When Is the Best Time To Collect Social Security?

When did you/do you plan to take Social Security? And why? Share your opinion here!

We would ask the same question about a pension, when to take and what payout option is best.

There is no universal best time. Every persons situation is different. I started at 63 1/2. That’s just when my financial stars aligned and I could do it. The wife and I still work a little part time for pocket money. No debt, which in my mind is the biggest factor.

I started at 62. I may not get as much by not waiting, but the difference is more than made up for by the relief of stress from work for 5 or more years.

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As with everything it depends. If you need the money and/or are healthy, take the $$$ at age 70 as that leads to the biggest payout provided you live to at least 82. If you have a lot of sources of income and want to invest the difference take it at age 62. You may come out ahead by investing the difference but that takes discipline

I didn’t take it early for any financial reasons…I took it because I honestly believe that had I worked one more year, the job would have killed me. The stress was horrible. I stepped away at 61, took Social Security at 62 and I can say that the reduction in stress is worth every single penny that I gave up by taking it early.

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Yes definitely. Having lost my MIL early, I so agree

I wonder if I have a 40% pension on $100,000 to $150,000 FY, about $1,500/mo SS and $1.8M, will I be able to retire at 62?

I’m thinking $1.8M generates about $75k a year

I’m guessing if you turn those numbers into today with a 4% discount, it’s worth only $675,000, $560 in SS, and $1,250 in a pension or $2,250 + $560 + $1,250 or around $4k a month

One factor is how long you expect to live. Being busy, enjoying work, and not needing it, I put it off until almost 70.

Late wife though took hers at 62 and croaked at 72 after drawing for about 10 years. In each of these two examples, I think the decision was best.

Another factor to consider, if you are still working, is contributions to an HSA. It’s great to be able to do that, but if you ring the Socialist Security bell, the gov’t will no doubt cram you with Medicare Part A. After all it doesn’t cost you, right? WRONG! It negates your ability to continue loading your HSA, and rotso ruck trying to get them to walk it back.