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Drawing Social Security early or not?

5.7 hemi said:
This is gonna piss some people off, but.......if you never put into SS, you shouldn't get anything! Now there are exceptions, such as, those that stayed home to take care of the kids while the spouse was at work.

Stop giving it to anyone who applies for it!
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I'm not eligible for SS for exactly that reason,,,i do not have enough credits built to collect. Haven't worked enough 'payroll' jobs in my life.....cash is king....does not mean i haven't worked my *** off,,i have, just more under the table. What 'payroll' jobs i have worked though, i'll never see any of those deductions come back. Never took tax returns so 100% of the deductions stayed with Sam. Always single, never a property owner. Live @ less than poverty income annually. Barter to cover living expenses.
 
62 is the way to go..I did and no regrets.
 
FU64RY said:
62 is the way to go..I did and no regrets.
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I agree I am about 1 year away from the 62 1/2 and I will take it early. Wait too long to get it and you may not see any. I have a small pension and we do ok so a little bump will be just fine. Not greedy just want to get by.
 
I think I'll be taking mine at 62 also,
I did have the talk with an advisor too,
seems it won't really hurt or help me either way waiting...
I have to see if it will effect my current tax status,
it's a couple years away still...
I don't think it's enough at my current level to be of much difference,
just a supplement to my saving, dividends & investments etc....
I'll see if it works out like I hope it does...:poke:
It'd be nice to get some of it back !!
Who knows, when we will kick the bucket ?,
take it while we can, while it's still there, my justification is
I paid into it for ever...

Hell, I'll probably end up use it as a car slush fund/parts money anyway...

That is;
I hope in the next 4-5 years nothing changes to drastically,
the stock market could realign or reset again & so far so good,
Pres. Trump's doing what he said he would...
All my fingers & my toes are all crossed...:lol:
Maybe a good tax reform will come down the road, SOON
help some of US out some too, some of US stuck in the middle...
Not either rich or poor, even a little will help...

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I personally think there should be a limit to getting it too,
if you're a millionaire/billionaire or make over $100k-$200k a year on investments,
or some golden parachute benefits packages, do you really need social security ?
I know all the arguments too...
But, It was meant to help the poor, that couldn't save enough for latter
& now for the so called "middle class" or self employed with no pension plans
just as a supplement etc...

Anyway that's my thoughts
& I don't think the wealthy are the worst problems either, by far...
But that's an easy fix, in comparison to the poor or people,
that can barely get by on S/S, there's a got to be a good compromise...

That's a subject for a different thread,
I don't want to, turn or hi-jack this one...
 
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I never counted on collecting SS to fund my retirement. I look at it as just another tax.
When I reach 62 I will evaluate whether I can/should start collecting. Till then, it's just uncles hand in my pocket. :eek:
 
Hmm, I could go anytime. Not always about the money. Planning and saving did work. If you like the job, and don't want to stay home all day...Yes, travel would be more extensive. Once leaving, there is no going back - for an old guy. I am expensive, and bid the "better" work. Great employer. Staying just to irritate the millenials who ask daily, "how much longer?
 
mopar 3 B said:
Heard the same BS 40 years ago. Funding is not the problem and never has been. It's were the money goes that is the problem.
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Benefits will be reduced for the younger set or taxes on ss will go up for everyone. One of the 2 or both. It's not an if situation it's a when situation. No other choices and continue to keep the program viable. I believe 55 and older are pretty safe. Younger than that - the existing program is not feasible.

Funding has never been a problem because there were plenty of workers paying in to support those taking out. Not the case anymore. There's one worker paying in for every four that are/will be taking out. Funding is a problem now. The Ponzi scheme is about to have to pay the piper.
 
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This is depressing ! I'm 30 I'm messed up now not on disability yet! But if it's that bad being on ss there seems to be no point!
 
Social Security is not a bad thing. It has been abused over the years, by congress borrowing from it with no intent to repay, and by how it has been expanded beyond it's original intent.

I am preparing for an early retirement. For me it is right around the corner. That is the purpose of this thread. Planning is the key. Social Security is just one part of the plan. There are many options to consider with SS, 401K and IRA withdrawals. None are a one size fits all. We all have to decide what works best for us.

Add to that, health care. It is the deciding factor for very many. I work with some who are very ready to retire, but must continue to work strictly for the health insurance. Some have younger spouses who would have no insurance if they retired. Some may work well in to their 60's just to keep the health plan for a spouse.
 
If you are only receiving $1,200 at age 62, waiting any longer only ups the ante by a very small margin (net dollars), not worth the wait in my opinion.
 
Dibbons said:
If you are only receiving $1,200 at age 62, waiting any longer only ups the ante by a very small margin (net dollars), not worth the wait in my opinion.
Click to expand...

Don't know how accurate it is but I've read a couple of articles about the SS amounts are going down and the age is going up in the near future. I'm hoping you'll be locked in if you take it before this happens. If you're not it's going to be rough on a lot of people, including myself.
 
It seems like a bit of a catch 22. For most of us the last few years of work produce the most annual income which factors into the SS equation and the amount of your SS benefits check.
 
There is no one size fits all for when to draw. each of us has different incomes and savings and or life insurance. For myself I will wait to 66 just to give that extra bump to the check my wife will receive after I am gone. Women out live us guys by a pretty big margin for the most part.
Right now I am still working full weeks and never figure on stopping unless a health problem crops up.
So waiting for us /me makes sense just for the increase to the check my wife will be getting someday.
besides I have know to many guys that retire early and do not seem to last long after that.
Got to have a job/ reason to get out and go each day. JMHO
 
When my mother retired I added up how much she would collect from 62 until she was 65. Then took how much extra she would collect at 65 and divided that into the 3 years of benefits she already collected. She'd start losing money after 11 years. Wonder how it would work now with 66/67 retirement age.
 
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