# Here's a question



## QuickSilver (Nov 6, 2014)

I intend to work at my present job for 2 more years.  I will be almost 68 when I retire.  Here's the question... should I begin taking my SS NOW at age 66 although I am still working..  OR should I wait until I actually DO retire and get a larger monthly payout?  

Pros:    There are some things I would like to do NOW before retirement,  and the extra money would help.
            I could die before I retire, or shortly after, so at least I will have a few years of benefits

 Cons:     A smaller monthly payout. 
             paying more taxes


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## ClassicRockr (Nov 6, 2014)

Will you be getting a Pension or will this be retiring on SS? Some folks, like myself, had to retire solely on SS. My wife is getting a very small monthly Pension right now, but it pays for my Medicare B monthly payment. 

The only time I'd tell anyone to wait is when they are already retired and have a good pension coming in. Financially, if they can wait, and get the absolute fullest amount, I would tell them to do that. But, of course the mental fear of dying before reaching that "fullest amount" can be with a person.  

My brother, and a good friend of ours, took SS when they turned 62, even though they had a good financial pension coming in. My wife works a full-time job and, if they keep her for three more years (we hope they do), she will retire on SS and get $700 more a month for Late Retirement (70). 

But, if that money will definitely help you.......go for it!


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## QuickSilver (Nov 6, 2014)

ClassicRockr said:


> Will you be getting a Pension or will this be retiring on SS? Some folks, like myself, had to retire solely on SS. My wife is getting a very small monthly Pension right now, but it pays for my Medicare B monthly payment.
> 
> The only time I'd tell anyone to wait is when they are already retired and have a good pension coming in. Financially, if they can wait, and get the absolute fullest amount, I would tell them to do that. But, of course the mental fear of dying before reaching that "fullest amount" can be with a person.
> 
> ...




I make a good salary... but yes the money would help in doing the extras I would like to get done before leaving my job.    I already collect on 3 small pensions from previous employment.  I started getting those at age 65 as it made no sense to wait.  The amount was not going to go up.


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## ClassicRockr (Nov 6, 2014)

For some folks, it can be a "tough call", but if you really want it, GO FOR IT! Some can financially wait, while others want it........and can use it.


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## Ameriscot (Nov 6, 2014)

I'd never advise anyone on their pensions.  My situation is complicated as pensions are from two countries.  But I took my SS at 62 just because I want to spend it now.


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## QuickSilver (Nov 6, 2014)

Ameriscot said:


> I'd never advise anyone on their pensions.  My situation is complicated as pensions are from two countries.  But I took my SS at 62 just because I want to spend it now.




I'm already collecting my pensions..  I just want to start my SS so I can do some extra things before I actually retire and stop getting a paycheck.  BUT if I wait, I'll get more money each month.


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## Ameriscot (Nov 6, 2014)

QuickSilver said:


> I'm already collecting my pensions..  I just want to start my SS so I can do some extra things before I actually retire and stop getting a paycheck.  BUT if I wait, I'll get more money each month.



I got a small work pension at 60. And my SS would be much more at age 65 but I use it almost solely for travel and just didn't want to wait.


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## Ameriscot (Nov 6, 2014)

My SS isn't huge but would be nearly double if I'd waited. I'm sure for you working much longer than my 17 years the difference in waiting two more years would be substantial, but I understand the point of wanting to spend now.


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## Grumpy Ol' Man (Nov 6, 2014)

Both my wife and I began collecting Social Security when we turned 66, our full retirement age.  We are both working.  I turned 68 last Monday and she just turned 67.  It is all a gamble.  If you wait until 70, the payout is larger.  Do the math and I believe it's something like 15 years you need to live... to age 85... before you would realize more payout than if you began taking at age 66.  If you pass earlier, you would have been better off collecting earlier.  Live longer... wait until 70.

We wanted the early income to invest.  Investing the money, today, could/would make you more than waiting to collect later... again depending on how long you live.

Look in the crystal ball and determine just how long you will be blessed to remain on this Earth.  That is the ONLY true means of knowing when to begin drawing SS benefits.  :>)


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## QuickSilver (Nov 6, 2014)

Grumpy Ol' Man said:


> Both my wife and I began collecting Social Security when we turned 66, our full retirement age.  We are both working.  I turned 68 last Monday and she just turned 67.  It is all a gamble.  If you wait until 70, the payout is larger.  Do the math and I believe it's something like 15 years you need to live... to age 85... before you would realize more payout than if you began taking at age 66.  If you pass earlier, you would have been better off collecting earlier.  Live longer... wait until 70.
> 
> We wanted the early income to invest.  Investing the money, today, could/would make you more than waiting to collect later... again depending on how long you live.
> 
> Look in the crystal ball and determine just how long you will be blessed to remain on this Earth.  That is the ONLY true means of knowing when to begin drawing SS benefits.  :>)



Makes sense... I'll take the money and invest.. plus do a few things I would like to handle before I retire and money is tighter.


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## Chris in Colorado (Nov 6, 2014)

My wife and I both took ours at 62 for the simple reason that we have no idea what the future holds and it's nice to get a check every month. Will we regret it when we're really old? I have no idea, ask me in another 10 years.


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## rkunsaw (Nov 6, 2014)

A lot of factors to consider. 

How will it affect your taxes

Is your house paid for

Do you have other debts

How will the smaller income affect your lifestyle iif you take it early.

I won't make a suggestion, just want to make sure you consider everything.


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## Lon (Nov 10, 2014)

QuickSilver said:


> I intend to work at my present job for 2 more years.  I will be almost 68 when I retire.  Here's the question... should I begin taking my SS NOW at age 66 although I am still working..  OR should I wait until I actually DO retire and get a larger monthly payout?
> 
> Pros:    There are some things I would like to do NOW before retirement,  and the extra money would help.
> I could die before I retire, or shortly after, so at least I will have a few years of benefits
> ...



Depending on what your income is if you continue to work and take your SS benefit at the same time could be bad from a Tax standpoint because a good part of the SS benefit could be taxable.
Better check that out.


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## QuickSilver (Nov 11, 2014)

Lon said:


> Depending on what your income is if you continue to work and take your SS benefit at the same time could be bad from a Tax standpoint because a good part of the SS benefit could be taxable.
> Better check that out.



No State tax on SS here in Illinois... the Feds only tax half of it.. I intend to have federal tax taken out of it before I get it.


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## Ralphy1 (Nov 13, 2014)

A bird in the hand is worth an extra dollar in the bush...


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## ronaldj (Nov 13, 2014)

I took mine at 62.......I asked my brother, he was 65 at the time he said take it, he passed away shortly after that, I asked my brother in law and he said take it at 62, he was 64 at the time he passed away  shortly after that....I asked my other brother in law, who was almost 80, he said take it at 62....he is 85 now....the "experts" all say wait, I think of them as the real experts....I am 62 right now....


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## rkunsaw (Nov 13, 2014)

If you plan to die soon...take it early. If you want to have more income when you retire....wait. Everyone's situation is different. In my post I'm not making suggestions as to when to take it, just hoping to remind people to look at all possibilities for your individual situation.

I've seen too many people who retired early only to struggle to make ends meet the rest of their lives. On the other hand many have retired early and are dong well. Myself, I'm doing well, my income is more than I spend and I put more aside every month, but I waited for full retirement age and I'm glad I did.
I'll be 73 next month.


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