The pirate dying at 61 means he never got to collect. I know at least 5 people that died in the last 12 months all under 62. I know everyone is different and situations are all different, but I think I’m going to file right away at 62. Still more than a few years away but I like to think ahead.The SS website says 46% file for Social Security at 62. Almost half. Seems like the smart move. If I wait until 65, it would take me 11 years at the higher monthly benefit just to break even. ( to make up the three years I didn’t collect). I left corporate America in 2013 and never went or will go back. So no job to quit. I enjoy great health, have worked out 4 x a week for the last 31 years. never been hospitalized for anything, never been operated on or have any illnesses or medications. Physical every year, no problems. I plan to live forever and so far my plan is working great, but even so. I could die in a Tesla car fire. Appreciate any thoughts. Right El T?
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OT: How many of you old farts collected SS at 62?
OT: How many of you old farts collected SS at 62?
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Well, this wouldn't have been a problem if he was allowed to take that money and invest it in a private annuity. Years ago, Senator Danial Patrick Moynihan proposed that option, given the ability of descendant to inherit the equity. Leftists shot it down. You MUST be dependent upon an all benevolent State; independence is not allowed.
I did and I have no regrets about doing so
There are good youtube videos on this topic by accountants and financial planners.
DC
waited til 70.5 to collect 5 years ago. Wife still working and just turned 59. She earns enough we didn't need it and waiting gave us higher payoff especially since Congress has been playing with reducing payouts by 25% .
I started at 66. For me, the only choice was between 66 and 70, as I thought I'd be giving up too much by starting at 62. I calculated the benefits from my alternative choices and concluded I'd be ahead on dollars from the time I started until about age 84, after which I'd lose a few hundred dollars a month compared to what I'd be getting had I waited until 70. I'm 74 now and I'd make the same decision again, every time. I'd rather have had all the money I paid in (still paying in the max every year) in an investment account from the time I was 16. But that wasn't an option.