Personal Finance and Investing

Common Sense Party

(14,139 posts)

5. You don't even have to wait until 70. Just wait until full benefit age--66 and however many months f

Fri Aug 2, 2013, 09:03 AM

Aug 2013

Age 67 for me...although I suspect that will be raised by the time I get to retirement age.

Benefits are reduced by about 8% for each year before your full retirement age that you take the money.

Most of us will live past 80. Not all, so if someone has a history of short life expectancies in the family, they'd probably want to take it early. But if you want more money later, and if you're in good health and want to keep working--thereby allowing you to wait longer before tapping into the 401(k) or other savings, then waiting until full retirement age to take SS can make sense.

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The Social Security Mistake That Costs Retirees Thousands [View all] Common Sense Party Aug 2013 OP

Mistake? When I hit 62 I saw the numbers and... TreasonousBastard Aug 2013 #1

Wow that is so very true! CountAllVotes Oct 2013 #10

If you are on SSI you are forced to take SS at 62. Downwinder Aug 2013 #2

OTOH taking a reduced benefit might qualify you for Downwinder Aug 2013 #3

Mary would have to live to age 80 1/2, though, to recoup JimDandy Aug 2013 #4

You don't even have to wait until 70. Just wait until full benefit age--66 and however many months f Common Sense Party Aug 2013 #5

And some of us are just sick and tired of our work place question everything Aug 2013 #6

Absolutely. Quality of life is every bit as important as standard of living (income). Common Sense Party Aug 2013 #7

I did the math and didn't want to remortgage my house, so when I was laid off before 60 hollysmom Oct 2013 #8

Personal circumstances do matter a lot. SheilaT Oct 2013 #9