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gcrank1
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# Posted: 20 Apr 2022 11:32 - Edited by: gcrank1
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Fwiw, I had too many issues and had to take the early retirement at 62. I would have worked longer if not....but I had to wait to get Medicare so I cant answer your prem question, it was seamless for me.
Imo, if you are still willing, able and fit work as long as you can and delay SS as the benefit nicely stacks. But you have to like what you are doing....you cant buy the time back at any price if that matters to you.
With inflation doing what it is, and us not seeing the real result for possibly a couple of years, it may be good to 'plan' now for an increase in cost of living by 30-50%.
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ICC
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# Posted: 20 Apr 2022 15:08
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What age to start is a crapshoot. Whatever one decides on they can still get hit by a lightning bolt or a drunk driver tomorrow.
I/we looked at it as not needing the cash inflow when 62 was reached, we would postpone the date to start as long as we could. That worked for us.
One thing that may be too late for you paulz or gcrank1, but may be of some good to someone who is just approaching retirement age, is the spousal benefit that is available, but needs to be asked for. In short one spouse can collect a benefit equal to a percentage of the other spouse's benefits without affecting their own amounts that can be collected.
One spouse must be collecting benefits and the other 62 or older. There are a few rules that the applicant must meet and I am not an expert so will leave it at that.
FWIW, my wife is younger than me and collected a monthly payment of several hundred dollars after she turned 62 and until she turned 70 and began collecting her own full S/S benefits.
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gcrank1
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# Posted: 20 Apr 2022 15:28 - Edited by: gcrank1
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Yes, that. I was shocked when the SS gal on the phone brought it up as an addition to my early benefit. 
I ran the numbers in 2012? and had about a 17-18 yr tipping point on the benefit (ie, $ in hand early ss vs full ret age).
I wouldnt have guessed at all Id make it to 2022.
Then in 2019, game changer, I had quad bypass and got a new lease...
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NorthRick
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# Posted: 20 Apr 2022 17:29
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Quoting: paulz If I take SS now or at 66, I get about $1,600 a month. At 70 it's $2k. The online break even calculate says 82 years old, at which point the $2K is better. A lot can happen in those 17 years.
Well, as Clint Eastwood said, "Do you feel lucky?"
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ICC
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# Posted: 20 Apr 2022 18:27
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Twenty years ago I did not think I would make it to 60. Now that my 76th is coming it would appear I won that round.
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Atlincabin
Member
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# Posted: 20 Apr 2022 20:58
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I've done the numbers extensively on SS. Bottom line is that you have to be really old to make any significant extra $ by delaying taking benefits. If you account for any interest on the SS payments, the crossover point goes way up. It's my opinion that taking benefits as soon as possible (62) is the best option for almost anyone, unless you're certain you will live to 100. And even then, the bottom line difference is pretty minimal going past 90.
It's especially important to take it as early as possible if you have any sort of pension plan (like state employment) as you will get hit with a huge decrease at 72 due to the windfall tax.
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paulz
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# Posted: 20 Apr 2022 21:19
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What exactly is "full retirement age"? For me it's 66 and 6 months. Take it earlier, get less, take it later, get more. So what does it really do?
And again, taking Medicare at 65 means paying out of pocket until taking SS, I think..
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gcrank1
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# Posted: 20 Apr 2022 21:35
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Imo, 'full ret age' is that calculated to be the best advantage to fund the ss system. For some years now more Boomers have been retiring at the early point than they had counted on, so basically ss is going broke faster.
65 used to be the full ret age along with Medicare, as it looked shakey they laddered the full ret age upward; expect they will do it again. Have to, or reduce benefits. Its mathmatical.
Given the mortality tables a typical, average American, and likely Canadian, male is mid-80's, and last week I heard it has dropped slightly (why?, think Covid).
But who here is 'average' 
My thinking was get it while I could and enjoy my later years as best I can.
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curious
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# Posted: 20 Apr 2022 21:47
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Quoting: paulz And again, taking Medicare at 65 means paying out of pocket until taking SS, I think..
The Mcare premium is deducted from your S/S payment is it not, so is there really any difference?
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paulz
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# Posted: 21 Apr 2022 10:01
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Quoting: curious The Mcare premium is deducted from your S/S payment is it not, so is there really any difference?
Yes it is, IF you are getting SS. But you can get Medicare and not take SS yet, that is what I am considering. Just want to plan for the $200 a month bill.. Maybe I don't understand what you are asking.
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