Social Security At 62- Is It Ever A Good Idea?

As a cancer survivor turning 60 I realize in just two years I could start taking Social Security. I am not a financial advisor- just thinking out loud here- but actual financial advisors seem dead set against taking Social Security before your FRA (full retirement age)- in my case 67. Yes, I will receive a smaller check at 62 but at least I can get in some years of receiving a check! To make an informed decision I really need to make a cold and calculated estimate of how long I will live. With that sobering figure in hand I can run the numbers for starting Social Security at 62, 67 and even 70. The results really surprised me!
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[@bluegillmich]

Dad said he was taking it 5 years at a time , made it too 81 until he shot everyone in the house..yeah depressing,..i am still trying to understand it. God Bless

[@casmithc2]

I am getting those cards in the mail also.

[@paulagabay9915]

I was thinking about waiting until I am 70 l. I am 66 now. This is making sense to go for it sooner after watching this video Paris. You are looking good 🙏

[@nor0845]

Short answer: Yes.

[@TheParanormal185]

To live a long healthy life you need to review what products you put on your body. For example many body wash's contain unhealthy chemicals which seep into your body. I highly recomend you look into Dr. Bronner's Castile soap as a body wash / extremly healthy and great for the enviroment. I recommend Dr. Bronner's citrus scent or unscented with a natural sea sponge.

[@inquirer1016]

If you’re battling cancer, you would be crazy not to take it at 62. Heck, you would still be crazy not to take it at 62 unless you’re certain you will live a very long life. Why help the government by delaying?

[@christopherhennessey8991]

Yes, you should .I did. I claimed my RN pension at 55 ,and my Social Security at 62.

[@parristx]

Thanks! Reading further about it I learned that about a third of all people do start taking Social Security at 62. About 10% wait till 70.

[@christopherhennessey8991]

@@parristx One of my kids is a 12 year old,so claiming at 62 helped me with a dependent benefit.

[@suzzylouloudougherty5237]

❤

[@skipfrey4603]

I was advised if you have a guaranteed pension( which I do) you should definitely take Social Security at 62.

[@warrenpuckett4203]

Yes. If you have 20 million to live off of or more. Then 60 is good. My brother did that along with 50 yard line NFL season tickets. SSI won't make as much difference as Medicare which you can offset by getting or continuing a good healthcare insurance deducted from the SSI. As long as SSI really does not make a difference. Then most of it will go back to the Treasury anyway. One way or another the IRS always gets it's cut. Other wise if the job is not a killer. 70 is good as long as your fingers toes and the rest of your body is in good working condition. Finally had enough at 67. Going from the past history of both sides of the family trees. 87 is a good bet for me. So far the 10 years of retirement have been good. Except watching the same SVU episodes with the wife. Don't watch TV much any more. It is like running the projector in a movie house. What is the point in memorizing the dialog? Oh and I already have been around the world. I have no desire to do cruise ships. Sea state 5 sucks on those things. Sea state 8 is downright dangerous. But doing the cruise up the inside passage from Seattle to Anchorage. Go for it. Been there in the summer. Gets nasty after September 15 in the upper end.

[@MiaSonoma]

Your not adding in yearly COLA raises - they average 3% a year...go get ur money buddy.. $1400 at 62, $1442 at 63...etc plus add up all that money ur not getting - the money you would not ever get from 62-67 is 84,000 _ and that’s without the average 3% COLA raises... Don’t wait... Investment income doesn’t effect ur soc sec as long as it’s not an earned wage

[@jfhogan101]

One has to look at social security as longevity insurance vs. just trying to maximize lifetime benefit payouts. I have other assets and pension annuities that provide living expenses now at today’s dollars; so I’ve maximized SS benefits by waiting to 70. If I was unable to cover my basic expenses (including extravagances like travel, new cars, renovations etc.) with other sources, maybe I’d take SS early.

[@parristx]

Do they not increase the monthly amounts for inflation until after you start taking Social Security? I would think they would factor in that 3% yearly increase across the board.

[@parristx]

I see what you are saying- you can consider Social Security as an insurance "against" you living longer than you expect.

[@jfhogan101]

@@parristx Yes,it is good to delay SS if you absolutely don’t need it to at least 67, or in my case 70. I don’t think it is worth trying to figure out when you will die. BTW, I have Gleason 3+4 prostate cancer and enjoyed your videos on same. My son and daughter in law live in Austin. Cheers.

[@jfhogan101]

@@parristx Two other considerations I reflected on when taking SS at 70: first, not all of it is taxable, only up to 85%, and can be zero percent if your other income is low enough; second, all you other pension and/or annuity income streams are fixed, so won’t keep up with inflation; only SS has a cost of living adjustment, and if you take the higher monthly at 70, the COLA will apply to a larger number. Only reason to take SS at 62 is if you NEED it to cover your basic needs, or if you have a chronic disease that strongly suggests you will not live long. Just because MOST people take SS at 62 does not make it the wisest choice.

[@AmericanConstellation]

Maybe you should have applied for SSDI. You would have gotten your full retirement.

[@doranmaxwell1755]

It's a crap shoot. I did the second I could. that was 10 years ago. Full disclosure. I have lots (too many maybe) hobbies and interests. I have had good jobs but none of em as good as staying home and doing what I want.... Also.. my genetics are very very good. parents are both 93 and doing well. the other side of the coin is the people we all know who die 6 months after they retire. Sadly? the reason(s) many do not retire is.... they hate being around their spouse... and in the vein? That they have achieved some measure of respect or at least those under them pretend to respect them.... and they don't want to lose that. They rarely have any real friends. So yeah... emotional but important. Another pure math consideration is that I am not on SS. I have a California retirement that is based on time served and... last highest year salary (a percentage of that) the year I retired I got a 15% raise that was overdue. I figured that was the last real raise I would get for the next 5 years and I was right. My highest earning year was the year I retired.