Ask a QuestionHere are the questions asked by community members. Read on to see the answers provided by the ThriftyFun community or ask a new question.
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. For people born in 1943 the retirement age for full benefits is 66. If you retire at 62 and would like to continue to work the maximum you can earn is $14,160. It is all explain in the ssa.gov web site.
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.