 66 with my decision. Like you, I did the math and my break-even age was around 80 (I don’t recall the exact age). I decided that the SS $ was worth more to me now than it was going to be worth in my 70’s when I could reasonably expect my mobility to begin declining.
Each person has to make their own decision and I certainly don’t think everyone should do what I did.

[Anonymous]

Pardon my ignorance, what is the “break even age”?

[Anonymous]

Anonymous wrote:Pardon my ignorance, what is the “break even age”?

So you get less SS when you start earlier. But you get it for years longer. So break even is the age where you would have gotten more in cumulative earnings if you had waited.
..

[Anonymous]

I would go earlier, but no one in my family has lived to 81….

[Anonymous]

Anonymous wrote:I would go earlier, but no one in my family has lived to 81….

This seems like the perfect reason to retire earlier and take SS and live your best life

[Anonymous]

Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

[Anonymous]

For a lot of people the break even point isn’t the issue. My DH and and plan to delay taking SS until we’re 70 so that we can keep our income low between the time we retire (62) and age 70. This will allow us to roll over some of our 401k to a Roth IRA at a relatively low tax rate.

[Anonymous]

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

This makes no sense. Everyone needs to pay into the system for the same number of years to get full benefits.

[Anonymous]

Take it early and enjoy your sixties while you are health and mobile.

You NEVER KNOW what will happen to you as you age, even if you think you are totally healthy and you eat salads and work out. I'm serious.

[Anonymous]

My dad took SS at age 62 and his break even was 74. He’s 83 now and going strong health wise. Unfortunately, he had nothing but SS and needs support from his kids.

[Anonymous]

Delaying SS is a form of longevity insurance. That is, you'll receive a bigger benefit over your lifetime if you exceed your actuarial life expectancy. If you take SS earlier, you are locked into to that lower income forever, even if you live longer than you anticipate.

Consider using one of the many available SS claiming strategy calculators which are available to help you fully understand the implications of claiming benefits at different ages.

[Anonymous]

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

Dumb kid

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

Dumb kid

Yeh keep saying that, we'll be pulling the plug on y'all and taxing you when we get in power. You are the worst generation ever.