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Is age 62 the best time to start drawing my Social Security? I turn 62 in January. I am sort of semi-retired, what would be best for the long haul? Advise please.
By Jack Studie from Murray, KY
You can go to the social security web page at www.ssa.gov. or to google.com and type in social security and under the first list that comes up click on retirement. It will give you all kinds of information. You can retire at 62 but you won't get the full amount as if you retired at 66.
If you wait you can get more in your monthly check.
I would say do the math. If I retire now at 62 I collect so much money over the years which equals $$$. Then I retire at 65 or 66, and collect $$$ over the years. Look at health issues you might have, are you happy working, etc.? My husband took early retirement at 62.
I was told when I retired in 2000 that a 'rule of thumb' sort of depended on your health and how many more years you expect to live. In my case they (speaker from SS admin) that if I thought I would live MORE than 13 years after retirement, to wait until 65. If I thought less, retire at 62 (which I could do at that time). so I did retire at 62. I asked the SS speaker when she planned on going for her social security and she said 'as soon as I am eligible' so I gather she was planning on probably 63 or so by now.
If you decide to retire at 62, you will still be allowed to work part time. If you choose to do this, my best advice is to seriously concentrate on paying off all of your bills while you're still working, so that when you eventually decide to stop working, living on reduced social security will not be a hardship for you.
I just read about this in the AARP magazine and if you start collecting SS now at 62 you won't get the full amount later.
The amount will be locked in at the time you start accepting SS so be sure you can live on the amount you will be getting before settling!
Take it now and don't worry about the money because it might now be there later when you want it or you may be dead before you can reach the age of retirement. I say go for it at 62.
Thanks to you all for the good info and advice, and personal accounts. I visit the SS Office tomorrow. So we'll just see.
Jack, Murray, KY
Do the math, an Excel spreadsheet would be a great way to try many different "scenarios". Also see this about collecting at 62 then down the road paying it back to receive a higher monthly amount. Gather all the information you can from your meeting and do your homework before making an informed decision. Good Luck!
It's a complicated question - and you also have to figure in your spouse's social security if you are married. We frankly needed the money, and I am practically retired, so I did it. Better to have the money to travel, etc. when I still can. You can still work part time, and even pay back the benefits received to go back to the higher monthly payment.
Definitely be sure all your bills are paid, no mortgage payments or car payment unless of course, you have a large ss check coming in or other income that will cover this. Also, at age 62, you will not be eligible for medicare so you will have your own health/prescription insurance to pay yourself. I retired at age 62 & I got my health/rx coverage thru' my former employer's retired employee program (not all companies have this) & because of my years of svc, the company only paid 25% of premium each month.
I need to really understand the rule of thumb?