Is it better to retire at 62, or wait till 70?

It's very simple: If you love your job and don't want to leave it, keep the job. If you need more money desperately and have a job, keep the job. If you want free time and a nominal income, then retire at 62 for SS.

I retired much younger and pulled SS at 62 because I wanted to have an income rather than just living off savings. I have very little to spend money on, since I have no debt. The big problem is finding a way to spend my money before I die.

I don't intend to waste it on the medical system, and I'd much rather run out of money than run out of life.

SS breaks even for both ways at about age 80, and betting on reaching 80 is a fool's bet. Take the money and run, IMHO!

I thought you had to retire in order to start collecting SSI.

I'm retiring at 58.....I calculated my wealth will carry into 80yrs comfortably ......that's not including SSI.....I like to think I made more right decisions than bad in financial matters and I would like to enjoy the benefits of them while I can....

I know too many people that worked themselves to death....

Arithmetic

$1000 per month beginning at age 62 for eight years = $96,000.

$1500 per month beginning at age 70 which is $500 more.

$96,000 divided by $500 =192 months or 16 years.

This means that it would take 16 years to make up the money you would already have received in the eight years before retiring at age 70.

That said, the economy is unpredictable. It could collapse.

The most important consideration at age 62, however, is the cost of health insurance before being eligible to sign up for Medicare at 65.

Exactly.

I know a multimillionaire, who worked hard his whole life. 3 years into retirement with his wife, drop dead from chemo. And he was in his 70's.

Wow, great for you! Retiring at 53 must feel sweet.

What happens if I work and get Social Security retirement benefits?

[link to faq.ssa.gov (secure)]

Tough call OP. In my opinion, 60's and 70's seem like hell. I hope I don't make it to those ages too quickly. I'm beginning to knock 40's door down though. My 30's went so fast it's all a blur. I say retire as early as you can unless you love your job. Then fuck it..keep working.

Listen to this... BREAKING!!!

You DO NOT have to retire fully to begin collecting social security at 62!


You can still work while collecting, you can still be contributing to your social security ***AFTER*** 62 *IF* you make less than (okay, I don't know the actual number, but it's something around 19,000 TAKE HOME... "Net" <that's important, per year)

Run, don't walk, to begin receiving your social security when you turn 62.

Had to fix that, it's really important that everyone know that you can still be making nearly 20 thousand per year while still collecting your already hard earned social security before it's too late to enjoy it!


Call the SS office and ask!!!!!!

Keep working, just keep your net income below the allowable limit and ENJOY YOUR LIFE!!!!!

i have the ANSWER 4 U.....AND YOU CAN CLAIM AS EARLY AS 61.5....GO TO THE SOC. SEC. OFFICE WHEN U R 61 RIGHT AFTER THE B DAY.....


CLAIM AT 62 BECAUSE IF U WAIT TIL LATER ...YOU HAVE TO LIVE AT LEAT 17 TO 18 YRS JUST TO BREAK EVEN....EVEN THOUGHT U GET MORE AT 65 OR 70...


DOES YOR FAM. HAVE GOOD LONGEVITY...?

IF SO...

BUT...THE DOLLAR MIGHT NOT B WORTH ANYTHING YRS. LATER..


TAKE THE MONEY EARLY AND RUN..MOFO!!

IT WOULD TAKE APPROX. 17 YRS OF TAKING THE LARGER AMOUNT OT CATCH UP TO YOU TOTAL IF YOU RETIRED AT 62 WITH THE LESSOR AMOUNT...

THE FEW YEARS OHEAD START EVEN THOUGH IT IS LESS.... ADDS UP...AND U CONTINUE TO COLLECT....KINDA A TURTLE AND THE HARE THING...

Don't be so quick to judge. I see it that if you are healthy, your 60's decade of life can be your happiest. I've seen it in multiple people, even when they are not rich. But the 70's decade, is more about turning inward. The 40's decade is the hardest for people. In my experience. I'm not there yet, but just from looking and friends and family. the 50s and 60's are good decades if you come out ok from your 40's.

Arithmetic

$1000 per month beginning at age 62 for eight years = $96,000.

$1500 per month beginning at age 70 which is $500 more.

$96,000 divided by $500 =192 months or 16 years.

This means that it would take 16 years to make up the money you would already have received in the eight years before retiring at age 70.

That said, the economy is unpredictable. It could collapse.

The most important consideration at age 62, however, is the cost of health insurance before being eligible to sign up for Medicare at 65.

Listen to this... BREAKING!!!

You DO NOT have to retire fully to begin collecting social security at 62!


You can still work while collecting, you can still be contributing to your social security at 62 *IF* you make less than (okay, I don't know the actual number, but it's something around 19,000 TAKE HOME... "Net" <that's important, per year)

Run, don't walk, to begin receiving your social security when you turn 62.



Keep working, just keep your net income below the allowable limit and ENJOY YOUR LIFE!!!!!

this dude gets it right!!!!

No, he was exactly 70 years old. Just retired, they found cancer, poof gone

Thanks for the heads up. I have a feeling my 40's are going to be a shit show.

I knew a widower in his fifties who told me he and his late wife worked hard all their lives and planned for all kinds of travel during their retirement. They were always dreaming of all the places they would go together when they retired, and in the meantime they worked hard and didn't travel.

She died before they ever got to go on any of the trips they planned.

He did some of them alone, but of course it was sad for him.

Not sure what I'm trying to say by adding this to the thread.

I still didn't get it. Did he mean that it's better to retire at 62, or 70?

If you can go earlier than 62 that is even better. Life is short and I seen people retired and did live enough to enjoy retirement.

I knew a widower in his fifties who told me he and his late wife worked hard all their lives and planned for all kinds of travel during their retirement. They were always dreaming of all the places they would go together when they retired, and in the meantime they worked hard and didn't travel.

She died before they ever got to go on any of the trips they planned.

He did some of them alone, but of course it was sad for him.

Not sure what I'm trying to say by adding this to the thread.