Collecting Social Security at 62; How They Feel About It Now 

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You are making a big mistake.

@@CarlosRuiz-qk9hq I know you want me to wait so I kick off first and then the government keeps it.

@@donaldpepera2928I don't understand your comment. There is nothing for the Federal government to keep.

Good for you!

​@@CarlosRuiz-qk9hqAre you a Utube Bot or just Brain Dead? Whatever he doesn't collect before he passes, the Gov keeps. So the tens of thousands he paid in over a lifetime stays with the government =SS!

Yes yes yes

Rich people collect at 70. Poor people collect at 62. Poor people should stop making bad decisions. Collet at 70. Be smart!

Leave money on the table? What does that mean LOL

@@jamesripton7120 every month you do not collect your leaving money on the table. Do the math. If you don't collect until 70, you leave 8 years worth of money on the table. it will take until you are well over 80 to break even. If you live that long.

@@delegendantiques1129 I'm not sure what your point is.

@@delegendantiques1129 Right and at 80 I will gallop ahead of you. Why do you want a small check now? When you worked did you ask for a pay cut?

Everyone has to weigh out their own health. My dad waited till he was 67 to collect. He’s still living at age 89 and walks 3 miles a day. Sharp mind etc.

Do not collect at 62. You will regret that decision every year that passes by. Be smart!

@@edrodgers4581 I've been given 3 years to live. I'm taking it now.

If you need the money, you should collect, no question. For me, the money was extraneous, so waiting was not a problem. Glad I did.

@@edrodgers4581 you are correct but there are exceptions.

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I'm in your shoes. I know it would be better to hold out and not collect for as long as possible. But beginning to hate my COJ lol. What are the bigger surprises to collecting early that you didn't see beforehand? What should I consider for my future with SS? My wife is younger and will keep working and provide insurance for at least till I can get onto Medicare. So at least I don't have healthcare to worry about. And I understand her income to not be included in my income allowances for early SS.

I'm 67 and recently retired. If I start collecting SS now, my monthly check will be $3,760. If I wait until 70 it will be $4,719. Collecting now would be foolish

I like that, everyday is Friday. Took it at 62, lovin life for the first time in years.

Should a person take the bread crumbs of $2K, or continue working and make $6K. Plus, you're not really getting $2K if you're paying $600 per month on obamacare.

@@edrodgers4581 Not necessarily. It depends upon a lot of factors. Speak for yourself.

@@LG123ABC What factors? When is it better to get a small check than a larger check?

it's a no brainer, for sure: using averages has be wrong half the time. It's a no brainer: do not bet all your money on one color at roulette; so why are you doing that with ss? it's a no brainer: live long and not prosper is certainly in your future.

Hey Dr. Scholl’s, I retired in my early 50’s because I COULD. Wise and prolonged investments and good fortune over 30 years has left myself and my family in exceptional financial standing. I thank the good Lord every chance I can. SS is pocket change and I’m more than happy to draw on in at 62. Save your Star Trek quirks for another for they do not apply here.

I hear a lot of people talk about always taking it early, what about if they offered 1000.00 a month if people retired at 52, that 360k by 82 but that's all you get each month for the rest of your life, you think a lot of people should take that also? I'd love to stop working at 62 but I hate to give up that extra money each money by just waiting a few extra years until around 67, 1k amonth more is a lot of money so its seems very tempting to wait until closer until 67 to get a higher check, on this example check jumps by 200.00 a month by each year you wait

He's blessed to have you. Hang in there

God bless ya. I agree. And it is no one else's business, when you retire. If you were a megawealthy person and decided to retire at age 30 no one would shout at you, but if you are a low-wage worker and retire before 62, and desperately need your Social Security at age 62, sign up and get it.

My friends that I'd get bored and I told them only boring people get bored! A lot of people collect it early to invest it.

I can have more time practicing and playing my piano. I’ll be 63 in a couple and considering retiring sooner rather than later.

I retired at 59 and couldn’t believe the numbers of people willing to tell me that it was a bad decision that I would regret and how taking social security at 62 is a fools move, etc. I am still 6 months or so out on collecting Social Security at 62 - but am still firm in my conviction to do so. I have seen way too many people die before or shortly after starting to collect their benefits. In fact, my last work partner was still working with no plan to retire at age 70, he had not filed for SS benefits, he was notified by SS that he had to begin payments because there was no longer any reason to wait, he started collecting, he died just after he turned 72. His situation was unique in that he didn’t really want to retire and he didn’t ‘need’ the money - but here is the approximate impact that his decision had on his estate if he had started collecting at 62: he would have locked in at about 2000/ month which would have meant he would have received 2000/mo for 10 years before he died, or $240,000. Compare that with approximately $3350/mo that he collected for 24 months ($80,400). He would have had $159,600 more money in his estate if he had claimed at 62. Furthermore - his true breakeven point (had he bothered to look at it) between 62 and 70 would have been 82 years of age. Calculation: 2000/mo x 8yrs (96 months)= $192,000 (he would have collected between 62 and 70). $192,000 / $1350 (the difference in the benefit amount based on waiting until 70) = 142.22 months (to break even for choosing NOT to claim early). 144.22 / 12 = 11.85 years (round up to 12 years) to achieve a break even point on the money lost by not claiming early. Add 70 + 12 = 82 years of age before you achieve break even. Mathematically, if he died before 82 he wins, if he died after 82 the government wins. This break even seems consistent in the time prediction irrespective of the dollar amounts used if you choose to start benefits at 62 vs. any future time. My view may be over-simplified for your particular situation if, let’s say, you are married. This is simply meant as solid food for thought - hope it helps someone.

Don't matter to me. I retired at 50. I saved and invested. Didn't depend on only social security. Social security does not dictate when I retire or collect.

About 12 years. If you live that long.

Referred to as ‘break-even analysis’. Search the web, youtube, and speak to a financial retirement professional. There’s 2 answers- a ‘general’ answer and a ‘specific’ answer depending on your individual situation.

Facts

Retired early I'm enjoying myself but I thank my employers and my people who raised me to work.

Your thoughts are too simple. We are not guaranteed that we will die early, and more money paid over our lives is better than less money paid. No one has to continue to work while receiving ss. Everyone, except you, knows that tightening your belt works better than tightening bootstraps.

The average SS check at 71 is $1,679. Why so low? The foolish people who collected at 62 are pulling the average down.

All of you speak identical language. "We are not guaranteed tomorrow". The mantra of short term thinkers.

Exactly. I totally agree.

Leave money for your children. Build a legacy.

I retired at 50 last year. Enjoying life doing what I want when I want without worry. This is what money does for me. Money is a tool now and working for me.

Seem ignorance was your source if you depended solely on social security. No thanks. I just retired 15 years early and won't allow social security check dictate my retirement age. I will collect my $3200/mo. social security at FRA. Until then and beyond I have plenty of income resources without working.

I have three half-brothers who all died in their 60s (63, 65 and 69).

@@blackworldtraveler3711 Live and let live. No one gives two sh!ts. I don't understand why others get offended because someone has decided to drawing their SS benefits at 62, versus waiting until 66,67, 68....No one is taking anything from you but self-righteous people like you sound as if the money is coming straight out of your pocket!

@@ilovegoodsax Don't know where you got that I was offended. Nothing to be offended about. I'm more into early retirement than the social security money right now. And I don't speak or type profanities.

@@blackworldtraveler3711 I made myself clear. Now GTFOH with your arrogance.

My dad waited till age 67… he’s now 89 and very healthy. He’s god he waited. And he didn’t base his decision on how long his parents lived. Everyone is different. Both his parents died at age 72. He and his 2 siblings outlived those ages. His sister died at age 87 and his 93 year old brother is still living too

I don’t think it’s fair to be a burden on the state as early as 62. It’s True we may die early but if we make it into late 80s early 90s it’s a miserable existence if you’ve got no money.

@@thomasreed49 "A burden on the State..?" Are You Kidding Me?!? IT'S YOUR MONEY - stolen by The State from the moment you started earning, and then doled out in a miserly trickle when you retire. Do some research, friend!

​@@atlanteumwell said my friend.. it's a shame how some people are still asleep and don't realize what you just said..."it's our freaking money that we paid into".

It all depends on what type of job you have how much money you earn whether or not you're just getting by and living check to check.. depends on your present state of health also depends on your environment not to mention whether you have something saved in the bank or not.. our drinking water is tainted slot of our food is tainted and the air we breathe is polluted there are so many factors to consider to collect early..

what is your plan B: That you live long. What will you use to prosper

@@DrSchor Well, for starters I'm debt free, so I don't need as much of an income as others do. I own my house, car, and everything else I have. If I want something and don't have the money on hand, I do it the old fashioned way and save up for it. I retired from the Federal Government, so I get to keep my Health Plan for life for me and my family, which means I won't be forced to take Medicare Part B at 65 like most people are. I have a 401k that I don't plan to draw from unless I have to. I have multiple streams of residual income. As long as I'm not foolish I should be in good shape financially no matter how long I live. I'm hoping I'm immortal. 😆

Amen, some people are greedy!

The system wants you to work until you drop dead, so you never receive your money something you’ve worked for most of your life for. You decide what works best for you and how much your body can do,and take your money don’t regret it.

My best friend passed away 3 days before receiving his first Social Security check.

Well Duh!!

They should interview some of those people. I bet their stories are interesting to say the least.

Dumbest post I've read today. Your total social security and Medicare taxes paid over your working life is in your social security statement. My current statement says I paid $140,292 for social security and $33,699 for Medicare on a total lifetme income of $2.3 million. I get $3100/month at FRA.

Well, good for you. I'm pretty sure saying that he would have to live to be 312 years old in order to collect what he is "owed", he was being facetious. You don't have to be rude to others.

@@Oceanlady I was too but with facts thrown in. Wasn’t being rude either. Just being retired.

👏🏽👏🏽👏🏽👌🏽, My aunts in the same boat and she’s 60 about to be 61 this year and is gonna do the same thing from being an RN for just over 30 years😳………she said there’s always jobs she can work when she wants, if you can do it early and enjoy life do it it’s our money don’t let it go to waist! 😁🤷🏽‍♂️

That’s what I want to do. Retire and spend time with my grand babies. Five more years to go.

Y aunt, an RN for over 40 years did the same

When you are old and living in poverty, you will.

@@DrSchor FU

@@DrSchor Totally ignorant comment. When all is said and done your total is not more by waiting. You get more monthly waiting, then the person who took SS earlier, who was paid over a longer period. Based on average life expectancy the total pay out is the same. Ask the SS officials they will tell you the same. More now or more later, it's basic math. Well maybe not for you.

@@DrSchor I’ll be old and living like a king with a housekeeper and a personal driver even. And yes, all on just SS and taken at 63

@@DrSchor What makes you think that they’ll live in poverty in their old age just because they claimed SS at 62? I noticed that this has been your constant comment when people state they want to claim early. Some well off people take it because they don’t want to reduce their invested assets. Are you just jealous because they’re already getting checks while you’re still not?

I did the same, I retired at 50 with a full pension and I’m now 53……….I’m taking my social security at 62. Nobody is promised tomorrow!

Sorry to hear that. Hope things turn around; that way you'll be able to enjoy your money-a bonus.

@M Detlef The obits in my town argue different. Ill file at 62. Maybe stupid to you not to those that think. We will receive payments from 62 that will take you til age 78 to catch up if taken at 70, longer if taken at FRA. If I live to 84, big deal. My familys longevity argues that age so ill believe that not some stupid actuarial table.

Spot on seems like it they see to many baby boomers getting their money now and they don't like it

Ditto.

@@zitawillingham4391 exactly 😂😂😂

I'm 67 and recently retired. If I start collecting SS now, my monthly check will be $3,760. If I wait until 70 it will be $4,719. Collecting now would be foolish

@@bernie9728 Death should not be part of the equation.

Actually the break even age for most people is 78, not 80. If you have a spousal benefit to think of that also plays a roll. 6% per year increase between 62 and 67. 8% increase per year between 67 and 70. Will ur other investments do that ? If ur broke and have to retire early by all means take it but, if you can wait it will help with inflation down the road .

@@ada-yw1bb Exactly. Only those who messed up their financial life should collect early.

@@bellereve1 As I stated at 70 I will collect $4,719 if I wait. I'm 67 now. 90% of seniors should wait until at least their FRA. Almost 60% of seniors opt for a puny check. So foolish.

Yes take your money at 62 and if you can work a 20mhour week job chances are you won't live to see your 80s and your kids or loved ones won't see any of that money you worked hard all your life

Kirk Douglas just turned 103 ! Don't worry, be happy.

John Ritter died at 54

@@zitawillingham4391 That gives average 78.5 , to be fair.

That's great now that I'm collecting at 62 according to your statistics I will be collecting more checks Jonny cash died at seventy one Bob Denver's died at seventy

Other peoples mother's have lived past 90.

@@DrSchor We just don’t know how long we will live. That’s the tricky part.

Smart I wished I would of retired at 62. Nothing but evil co-worker why take yourself through it.

Same here! Turned 62 in February, still working and see the statement every month. So far the trend of waiting 1 more month is $11 for me too. And what difference will it make while I’m still working!!! I’m really thinking about it. I can feel free to resign when I want and with the extra income get rid of a credit card and stay then save whatever comes extra from SS. Si far have lost approx $6k!!! Will be applying for it!

If you make less than $55K, then "maybe" you lost. But let's say you make $72K, that's $6K per month. So you collect SS, you're basically taking a paycut of about $4K per month, plus you have to pay for obamacare until 65. So it really depends.

Between age 62 and Full Retirement Age the amount goes up 7% per year. Between FRA and age 70 it goes up another 8% per year.

Every year after 62 to 70 you don’t collect is a guaranteed investment return on your money. If your going to to take it early and invest it yourself you’ve double your risk .

@@steakandkidney Even if benefits get reduced down the road????

your comment is funny. What we are missing is the view of the person who died at 69 who never collected. They are dead and so don't care.

I heard a few months back (posting 4-27-21) that the last people who'll be able to draw at 62 are those born before 1964. Anybody born after 1963 will have to wait until age 65. Not my words; it's just what I heard somebody say.

Wait any longer and, for many, they will be already homeless! That is why the system pays out starting at 62. They should not call it "early". Frankly, you can look this up on the Federal Reserve website, 50% of Americans retire before age 62.

I’m 60 and plan on taking at 62. I’ve lost several friends and family who died prior to 62. I’ve worked since I was 15. I would like to get something back instead of letting the government continue to steal from it.

You know anyone can get subsidizing housing at any age and working too. It's based on 30% of income.32% for federal housing. And life is a gamble to live. Anyone can die before you no it. Or can live longer than expected. It's bout choices and planning and management. Do nothing and face the consequences. That's life.

Why would you take it early and carry on working . You’ll lose money . After you earn 21,240 they start taking it back !!

@M Detlef shame on you to say such a thing. You don't know the situation/circumstance they were living in. You're the idiot!

@M Detlef More Americans don't have enough savings to survive 6 months without a job . For the most part, there was very little improvement from last year's survey. In fact, the percentage of adults with less than $1,000 in savings increased slightly to 58 percent from 57 percent in 2017.

I'm with you I will be collecting my money starting this month my husband just started collecting his in August plus he has his pension most of the people we know are collecting their money early they are not waiting around to get sick or drop dead

Life is different for everyone. Some earn more, some less. But for you to call someone stupid for not saving enough is not only disrespectful, but clearly shows your vulgar character. Keep your nasty disposition to yourself.

@@lolap3667 @M Detlef is 100% correct...Most North Americans refuse to save and invest (As little as 100/per month in your 20/30's and so on...) by opting to spend, spend and spend. Buy new cars, go on several vacations, buy things they don't need, eat out almost everyday etc...Then as they approach their 60's with very little or NO savings at all, they think their government will take care of them, not having a clue that SS was NOT meant to supplement 100% of one's retirement....Facts, NOT an IDIOT!

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Condolences to you and your family ❤️❤️❤️

Years ago an adviser, said about taking Social Security, “take it when you need it”. Social Security was one of the best government programs, until the greedy healthcare industry got their claws into it. The numbers to take it later look real good on paper, but how one is living now is what matters

@@BuffyNoir140 Help me out, how is the greedy healthcare industry taking ss money, exactly.

I think you have to pay into it for at least 10 years before you are eligible for a benefit.

Are you collecting a PI government retirement pension? Contact that agency about a "totalization" treaty with the US where your total years of employment may get you a pro-rated SS payment.

I will be taking mine at 62. My mother died at 65.

Do you really think anyone cares about what you did?

@@DrSchor looks like you do enough to comment!

If you were. or are, married for ten years or more you can definitely collect off of his SS.

Hello 👋 Natalia how are you doing?

what does that mean? Why would your benefit be zero?

@@PatriotSteve When you take SSA at 62 years, they deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, that limit is $21,240. If you earn enough, you can reduce your payment to $0.

@@PatriotSteveThe deduction is credited to your account, so you will get your money later. But this defeats the purpose of taking SSA early.

@@PatriotSteve This deduction does not happen which you reach full retirement. You can earn as much as you want and still get the full payment you were scheduled to.

@@djbotti it does not defeat the purpose of taking SS when you have no idea why people choose to collect early. An additional 2k per month or whatever the number is for different people at age 62 is their’s to take... if they want it.

Don''t be stupid. Collect SS at 70. Why do you want a small check??

And they are not worried about it, right?

Hello 👋 Deborah how are you doing?

at what age will you take ss if they wont cooperate?

As long as it's your decision that it's the best choice for you and your situation, then it's the right choice for you.

@@steelcastle5616Yes. That's what's important. It is different for everyone.

An uneducated move, the government loves their sheep 🐑

I know someone who waited until 70 to collect and now she's living a life of luxury...She's healthy and happy but it's not for everyone to wait that long.

@@ROYALP100 Yes - people say you should retire earlier and save the money. But I know people who had money......who lost money due to family members.....so that cash in the bank can disappear.

Excellent thoughts

9 years? That seems low. Normally getting 70% of the full amount at 62, it takes 15 years to start losing money.

I'm 63, took SS at 62, and retired at 56, but I don't need it to pay my bills. I wouldn't change it for the world. Nothing wrong with having more money than you need to either save or give away.

I believe that with all my heart, I’m 65, I’m retiring at the first of the year Lord willing I’m ready Lord please let me make it.

Hello 👋 Brenda how are you doing?

Agree whit you

Same here. Started age 62.

Agree, laid off, started collecting at 64.

I’m 63, I think I’ll wait till January 2023 to file when I turn 64.

Pandemic . Sure.

Sounds like a plan!

I don’t need the money. But I will wait until FRA when it’s $800/mo. more at $3200/mo. My savings alone is over $400k and I have over 1.6 million in my rollover Roth IRA, over $400k rollover IRA,and other income sources like taxable savings/investments,CDs,pension,annuity,and passive income.

"Longevity" is a big factor to take it later, you goofball, later.