When collect SS?
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When collect SS? (by WMH [NC]) May 4, 2018 9:46 AM
       When collect SS? (by Landlord ofthe Flies [TX]) May 4, 2018 9:55 AM
       When collect SS? (by GKARL [PA]) May 4, 2018 9:59 AM
       When collect SS? (by GKARL [PA]) May 4, 2018 9:59 AM
       When collect SS? (by JR [ME]) May 4, 2018 10:35 AM
       When collect SS? (by Jim in O C [CA]) May 4, 2018 10:38 AM
       When collect SS? (by fred [CA]) May 4, 2018 10:45 AM
       When collect SS? (by razorback_tim [AR]) May 4, 2018 10:58 AM
       When collect SS? (by Deanna [TX]) May 4, 2018 11:03 AM
       When collect SS? (by S i d [MO]) May 4, 2018 11:15 AM
       When collect SS? (by Barb [MO]) May 4, 2018 11:22 AM
       When collect SS? (by WMH [NC]) May 4, 2018 11:40 AM
       When collect SS? (by Nicole [PA]) May 4, 2018 12:00 PM
       When collect SS? (by LindaJ [NY]) May 4, 2018 12:01 PM
       When collect SS? (by Susan [OH]) May 4, 2018 12:23 PM
       When collect SS? (by myob [GA]) May 4, 2018 12:29 PM
       When collect SS? (by Mike [PA]) May 4, 2018 12:33 PM
       When collect SS? (by AllyM [NJ]) May 4, 2018 1:02 PM
       When collect SS? (by Beth [WI]) May 4, 2018 1:11 PM
       When collect SS? (by Susan [OH]) May 4, 2018 2:17 PM
       When collect SS? (by del [MD]) May 4, 2018 2:18 PM
       When collect SS? (by Bill [NC]) May 4, 2018 4:01 PM
       When collect SS? (by Lynda [TX]) May 4, 2018 4:02 PM
       When collect SS? (by GKARL [PA]) May 4, 2018 5:00 PM
       When collect SS? (by WMH [NC]) May 4, 2018 5:42 PM
       When collect SS? (by GlennH [NC]) May 4, 2018 5:44 PM
       When collect SS? (by Beth [WI]) May 4, 2018 6:45 PM
       When collect SS? (by Gail K [GA]) May 4, 2018 8:39 PM
       When collect SS? (by MMIT [VA]) May 5, 2018 5:23 AM
       When collect SS? (by Sisco [MO]) May 5, 2018 5:53 AM
       When collect SS? (by Sisco [MO]) May 5, 2018 5:53 AM
       When collect SS? (by Jane B. [MA]) May 5, 2018 10:19 AM
       When collect SS? (by NC INVESTOR [NC]) May 5, 2018 11:40 AM
       When collect SS? (by don [PA]) May 5, 2018 10:06 PM
       When collect SS? (by George [NJ]) May 9, 2018 8:04 AM
       When collect SS? (by George [NJ]) May 9, 2018 8:04 AM
       When collect SS? (by George [NJ]) May 9, 2018 8:04 AM
       When collect SS? (by John... [MI]) May 9, 2018 8:49 AM
       When collect SS? (by cjo'h [CT]) May 9, 2018 10:35 AM
       When collect SS? (by cjo'h [CT]) May 9, 2018 11:11 AM

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When collect SS? (by WMH [NC]) Posted on: May 4, 2018 9:46 AM
Message:

Help my DH and I argue about when to collect SS. He wants to hold off as long as possible. I want to collect as soon as possible.

His reason: 8% growth per year.

My reason: I could get hit by a bus and then no one gets the money.

For us it's right here: he is turning 64 today and has not signed up. I am 61, so next year I could collect.

Break even point is age 78: if you live past 78 you should have waited. If you don't you should have collected from day 1.

What are you thinking? --50.82.xxx.xx




When collect SS? (by Landlord ofthe Flies [TX]) Posted on: May 4, 2018 9:55 AM
Message:

I'd go for it as soon as possible. What if it goes bankrupt? What if they keep pushing the age to collect back? Best to get it while it's still solvent. --108.69.xxx.xxx




When collect SS? (by GKARL [PA]) Posted on: May 4, 2018 9:59 AM
Message:

At this point, my earned income is too much. I plan on waiting until age 66 when that's not an issue --172.56.xx.xx




When collect SS? (by GKARL [PA]) Posted on: May 4, 2018 9:59 AM
Message:

At this point, my earned income is too much. I plan on waiting until age 66 when that's not an issue --172.56.xx.xx




When collect SS? (by JR [ME]) Posted on: May 4, 2018 10:35 AM
Message:

There are too many variables to give an intelligent answer here. It depends on multiple factors, many of which are unknowable:

Your health, your spouseís health, whether you need the money now to make ends meet, how much survivorís benefits you will get if your husband dies first, your current income, etc, etc.

I believe any cuts to future benefits, raises in retirement age, etc will be phased in over decades and those in the pipeline now like yourself will be grandfathered in.

I canít make a guaranteed 8% on my money, I am in good health, as is my spouse, my current income is high, I am three years older than her, the higher earning spouse, and I donít need the money leads me to believe waiting is best for me. There are numerous online calculators to help with this decision. Good luck. --192.159.xxx.xxx




When collect SS? (by Jim in O C [CA]) Posted on: May 4, 2018 10:38 AM
Message:

Given my circumstances my CPA said take it at 62 1/2.

I fly Southwest a lot so probably a good decision. --75.22.xx.xxx




When collect SS? (by fred [CA]) Posted on: May 4, 2018 10:45 AM
Message:

Take it as soon as you are eligible. Waiting is a mistake.

Have you noticed that all articles, publications, "experts" and others always recommend to wait? - because they all are waiting for you to pass and collect as little as possible.

Last thing: why do they always call SS a "benefit"? Isn't your money that was taken from you for at least 10 years or more? Given a choice and been able to use the "compounding power" I could have done better than SS. --99.59.x.xxx




When collect SS? (by razorback_tim [AR]) Posted on: May 4, 2018 10:58 AM
Message:

Day 1. --166.137.xxx.xx




When collect SS? (by Deanna [TX]) Posted on: May 4, 2018 11:03 AM
Message:

I don't remember the details, but I remember a piece of advice that says to collect as soon as possible. So, suppose you earn $500/month if you collect early, and you earn $750/month if you wait five years. Or whatever. You look at 500 x 12 x 5 equals $30,000. And then you look at the difference-- $250/mo -- and divide $30,000 by $250, and come up with 120 months. So it's 10 years of receiving (plus five years lost waiting) before you earn back that $30k that you lost out on by waiting five years.

I'm sure it's more complicated than that, but that's what stuck in my head. --107.77.xx.xx




When collect SS? (by S i d [MO]) Posted on: May 4, 2018 11:15 AM
Message:

As others have said, we don't know enough about your personal situation to know from a longevity perspective which would make the most sense, so i turn to advice to my mentor/coach Dave Ramsey. He gives two options:

1) If you're going to spend it all, it makes sense to wait.

2) If you intend to invest it take it now, because you can do better with it than the built-in increase level.

I'm a fan of "bird in the hand vs. 2 in the bush". I doubt any changes to SS law would impact either of you since you're over 60, and SS admin isn't projected to start cutting bennies until 2032 or so. So to me, those two issues would be non-factors. --173.17.xx.xx




When collect SS? (by Barb [MO]) Posted on: May 4, 2018 11:22 AM
Message:

Add to the consideration:

What is your health like?

What age did your parents and grandparents live until? Did they smoke/drink? Do you? Did they eat right? Do you?

Do you take any medication that causes issues? What does that do to your projected longevity?

--131.151.xx.xx




When collect SS? (by WMH [NC]) Posted on: May 4, 2018 11:40 AM
Message:

My grandfather lived to be 95, my uncle to be over 100, my aunt was in her 90's as well I think. Both my dad and mom lived only into their 80's but she had MS and COPD and he had Alzheimer's.

DH's mom died at 71 of cancer, but his Dad lived into his 80's.

DH's health is outstanding - he is going to die getting hit by a car while he is cycling or something. Which is my point about waiting. We none of us get out of here alive! --50.82.xxx.xx




When collect SS? (by Nicole [PA]) Posted on: May 4, 2018 12:00 PM
Message:

if you go in and sit down with the S.S. folks, they do all kinds of calculations & scenarios for you. I believe the difference between my survivor's benefits and my retirement benefits was something like $12 a month... I saw no reason to wait for $12 a month. --72.70.xxx.xx




When collect SS? (by LindaJ [NY]) Posted on: May 4, 2018 12:01 PM
Message:

There is more to look at then just when to collect your own SS. There is also spouse benefits to look at. There are a lot of articles on one taking it earlier, the other waiting.

I personally would not take it early unless it is needed. Waiting until after the full benefit age is another story. My plan at this point is to look at where I am once I reach full retirement. Then if I don't need it, I can wait.

No it is not your money that you are taking it. It is actually a ponzi scheme where the people paying in today are helping to pay the benefits of those collecting today. The problem comes when there are more people collecting than there are paying. Of course that is the problem with government benefits and taxes of all kinds --108.44.xx.xxx




When collect SS? (by Susan [OH]) Posted on: May 4, 2018 12:23 PM
Message:

We started to take ours when my hubby turned 64 (I am 5 months older than he is, but couldn't take mine until he took his).

I figure a bird in the hand...but I'll say one thing-I am FORVER THANKFUL for our decision to invest in real estate in 1980! I would HATE to have to live on the amount SS gives us each month! --76.189.xxx.xxx




When collect SS? (by myob [GA]) Posted on: May 4, 2018 12:29 PM
Message:

follow J. G. Wentworth TV ad. It's my money and I want it now!!!!

Over the years I've made sure I have no INCOME. I spend everything I make. I'm sure to pay "celaries" that clean out the house bank. (not my salary of course)

I took it as soon as eligible. Now I'm faced with mandatory withdrawal from my 401. --99.103.xxx.xxx




When collect SS? (by Mike [PA]) Posted on: May 4, 2018 12:33 PM
Message:

Im planning 62 amd go on spouse healthcare.

--174.201.xx.xxx




When collect SS? (by AllyM [NJ]) Posted on: May 4, 2018 1:02 PM
Message:

I had to collect at 62 since my health insurance cost was up to 800 a month. The state of NJ had taken 37K in inheritance tax after mom passed so I needed that money to run the business and get my heath care covered. I get 947 instead of 1400 plus but Medicare kicked in when I turned 65 so the health care insurance cost went way down. I pay 1200 a year out of Medicare and 2000 for Medigap insurance since Medicare does not pay it all. 3200 is better than 9600 --73.178.xxx.xx




When collect SS? (by Beth [WI]) Posted on: May 4, 2018 1:11 PM
Message:

If you collect early, and still have an income, your SS can/will be reduced because of that (if you earn too much, that is). If you wait until 70, I donít think that applies.

I agree with the others who say that ďeverybodyĒ tells you to wait until 70. And therefore, you should instead collect early.

Your health and energy level is better in the 60ís and 70ís than in the 80ís. Therefore you want more money to travel, etc. When you 85 you may not be spending much money outside of health related costs.

If I spend my own money in my 60ís instead of SS, thatís less money my kids or charities will inherit when I die. --24.177.xxx.xx




When collect SS? (by Susan [OH]) Posted on: May 4, 2018 2:17 PM
Message:

Not that it matters, but my hubby reminded me that we took our SS when he turned 63, not 64! --76.189.xxx.xxx




When collect SS? (by del [MD]) Posted on: May 4, 2018 2:18 PM
Message:

My dad worked his "donkey" off all his life, retired at 65, got sick and died. He never got to enjoy what he had worked all his life for. My vote is for taking it now, for tomorrow is not promised to you. --157.204.x.x




When collect SS? (by Bill [NC]) Posted on: May 4, 2018 4:01 PM
Message:

I started at 62. Didn't know if I would be around until 65. I will be 71 next month. --76.0.xxx.xx




When collect SS? (by Lynda [TX]) Posted on: May 4, 2018 4:02 PM
Message:

YES! Take it EARLY! Don't make the mistake I made. I let the time slip by when I could have taken it at 62. At that time I would have made $1000/mo! 1000x12=$12000, x4 years between 62 and 66=$48,000 I missed out on. When I finally started at 66 making $1300, it will take me ANOTHER 12 years of the higher payments to make up the loss in MONEY--but the loss of time is even worse because that you cannot make up.

With that $48K I could have bought another rental, or paid off mortgages that I had, thereby collecting/pocketing the full rents all these years. I started collecting the larger amt last year--so I have 11 years still ahead of me to just break even!

Whether you need it now or not is not the issue. Take it and put it in an acct somewhere. It is much better in YOUR hands than THEIR hands because they change the rules to suit themselves. TAKE IT NOW. --108.87.xx.xxx




When collect SS? (by GKARL [PA]) Posted on: May 4, 2018 5:00 PM
Message:

Not everyone can act now though. My earned income is well in excess of the allowable limit (around $13,000) so if I took it at age 662, I'd have to give it back, --172.56.xx.xxx




When collect SS? (by WMH [NC]) Posted on: May 4, 2018 5:42 PM
Message:

No earned income for us. All passive rental income. --50.82.xxx.xx




When collect SS? (by GlennH [NC]) Posted on: May 4, 2018 5:44 PM
Message:

As WMH said, we've been debating this.

My reason for wanting to wait is several-fold:

1 - We do not need the extra money right now. We are comfortable with the income we are getting from our rental units. We have more money than we can spend. She manages and I maintain. We are both working to generate this income. Yes we could put more in the bank and save it for later, but let SS keep it till I need it, and let it grow.

2 - When we are no longer able to manage and maintain our rental empire, we will need someone to manage and maintain it for us. $5000 per month (our combined SS income if we wait) would allow us to either pay a trusted relative or real estate agency to keep our income coming in.

3 - SS income would be relatively reliable. Economy crashes, stock market crashes, kids rip us off, early SS money lost in investment - doesn't matter. The SS money would come in each month. Yes I know there is talk of reducing benefits, but I believe that will be put onto 40-50 year olds. At our age, all politicians seem to be saying that the current retirees (our age) can't be messed with. We vote.

4 - I'm not interested in playing the game of trying to get more money one way or the other. SS is an insurance type arrangement to me. So if I drop dead tomorrow and don't get a penny, that's ok, because I want the money when I need it later.

--50.82.xxx.xx




When collect SS? (by Beth [WI]) Posted on: May 4, 2018 6:45 PM
Message:

Will there be two of you collecting SS?

Perhaps one collects at 62 and the other at 70? --24.177.xxx.xx




When collect SS? (by Gail K [GA]) Posted on: May 4, 2018 8:39 PM
Message:

I took it because not doing it would be dumb. As a federal employee who returned to "the system" and was reinstated, I was placed under Civil Service "Offset" status which meant part of my retirement annuity comes from social security, part from OPM.

And it made sense to start taking because under that system SS income was calculated out as if one was age 62, no matter the age of retirement or when I elected to start it. Even if I waited until I was 70, the reimbursement rate under this program was still only calculated out at age 62.

Frankly, the biggest benefit is keeping my tax base low by having additional taxes taken out through this program. I'm really living on the rental properties.

Gail --71.203.xx.xx




When collect SS? (by MMIT [VA]) Posted on: May 5, 2018 5:23 AM
Message:

WMH, I suggest you make a spread sheet of your options and let the numbers tell you what is best for you and your husband.

If you remind me at the convention, I will show you the spread sheet I make for us and how the choice was very clear.

As with buying and renovating houses, let the numbers tell you what to do. There is no emotion in the decision. It is based on the numbers.

See you in a couple weeks. --71.68.xx.xx




When collect SS? (by Sisco [MO]) Posted on: May 5, 2018 5:53 AM
Message:

I donít want to mess with it because every time that I deal with gov, the less happy I become.

I have made it fine without government largess thus far and have every reason to believe that I can continue to do so in the future. Yes, I have paid this tax, just as I have paid many other taxes. It is not mine. Let the sheeple be distracted by this manipulation, I wonít. --72.172.xxx.xx




When collect SS? (by Sisco [MO]) Posted on: May 5, 2018 5:53 AM
Message:

I donít want to mess with it because every time that I deal with gov, the less happy I become.

I have made it fine without government largess thus far and have every reason to believe that I can continue to do so in the future. Yes, I have paid this tax, just as I have paid many other taxes. It is not mine. Let the sheeple be distracted by this manipulation, I wonít. --72.172.xxx.xx




When collect SS? (by Jane B. [MA]) Posted on: May 5, 2018 10:19 AM
Message:

My husband was still working, so I didn't take SS until I was 65-66.

I would recommend taking it ASAP. I'm not sure what the future of SS will be. Some people in DC don't like it, others do.

My advice is take it while it's still exists. --99.230.xxx.xx




When collect SS? (by NC INVESTOR [NC]) Posted on: May 5, 2018 11:40 AM
Message:

I'm of the school that says that if you don't need the income then wait for 70 which is our plan. If you do need it then I would hold out to 66 if possible. Starting at 62 is 75% of full benefits and it remains at that level for as long as you live. --71.75.xx.xx




When collect SS? (by don [PA]) Posted on: May 5, 2018 10:06 PM
Message:

Fred--It definitely is not the money that was taken from you as you worked over the years. That money went out the door to pay the people that were retired then. Your payments will come from the money being paid in by those working while you set it up, people that initially only paid in for a few years got full benefits. They made out like bandits and the system functions "in the red" ever since. --73.141.xxx.xxx




When collect SS? (by George [NJ]) Posted on: May 9, 2018 8:04 AM
Message:

No one is promised tomorrow, take it asap.

--174.225.xx.xx




When collect SS? (by George [NJ]) Posted on: May 9, 2018 8:04 AM
Message:

No one is promised tomorrow, take it asap.

--174.225.xx.xx




When collect SS? (by George [NJ]) Posted on: May 9, 2018 8:04 AM
Message:

No one is promised tomorrow, take it asap.

--174.225.xx.xx




When collect SS? (by John... [MI]) Posted on: May 9, 2018 8:49 AM
Message:

The "you don't know what is going to happen, so just take it now" thing is so weird to me. We are landlords running businesses. We understand that things take time and it may be more beneficial to wait sometimes.

So why do we throw that all out the window when it comes to some OTHER financial decision?

That's like saying "Hey! No one is promised tomorrow! You could die any second! So sell all of your rentals today and spend the money on a cruise!"

It just seems crazy to me that people seem to understand the risk/reward of waiting when it comes to other things -- but don't see it at all when it comes to this?

Like MMIT said -- you run the numbers and see what makes sense based on various possible variables (such as your health and your spouse and so on).

We've all said over and over again here to NOT make decisions about your rental finances by emotion -- and yet so many are saying to do exactly that when it comes to SS.

- John...

--24.180.xxx.xxx




When collect SS? (by cjo'h [CT]) Posted on: May 9, 2018 10:35 AM
Message:

WMH, If you have a history of longevity in the family ,it's probably good to wait,but like you say there's always the chance of that runaway Bus or nearsighted driver,usually a new younger car driver,is the worst. The people at the SS office will tell you to take it early,their logic is good,but it also gives them something to do........charlie.........as far as Ss running out,don't think that will happen.they'll just crank up the old printing press.............................. --174.199.x.xx




When collect SS? (by cjo'h [CT]) Posted on: May 9, 2018 11:11 AM
Message:

WMH, Lynda in Texas spelled it out much better than I. John in Michigan muddle's things up too much,too much for my comprehension..........charlie...........................................take it and enjoy it while you can,better you than some Sheik pumping oil,over in the mid-East.................................................now,does he really need it, how much did he contribute?........................ --174.199.x.xx



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