My race to age 62.

[shockey80]

This virus has changed everything, for all of us. Next year I am eligible for SS. I have to somehow survive financially until then. I will have to survive the virus until then, I think I can, it will be tough. If I start collecting SS next year, that will probably mean I survived the virus and Trump.

All of us, in our own way are in a race to survive the virus and Trump.

[SWBTATTReg]

1. Just curious and of course none of my business, but you do know that you'll take a hit for early...

start of SS? It's discounted I think 1/2 % per six month chunk until you get to your normal SS retirement age (probably around 66+ or so)...Otherwise, if you are fully aware of, can handle it (the discounted amount), good for you. You'll do fine.

[Roland99]

3. ssa.gov will show monthly benefit at 62, 67, and 70

if you don't have an account, you can create one.

https://secure.ssa.gov/mySSA/start

Retirement
You have earned enough credits to qualify for retirement benefits. At your current earnings rate, your estimated payment would be:

At full retirement age (67): $y a month

At age 70: $z a month

At early retirement age (62): $x a month

Your estimates are based on the assumption that you will earn $n.nn a year from now until retirement.

[Cirque du So-What]

7. It will also calculate the amount for any month in-between

[Brainfodder]

4. YUP, longer is tons better, I recall a relative being very upset that her work forced her to...

miss making it to 70, something about already doing the work of what used to be 3 people, and they were about to drop #4 on her.

I digress, that cost her $700 more per month she said, she was out at 68.

Corporations pissing you off at the end.... hmmm call me not shocked?

[shockey80]

6. Yes I do, I am still taking it at age 62.

Life is short.

[SWBTATTReg]

11. Good for you, and congrats (I know early) but this is the start of new and even greater life for ...

you. I took early retirement, don't regret one bit.

Best wishes to you.

[babylonsister]

16. I took mine. My mom died when she

was 62. An uncle died a day after he retired at 65 from a massive heart attack without collecting one red cent.

Yes, life is short and uncertain.

[SWBTATTReg]

18. I heard a stat that 7% of people who pay into SS never get any SS back, they've passed.

A somber stat if I have ever heard one.

[Bradshaw3]

21. I did and I'm happy with my decision

I also have a pension which makes it different from others. But I'm glad I made the choice I did, while also working some and staying under the limits. My SS office was very helpful in making my decision, so I recomment doing that to make sure you are making the right choice. An anecdotal note: I worked with a guy who finallhy retired later, only to die a month later.

[SWBTATTReg]

23. Wow. A month later. What a shame. I had a couple of friends that died early, just after being ...

retired. It's a shame. I still think about them to this day. And I miss them too.

[MineralMan]

14. Yes, but it can still be a good idea.

In the four years before your full retirement age, you will be getting payments every month. I did the math before I signed up at 62. In those four years, SS benefits added up to $40+K. I still earned other income, but kept it under the ceiling set by SS. So, basically, I worked half-time and did just fine.

You have to do the math and look at your situation. I started early because the economy was in a slump and I was having trouble finding enough work. The SS solved that problem for me. Now, at age 74, I'm still working half-time, because I can and enjoy my work.

Do the math. That's the key.

[SWBTATTReg]

19. Absolutely good advice.

[lettucebe]

20. Yes but that's gambling you'll live longer

I'm 63, started collecting last year. I don't work so there's no income limit to worry about. If I live a long long life, maybe it would have been better to wait but I have no idea how many years I have left, especially with this new health threat. I'd rather collect sooner, and don't care that had I waited the checks would be more.

They are betting on many never collecting at all because they pass before reaching full retirement. Just something else to consider.

[SWBTATTReg]

22. Yes, it is a gamble. That's why in my own situation, I went ahead and went for it (the early...

SS). Like you, I'd rather collect early (and wanted to get away from work, sick and tired of being dumped on w/ more and more work). I'm glad that I went earlier. Life is good. To me, it is the start of a whole new life.

Best wishes!

Your point about many not living long enough to collect, I did post earlier that 7% don't live long enough to collet the benefits they paid for. A sad fact. I didn't realize it was 7%, that is a lot of people (passed on).

[captain queeg]

2. Yes that's true. The world will be very different a year from now.

[DFW]

5. I wish I could race to 62

That would mean racing backwards for about 6 years!

[shockey80]

9. Lol! This is the first time I have ever wished I was older.

[DFW]

13. I did when I was 12.

Couldn't wait to be a teenager. It turned out that wasn't all it cracked up to be, but after having my over-the-hill party when I turned 21, things started to get interesting fast.

[MineralMan]

8. Hang in there. You'll make it.

[shockey80]

15. You will make it too.

[MineralMan]

17. Yup. I made it to 62 twelve years ago. I started getting SS benefits at 62.

It works pretty well, really. You can work about half-time and stay under the ceiling for earnings and do OK.

[la-trucker]

10. You're a Democrat

and we'll all be rooting for you to survive. We need you for decades to come.

So my best wishes and blessings towards the survival theme.

[shockey80]

12. Thank you, right back at you.

[EndlessWire]

24. I took it at 63.

I had a part time job that I wanted to keep, but SS would NOT let me keep it! I knew that I could work up to a certain limit, but they refused to let me.

So, I let the job go. I wasn't sorry. The job was excruciatingly difficult They then started my SS, and I never rehired in to work.

I don't know why they did it that way. It was the best decision I could have made, and it turned out okay.

Loss of SS benefits from Trump is one of my greatest fears. But, I don't feel like it is a handout from the gov in any way.

[phylny]

26. I've applied for it at 62 and will begin getting it in July.

My husband will wait until 66 and 3 months. Many of our friends are doing it this way, where the smaller wage earner takes it early and the larger sewage earner takes it “on time.”

[empedocles]

27. Wait if u can. 8% more the very next year, compound that at 8% each year thereafter.

Huge difference.

Hard in deflationary times to get 8% return on investment.

[Now different story if you're going to die early; but there is an amazing number of quite old people still around].

[phylny]

29. I'm aware, but this method works for us.

[Jrsygrl96]

28. Me too!

I also turn 62 next year and will take ss. I know it's less money, but I will actually be better off to do that and substitute teach a couple times a week. It's not worth it for me to wait.

I have been paying in since I'm 16 and don't know what these evil repugs will do, so I am going to take what I can get when I can get it.

[Delphinus]

30. I may

have to - depending on my job.

I work part-time right now - and in my field, the shutdown may make it impossible to support me going back to work (I work at a nonprofit).

I was hoping to make it another year at least (62 in the summer this year), but if there is no job to go back to, I can look for another job (part-time) or live off whatever savings I have accumulated. Thankfully my husband is still employed, but even he is concerned.