How Many On DU Have Taken Early SS Benefits?

[remember2000forever]

I've lately noticed that there are some Baby Boomers Posting. And one of our BIG concerns, here at this Forum, has been Social Security. For those of you behind us in age, are you planning on taking your Benefits early ?
Yup! Times are that tough out there that I was forced to take Less, NOW.

[Uben]

1. I'm six yrs away from 62, and I'll be cashin in early.....

..if it's still available. It'll mean several hundred dollars less per month, but there is no guarantee I'll make to 69, when I can cash in with full benefits, so.........

I never really counted on SSI for retirement because I wasn't sure it was still gonna be around. So, anything will be a bonus.

[Ineeda]

5. I say take it early

My DH passed away at 57, sister at 62, BFF at 61, SIL now dying, under 50. None got to enjoy 'Golden Years'.

[dkf]

2. Doesn't that tend to work out better anyway?

I found this...

http://www.nysscpa.org/cpajournal/2006/606/essentials/p42.HTM

Hmm it seems very variable. Best to read the whole thing.

[DCBob]

4. It's interesting there is so much debate over raising the full retirment age...

when in fact few even wait until full retirement age.

"At present, a little over 72% of all beneficiaries are collecting a reduced benefit because of early retirement.."

I suspect that number is going to go even higher due to effect of the bad economy.

[dkf]

9. Good point.

[elleng]

19. 'Page cannot be found.' VERY variable, I understand.

[dkf]

22. Lol. Oops!

[elleng]

33. thx. VERY variable!!!!

[hobbit709]

3. I can apply in a year

I hope to hold out until then. At my age, 60+ and health problems, I'm unemployable. If it wasn't for my VA healthcare, I'd be dead by now. When Donna died a year and a half ago(she was the primary wage earner) it put me in a real bind. I used what money I got out of her IRA and retirement system to pay off the house and I figure I have enough left to hold out until I turn 62. She was only working part time so she got screwed out of any benefits-we were spending $1000/mo just to cover her COBRA and copays. In a good month, I might make $500 as self-employed.

[Uben]

11. I'm paying $20K+/yr in insurance premiums......

...because of the wife's cancer 8 yrs ago. She won't be eligible for Medicare for another 6 years, so I'm sure that will suck another $200K of our savings at the rate it's going up. We're trying to hold out till then. We've both been retired since the cancer incident and were fortunate to be in the position to do so at that time. No matter what happens though, we have gotten to enjoy some retirement while we were still young enough, and alive, to do so! And, it's has been wonderful!

[elleng]

20. Good for you.

[Uben]

26. I've seen too many people work till they're 65 or 70....

...and die within a year or two of retirement. That would suck BIG TIME! No male in my family has lived past 72 in the last few generations, so I'm taking some time while I still have it! I have the bucks stashed to last me if I live to be 80 or 90, so I'm not as worried about money as time.

[formercia]

6. I did

Had no choice. We were going in the hole.

You would be surprised how many prospective employers look at you funny when you tell them you had worked at CIA. Most think you're crazy.

Never go to work at CIA. You will regret it if you do, unless you're an asshole and have no conscience.

[DrDan]

7. taking it early could cost a surviving spouse

that person would get the higher of the 2 benefits.

I will be taking it at full-retirement age vs my wife who will take it at 62 as my benefit is signficantly higher than hers.

[DianeK]

25. Question

My husband passed away in 2007 and I am eligible to receive the survivor benefit but would I also be able to receive my own or would I have to choose between the 2? I am still working and I do believe mine would be higher by the time I am able to receive it ...I am 6 years from 62

[DrDan]

28. my understanding is that you as the survivor would get the higher of the 2

but I wonder - would you get the survivor benefit until you retire - then get your benefit as it would be higher? That may be the case. I guess only SS would be able to give you the correct reading.

[Uben]

30. There's another reason.....

.. I retired early. SSI benefit is based on the last ten years of employment, I believe. I had a pretty good salary the last ten years I worked, so I am eligible for a pretty good benefit. If I were to take a low wage job to supplement my income until SSI kicks in, it would reduce the amount I'm eligible for significntly. So, I haven't worked in the last eight years. Damned if you do, damned if you don't.

[DrDan]

31. seems like there are some oft-neglected rules about that money

that is reduced based on work. Seems as though it is not actually lost - just deferred until later. Not sure of specifics, but remember reading them at one time in the past.

[Uben]

44. I get the SSI benefit report every so often stating the benefit...

...I am eligible to receive at retirement age. Mine is twice as high as my wife's because she hasn't worked as much or been paid at the rate I was making. I just don't want the benefit to go down if I were to continue to work until 62 or 65. At 56, there's not a very good chance of finding work that'll pay anything decent, so I chose to enjoy a little early retiement. It was the right choice, I believe, because once we got past the wife's cancer, we didn't know how much time either of us had left. We were in a position where we could do it financially, so we went for it.

Since we live below our means and owe nothing, about the only big threat we face is medical costs. $20K/yr insurance premiums is outrageous. The average American just cannot afford rates like that. But, without insurance, another big hit on either of our's health could bankrupt us, and I'm not a gambler.

But, you know, if I were to die tomorrow, I would die a happy man. I was fortunate to have been born at a time when an average Joe could make a decent living without a college degree. I took some risks early in life that paid off in the long run and I am now enjoying the fruits of those risks. No regrets. And, I figure that's pretty good in this day and age.

[DrDan]

45. everyone'ssituation is different - good thing there is a bit of flexibility

in the program to allow for individual family decisons.

I do know some who live entirely on the SS benefits. I continue to be amazed that they can do so, but thank goodness SS was there for them. Heaven help us as a country should the goopers get their way with privatization. Many will not be so fortunate.

[sarcasmo]

49. I believe the 62 is what the Republicans are pushing Obama to change.

If they up the 62-65 it would force people to work or pay out of pock for those three extra years.

[DrDan]

60. if they do that - it will be an easy jump to increase the full retirement age as well

[CTyankee]

42. I was able to hang in there past 62. Things got dicey with my job when I was 64

and I was advised to wait it out til 65, which I did, just barely. I told my employer of my intent to retire, giving them a 6 month window...smart move. They didn't dare fire me. And I got to stay on, drawing salary at my highest ever level until I started collecting at age 65 and 4 months. By then I had lined up a part time job. I saved my unused vacation time for an extra "bonus" when I left. It kept me afloat for another month before the part time gig started.

It was good planning...with no chronic health problems and extreme longevity in my family, I figured that I needed the extra dough and could put up with the crap on the job for a few months...I feel waiting was well worth it...

[SheilaT]

55. It's based on

your average indexed monthly earnings during the 35 years in which you earned the most, per the social security website. A LOT of people mistakenly think it's on the last five or ten years. But because it's calculated for such a long time of employment, earning a whole lot more money in the last five years before retiring doesn't improve your payout by very much.

The only way for most people, by the time they are within five or so years of retirement, is to delay taking the benefit until at least age 65. The SS benefit will max out if you can delay taking it until age 70.

[EC]

34. You can take survivor bennies at 60

and keep working until your full retirement age and then switch over to yours if it is indeed more than your spouses.

[snappyturtle]

59. True but as a single person I chose to take it early....in a couple of

years I can get half of my ex's benefits, if I make it that long. We were married 25 years to the day and I have no qualms about taking it.

[DrDan]

61. everyone's situation is different - just a good thing t is flexible enough

to handle various cases

[snappyturtle]

66. Yes...I was totally surprised....The ss people are the ones who suggested I

handle my situation this way! I was dumbfounded that they offerred such lucrative advice to me but forever grateful too.

[madokie]

8. Disability got me at the ripe ole age of 58

Snook right up on me too. No warning signs at all. PAD where I can't do much of anything except piddle. The thing is right now and always my cholesterol numbers have been right where they say they should be for a healthy person but yet my legs mostly but arms too are pretty worthless now and getting more so with time. Doc tells me my left foot will have to go at some point in time if I live long enough because of circulation. No sign of Diabetes either. Other than that I'm as healthy as a horse.

[remember2000forever]

13. Bless You

And I'm crying over taking early SS. I wish you the best!

[madokie]

18. Peace

as fate would have it I am where I am.
Likewise I hope for the best for you and all the others in your shoes and the ones in my shoes. I'm blessed in that I still have my creativity which will help up to a point.

[Uben]

16. I'm working on my cholesterol levels

I'm taking a lipid, fish oil supplements, and niacin to keep mine in check. Just had a blood test and my numbers are pretty good now. A year ago they were dangerously high. My health is pretty good at 56, I'm within the average weight range for my heighth and no major problems....yet.

I'm going on the theory that "a body in motion tends to stay in motion", so I'm exercising, too. I haven't got any grandkids yet and I'd like to stick around a while longer to enjoy them, when and if that occurs.

[Enthusiast]

36. Good luck with your health issues. nt

[rbnyc]

10. My Dad and Step Mom have.

They took it early when they were both laid off from crap jobs.

[Webster Green]

12. I took it early.

I'll be 64 in Feb. I signed up shortly before I turned 62. I figured a bird in the hand...

By the time I'm 65, the thugs may have figured out a way to screw us out of any benefits at all.

I'm still working BTW.

[SoCalDem]

14. I signed up already, but my first check won't arrive until May

can't wait:)

i turn 62 in April

[elleng]

15. I did; necessity did it, but take 'less' than what? I'll live, they'll pay.

[WinkyDink]

17. You've "lately noticed"?!

[Fuddnik]

21. My wife will continue working, and just filed.

She turned 62 in August. Her first $13k is exempt, but then she has to pay back one dollar for every two she earns above that. The way it works is, they'll withhold her first 5 checks (she only made $21k last year) and she'll collect the full benefit for June-Dec.

The only reason she's still working is for our healthcare coverage through her employer. I went on Railroad Disability at age 50.

[Buns_of_Fire]

23. October, 2012: Notify SS that I'll start collecting in three months, please and thank you...

...based on my attaining my 62nd birthday.

November, 2012: Start shopping for a more upscale cardboard box to enjoy my golden years in.

December, 2012: December 21, to be exact. World ends.

:shrug:

[MineralMan]

24. I started getting SS at 62.

I'm glad I did.

[sinkingfeeling]

27. I'm 63 and intend on continuing to work full time and having my health insurance paid for until 65

or so.

[CTyankee]

43. that's what I did...and I went on hubby's health insurance which because it was a union

contract, was very good. I don't regret waiting...I've seen too many people squeezed because early retirement was a financial hardship. But they were in poor health and I was not, so it is entirely understandable...

[madmom]

29. Both my parents took early retirement, they are having the time of their lives. They are

not rich, basically living pay check to pay check, BUT they are doing what THEY want to do. My dad is 82 and my mom is 76. Yeah, I think they made the right choice. : )

[EC]

32. Yep

finally gave in this year after only working 2 - 7hr. days a week for 2 years. Boss kept saying I'd be back to full-time pretty soon - but it never happened and I got tired of waiting.

[JustABozoOnThisBus]

35. I'm trying to hold out until I'm 66

Part-time and short-term jobs. Dunno if this is a wise strategy or not.

Nobody's ever accused me of having fiscal intelligence.

:hi:

[DCBob]

37. Can you start collecting at the lower rate anytime between 62-66?

Or do you need to make the decision soon after turning 62?

[JustABozoOnThisBus]

39. I think it's anytime

but the process of starting the payment stream takes a couple of months.

[DCBob]

41. Ok. thanks. Good luck with your retirement.

Hope I can join you someday.

[Buns_of_Fire]

46. Anytime from 62 on, is my understanding.

But I believe for every month you delay past 62, your monthly benefit goes up a certain percentage.

[DCBob]

52. Thats good to know..

Thanks.

[CTyankee]

58. I held out to 65+4 months, but just barely. I was slated to be eased out and

replaced by a younger, cheaper worker. However, I am glad I held out. I need every penny of SS and would be disadvantaged by a lower amount. As it was, I retired at my all time high in pay so that worked out well. Others, I realize, are not so fortunate. Some are just too fragile health wise to hold out.

[JustABozoOnThisBus]

62. Same story here, replaced by younger, cheaper,

worker in a distant country.

A few months later and that worker was replaced by an even cheaper worker in an even more distant land.

Fortunately, I'm also in pretty good health, as long as I get an afternoon nap.

Question about retiring at high pay: If you hold off retiring, accepting lower paying to make it to age 66, does the monthly amount go down because you're not making as much? This would be a WAY unintended consequence. Yikes.

[CTyankee]

64. I don't know. I applied while I was still at the higher paying job and it was never

lowered. I retired at the beginning of December 04 and started my new pt time job in January. My first SS check came in February. Give the SS office a call and ask them. They are really wonderful and answer all your questions. I dreaded making that call because I thought I'd be facing an insurmountable bureaucracy, but they were great and made it practically painless.

Best of luck to you. Hope all goes well...

[oldhippie]

38. I'm 62 and have an appointment at the Soc Sec office tomorrow ....

.... to apply for my benefits.

[NV Whino]

40. I took mine early

It's a pittance, but I couldn't have survived if I hadn't.

[old mark]

47. I retired at 59, and started SS at 62. don't regret it for a minute. It is amazing to me...

all the articles we read and all the TV comments we have sen over the last 20 years referring to the Boomers retiring and causing a "strain on social services"...and no one in government expected this to happen? And no politicians thought to prepare for us? We should demand all their pay and benefits be returned to the taxpayers. The politicians obviously have not done a damn thing for us over the last decades, but they sure got rich doing things for the corporations and the business groups who pay them so well, Democrats as much as republicans.

Maybe we should just fire ALL the elected officials and start over again.

Damn shame there are so few leftists remaining in the US.

mark

added; Here is a link to the SS home page-you can apply for benefits online as early as 3 months before your 62nd birthday, get the payments directly to ytouur savings or checking account...

http://www.ssa.gov/

If you have all your necessary info, it takes around 20 minutes-they tell you what you need.

[eridani]

48. Me. No choice--forced early retirement n/t

[UTUSN]

50. At my job we would have a SSA rep visit yearly for benefits description & they always said everybody

should take the early thing because nobody knows what might happen healthwise and holding out for a relatively few more bucks per month was not worth it compared to a couple or few years of relaxation.

[REACTIVATED IN CT]

51. I would (I'm 63) if I could get Early Medicare too n/t

[slackmaster]

53. I collected a tiny amount in surivior benefits after my father died very young

It didn't amount to much, but it helped me get through my undergraduate education.

I think I made more washing dishes in the university's cafeteria.

[Vinca]

54. I'll be 62 in a couple of weeks and applied for early benefits

in order to somehow afford medical coverage.

[SheilaT]

56. I'm a bit surprised that virtually

everyone who responded is taking early benefits.

I have the good fortune to be extraordinarily healthy, and at 62 I probably have a good thirty years left. I currently have a part-time job which gives me health benefits, and since for now that and another source of income give me enough to manage quite well, I'm far, far better off waiting until at least age 66, when I can collect full benefits and still earn as much as I can.

I am also trying to build a hypnotherapy practice, and that's the kind of thing I can do until I'm too feeble to make it out the front door.

I also won't voluntarily give up this job until I'm at least within Cobra distance of Medicare, and then only if I'm earning enough in the hypnotherapy to both pay Cobra and make significantly more than the part-time job.

[CTyankee]

65. Sounds like you are doing the right thing. I was lucky to have a close associate

who was an accountant. He "did the math" and advised me to hold out until age 65+4 months. So far, so good...but then Ihad the opportunity to go on hubby's health insurance plan (negotiated by his union AFSME). Unfortunately we went off that plan when he turned 70 (and had been laid off by the city), so we are embarking on a more expensive plan with AARP, Plan F, which looks to be the best at the cheapest cost...plus, Medicare Part D.

[bhcodem]

57. Took the widow's benefit

My husband died a week after his 60th birthday. I took the widows's benefit a few months after I turned 60 the following year based on what his amount would have been at retirement. The amount at that time was equal to what I was earning at a job with no benefits. I would have received an extra $7 per each month I waited to take the benefit. Did the math and decided to go for it since I was not being utilized to my full potential at the job. None of my employment history would have made my own benefit anywhere close to the widow's benefit since he was a teacher. Bopnus....Gave me more time to volunteer for democratic candidates at election time!

[Obamanaut]

63. I did. 68 now, started at 62. nt