# Taking SS Wait longer or Do It.



## brucer (Jul 24, 2022)

I am 65 and 4 months. Retired but not drawing SS yet and living off my savings. Full retirement age is 66 and 6 months, next September. I keep pushing off trying to get my SS payment monthly income higher, but it is only increasing by a measly $13 a month. (Anticipated income is $2338 a month currently.) Am I wasting my time trying to increase my monthly income a little higher and burning thru saving but missing out on $2300+ by claiming now?


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## Don M. (Jul 24, 2022)

If a Person knew how long they will live, the decision of when to take SS would be a lot easier.  After some thought, we took our benefits as soon as we became eligible.  We've already received several times what I paid in during my working career, and if we live another few years, that "ratio" will be even better.  We have other sources of income, so the SS just adds to our "cushion".


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## Paco Dennis (Jul 24, 2022)

I needed the money because I could no longer do my job. I had to begin SS at 63. It was worth it for me.


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## garyt1957 (Jul 24, 2022)

So many individual variables it's impossible to say.  SSis meant to be time neutral. In other words, if you live to your respective average age (I think it's like 78 for men) it doesn't matter when you take it. You will.get the same total amount.  Of course where it gets tricky is how long are you going to live

  Personally I'd take it early if that allowed me to retire early and enjoy life more. I don't care to get a few more dollars when I'm 90 and stuck at home, or worse yet you're in a home and all those extra dollars are going to the home.
   I know this doesn't apply to you as it sounds like you're already retired  but if possible I'd highly recommend people take SS early if it's the difference between retiring at 62 or say 67. Those 5 years between 62 and 67 are  the best years you have left.


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## C50 (Jul 24, 2022)

There are so many variables with making the decision about when to enroll.  I remember reading the break even point was 78/80 years old.

Most of my friends take it as soon as eligible at 62.   I will also say I don't ever recall having a conversation where someone older has said they wished they had waited longer before starting to draw SS.


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## Aunt Bea (Jul 24, 2022)

I chose to take SS at 62, and let my tax deferred savings continue to grow.

As others have said, it’s a personal decision with too many variables for anybody but you to decide what is best for your situation.

Good luck!


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## Knight (Jul 24, 2022)

As others have posted how long you live is key. Your health, the cost of living, how long your savings will last as your source of income, debt owed all important factors in your decision making.

Looking at your Soc. Sec. amount (Anticipated income is $2338 a month currently.) could you live on that? I'm not saying you should just pointing out the potential of being prepared financially if an emergency happened and it drained your savings. 

We, my wife & I took our Soc. Sec. early at age 62. Like Don M we both have surpassed what we put in. The best part is being debt free & in excellent health. Instead of draining our sources of income our sources increase monthly.


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## Nathan (Jul 24, 2022)

I took SS at 65 rather than wait a year until full retirement at 66, the lady at the SS office encouraged me to, it was only a difference of $7/mo.


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## JaniceM (Jul 24, 2022)

I'll readily admit:  I don't know anything.  Since there's nobody locally I can ask, maybe members here have input:

I'm not unique with this on this forum, but basically am in this area:  I spent most of my adult life raising my family, so I don't have enough work credits to actually retire.  I was advised to apply for SSI, but am totally clueless.  All I do know is a local guy spent SIX YEARS living in homeless shelters while trying to get his SSDI approved, and I can't handle something like that.  Between health issues and lack of available work, I'm scraping by on almost nothing- it's all I can do to keep rent/utilities paid, and even that takes a lot of juggling.  

I don't know who to contact, what to do, plus the added complications of a phone that tends to konk out and lack of transportation. 
Any input would be greatly appreciated.


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## ohioboy (Jul 24, 2022)

Janice, if I am not mistaken, you must apply for SSDI. This is also an application for SSI, they are not separate forms. You can apply online. SSI will be considered with SSDI.


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## C50 (Jul 24, 2022)

Janice Google "help filing for Social Security".  In my area I have seen open seminars put on by local organizations where they will help you and walk you thru the application process, free of charge.  Maybe call your towns office for older adults and see what they have to say.  Or contact the local Social Security office and set up an appointment, I found them very helpful with my application, tho a bit challenging to get a hold of.

You could also get on your local Nextdoor neighbor site and ask for some guidance. Just be careful with a public site, don't post any personal info and don't agree to meet up with and random people.


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## JaniceM (Jul 24, 2022)

ohioboy said:


> Janice, if I am not mistaken, you must apply for SSDI. This is also an application for SSI, they are not separate forms. You can apply online. SSI will be considered with SSDI.


Thank you.. but unless I've read everything wrong, I'm not eligible for SSDI due to not enough work credits.


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## JaniceM (Jul 24, 2022)

C50 said:


> Janice Google "help filing for Social Security".  In my area I have seen open seminars put on by local organizations where they will help you and walk you thru the application process, free of charge.  Maybe call your towns office for older adults and see what they have to say.  Or contact the local Social Security office and set up an appointment, I found them very helpful with my application, tho a bit challenging to get a hold of.
> 
> You could also get on your local Nextdoor neighbor site and ask for some guidance. Just be careful with a public site, don't post any personal info and don't agree to meet up with and random people.


These are some good ideas.  Thank you.  I'll try, and see what I come up with.


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## ohioboy (Jul 24, 2022)

JaniceM said:


> Thank you.. but unless I've read everything wrong, I'm not eligible for SSDI due to not enough work credits.


Does not matter about SSDI credits, SSI  does not require 40. As I said, it is a combined application if I am correct. The SS website will have it.


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## JaniceM (Jul 24, 2022)

ohioboy said:


> Does not matter about SSDI credits, SSI  does not require 40. As I said, it is a combined application if I am correct. The SS website will have it.


OK., I'll check it out.  Thank you!


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## Nathan (Jul 24, 2022)

@JaniceM , take some time to look at this link--> https://www.ssa.gov/ssi/text-apply-ussi.htm

Also, have you checked into your state's Medicaid program? https://www.medicaid.gov/about-us/beneficiary-resources/index.html

Take your time, read thoroughly, it may seem like a maze but there are benefits to be had.


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## Macfan (Jul 24, 2022)

You have today, and no guarantee of tomorrow, so the choice is yours. I didn't wait and have no regrets what-so-ever . Don...


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## ohioboy (Jul 24, 2022)

ohioboy said:


> Does not matter about SSDI credits, SSI  does not require 40. As I said, it is a combined application if I am correct. The SS website will have it.


I may be wrong about the combined application after reading some. Back when I applied I think it was that way?? Nathan has a good link.


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## Alligatorob (Jul 24, 2022)

I have just applied for SS to begin when I turn 70.  My theory was to wait as long as I could to maximize payments.  If I live a long time I will appreciate that decision.  If I don't, well I won't be around to care.

However, as folks have said, it is a personal decision, what makes sense to and for me doesn't necessarily for others.

As you figured out waiting a few months won't make a lot of difference, you would need to wait a longer time for that.


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## Knight (Jul 24, 2022)

How about a completely different approach.

Waiting To get a $13.00 a month increase.

12months X$13.00 = $156.00 yeild for waiting.

NEWS: The initial interest rate on new Series I savings bonds is 9.62 percent. You can buy I bonds at that rate through October 2022.

Takes the  monthly Soc. Sec. payment of $2338.00

$2338 X 4 months = $9352.00

uses $9,000.00 of that Soc. Sec. payment to buy an I bond.

$9,000.00 X 9.62% = a return of $862.00. With another 8 months of Soc. Sec. payments to continue to build wealth.  
Health being primary with financial secruity being a real concern seems more logical to build wealth than deplete savings. 

Of course the Ibond percent changes but remains high relative to other investments especially in the last years when living on a fixed income & risk isn't easy to stomach. I wish the limit of $10,000.00 was lifted.


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## Harry Le Hermit (Jul 24, 2022)

Deciding on when to take S.S. is an _individual_ choice, based on taxes of RMDs, taxes of S.S., taxes on a lot of other stuff.

IF S.S. is the only revenue coming, then maybe a discussion can ensue.


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## jujube (Jul 24, 2022)

I've never regretted taking it at 62.  I was able to get my late husband's amount as he was older and then switched over to mine when mine got to be more.


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## Leann (Jul 24, 2022)

I took mine at FRA.


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## Paladin1950 (Sep 5, 2022)

I never considered collecting Social Security early. I have always considered it foolish. I waited for my full retirement age of 65. I'm glad I did. Now I will always get 100% of the monthly benefit that I'm entitled to.


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## Looking2retire (Sep 12, 2022)

The right answer to this question is: it depends.  
For me, it will be $2110, $3228, or $4094, if I take my SS at 62, 67 (FRA) or 70.  My plan is to take it at 70.


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## Gary O' (Sep 12, 2022)

Waited
Took mine at 66
Loved my job too much
However, the cabin called
And it was impatient
*'Yer not gettin' any younger to do this!'*
Told the owners 'I'm outa here'
They told me they needed six months
Glad I told 'em six months before the age of 66

No regrets


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## dseag2 (Sep 12, 2022)

Most of my income is invested in the financial markets.  Based on the fact that they have returned over 10% for many years, I would rather keep the money in stocks rather than draw it out, so I chose to take Social Security at 63 y/o.  I would rather keep my money in the market and supplement it with Social Security.  If you are not invested, wait to take your full Social Security payments.  If not, go for it.


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## Disgustedman (Nov 3, 2022)

I suffered a CHF at 50, COPD  diagnosed at the same time (quit 3 years later, but too late, damage done) caught  covid Sept last year, good thing I had my 401K as a life raft.

Now, lungs shot, take 5 meds and lucky to make it to 67. Which would be my FRA date. 

So there's my reasoning.


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## JustDave (Nov 4, 2022)

I took my SS as soon as I was eligible. I was not going to gamble on a roll of my longevity dice.  Turns out, I've already lived longer than I thought I would.  But here's the important thing.  I am more financially solid than I have ever been in my life, and instead of eating into my savings, I'm saving more than I ever had before.  I would have a bigger monthly income had I waited, but the last 25 years since I retired would have been much more difficult.

I feel like I made the right choice, but others may be more satisfied with a few years of self imposed poverty to get the bigger payoff.  Mostly, I took the money right away, because I needed it to live like I wanted during those most productive years of early retirement.

But we all have different goals and desires.  I would suggest we weigh those actual known variables into our decisions, whereas how long we will live is unknown.  The end decisions will still all be different.  But the dilemma of "SS, now or later" is one of the most pleasant problems you will face in life.  Enjoy it because it only happens once.


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## ronaldj (Nov 4, 2022)

took mine at 62 and never looked back, now 70. I asked my brother at the time who said take it and asked my brother in law at the time and he said take it, they both passed around the age of 64. Asked my other brother in law at the time and he said take it, he was 84 at the time. We have not needed it per say, and have banked most of the money. I figured what I would get at 62 and how much at 65 and added the out and will break even at 73. I talked to a fellow who I worked and he took his at 62 and said he would break even at 73 also he is now 75 and says, "take it."


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## Michael Z (Nov 4, 2022)

I will probably go with SS just shy of my 65th birthday when I have a gap in health care money.

I have a few questions related to this:
Is there a significant difference in retiring a few months before a birthday, or is there a big jump right on your birthday?
How long, after choosing to get SS, does it take to get payments?


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## Alligatorob (Nov 4, 2022)

Started mine last month, at age 70.  I was still working, so did not need the money.  And my wife took hers a few years back, so I was able to collect half of that.

As to the question of how long I'll live and if it will work out to my benefit, I don't worry too much about that.  If I live to 100, I'll be happy I waited.  If I die tomorrow, well I'll be dead, won't matter.

It is a very individual thing, no right or wrong answers.


Michael Z said:


> Is there a significant difference in retiring a few months before a birthday, or is there a big jump right on your birthday?


I don't think so, it seems to go up a little every month you delay, up to age 70 that is.


Michael Z said:


> How long, after choosing to get SS, does it take to get payments?


You can apply some number of months ahead, not sure how many.  That is what I did, I applied about 3 months before my 70th, but said I wanted it to start on my 70th.  I got my first deposit in October, my 70th was in September.  I believe the October payment was for September.


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## Right Now (Nov 4, 2022)

I worked until I was 67, loved my job.  I took my SS at 66 and 1/2.  It's been the right strategy for me, but I also have a pension plan,  and  investments.  Individual situations are different for each of us.


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## leastlongprime (Nov 8, 2022)

We took early SS.
2010 and 2012. We needed the cashflow; We needed more time for the StockMarket to recover.
Now 72/75 and in full RMD mode but not full allowable withdrawal mode. 
Our Income is ~95% longevity, (annuities and rental)  with remainder if we die early. 
YMMV


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## Joe Smith (Nov 8, 2022)

Early bird gets the worm. Took it at 65 and didn't lose much over any amount of time.
10 years would be approximate $500.00 loss total.


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## DaveA (Nov 10, 2022)

I took it as soon as it became available but as it only amounts to $171 per month I don't think it made much difference.


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## leastlongprime (Nov 10, 2022)

leastlongprime said:


> We took early SS.
> 2010 and 2012. We needed the cashflow; We needed more time for the StockMarket to recover.
> Now 72/75 and in full RMD mode but not full allowable withdrawal mode.
> Our Income is ~95% longevity, (annuities and rental)  with remainder if we die early.
> YMMV


My first post reveals the internal factors why we took early SS.

This is the other external factors:
In 2010 and 2012, the economy was showing a strong recovery. The equity markets were strong. Inflation was low. I reasoned why should I sell (deplete) above average growth equity (12% (?)) for retirement Income when we could use static SS Income? Even our high fee, hybrid deferred IRA annuities were growing in real dollars and retirement value. 
https://www.officialdata.org/us/sto...=If you invested $100 in,, or 12.10% per year.

Your decision is dependent on your immediate needs  and the external financial environment.
YRMV


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