When do you plan to start Social Security?

General Discussion
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Happy Friday, Penny Hoarders! I’m wondering about what everyone’s plans are for Social Security. If you’re still working, at what age do you plan to start taking your benefits? If you’ve already retired, when did you start benefits?

I’ve gotten a lot of letters from people who regret starting benefits too early, like this man who claimed at 62 after some bad luck jobwise. https://www.thepennyhoarder.co…ts-after-retirement/ I really feel for this guy. He’s 70 now and is working a part-time retail job because he doesn’t have any options for increasing his benefits.

I was just checking in on my Roth IRA and it asked me what age I plan to take Social Security to determine whether I’m on track for retirement. Of course, right now I want to wait until I’m 70, but I’m still in my late 30s. It’s silly to pretend that I know what my health will look like three decades out or what my job situation will be. A lot of people start their benefits at 62 because they don’t have any other choice.

If you’re not yet receiving Social Security benefits, when do you plan to start taking them? Do you think Social Security will be around for you?

And if you’re already getting benefits, at what age did you start? Do you regret your decision?

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Ideally I’d wait until I’m at 65 or older, but I’m also in my late 30s, so a lot can happen in the next 25+ years.

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I am still working, (58 years young) I will retire May 31st, 2022, with a monthly pension check and free health insurance for life. I have no intention of collecting Social Security until age 70 years young so that I may reap the max allowed benefits.

What I find so crazy is that waiting until 70 to collect, my SS check will be higher than my work pension check starting next May.

When I was at the age of 19 I never thought SS would be around, the Feds need to add to SS coffers and stop helping/supporting all of those 3rd world countries, In this day and age, if said countries haven’t figured it out yet they never will (****, I mentioned that one 30 years ago). SS said on their website, that they’ll have money shortfalls come the year 2035, now with all of this extra government spending it is now slated to be money shortfalls starting in 2034. And I still think that money won’t last. 3rd World countries, I am referring to, Mexico, El Salvador, Haiti, Honduras, ETC…Then we have/had the 20 Year War(s), which was NOT money well spent. By the way, I am an American Military Veteran with 8 years of service with 2 Honorable Discharges.

What is going to help me to survive is, I have 2 ROTH I.R.A.s and 1 open stock trading account along with other retirement accounts set up through my work, that I have funded all on my own. Should I ever get married again, hmm, added income.

Congressmen/women and Senators need to stop bickering, along with stopping adding ALL of that PORK, to their BILLS, and to start thinking about helping the soon-to-be and the current retirees collecting Social Security. The 5.9 % COLA added starting next year is/was a Big Joke, as everything has been going up in price for more than the past 18 months. Along with over 170 cargo ships sitting off the Pacific Coast because people just like to use the blame game, Truck Drivers blame the Crane Operators, Crane Operators, and other Logistic Personnel blame the Truck Drivers, I blame all of them.

Okay, I will step down now from atop my Soapbox. Good Luck to everybody…OOPS I forgot, the Congress and Senators also need to stop giving themselves pay raises and learn to live like the average American Citizen.

I might/might not reply to any comments, as I work for a living and the U.S.Government might cry if I don’t show up to work tomorrow.

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I decided to take SS at 62. We owned a construction related business that almost had to shut the doors during the construction industry collapse in 2008. Thankfully we had saved diligently for years, but I made the choice to take SS early rather than tap the savings. Today in my 70s, it was a tough decision but it turned out to be the right one for me. I eventually found a part time job but job hunting in your 60s…well, that’s a whole different challenge. With job funds coming in, even paltry, I made a huge effort to invest some of that SS check and it’s paid off very well. I retired almost 4 years ago and should be fine, though I will always have to be cautious with spending.

It’s situational but I also did the math, which I encourage everyone to do. I had 8 additional years of monthly income with the advantage of eventually being able to find work that put me back on track with what I should have been earning. With being able to leverage my monthly SS check, it took the sting out of facing reduced payments to me.

I realize the facts that waiting longer means higher montly payments, but we also don’t know how long we will live. It’s really a dice roll. My circumstances made it a necessity to collect early but it ended up working out very nicely for me.

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I’m 51 and recently married. He is 57 and ‘retired’ from his career as a lineman last year- works PT for now. I am the earner in the household. We both plan to retire at 60 and tap into our investments, and I plan to wait till 65 at least (!) to collect SS.

That’s the PLAN. We also planned to purchase a home with the money he made from selling his, but we all know how the market is now, and what they say about planning. ?? We adjust as needed.

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I am 63 and am still working a state job full-time, of which I started late at age 42. Had I started a lot younger, I could retire with 25 years in and at age 55. However, since I started late, I will be eligible for retirement at age 66 for life-time pension and free medical, at the same time I will also reach my social security age at 66.8 years. I am one of the lucky ones that will be receiving both at the same time. I also have a defer compensation pension plan with the state. I do not plan to work a part-time job after I retire because I have also been working at a part-time job for 16 years, been at my full-time for 21 years, and I also have a 401K of which my employer matches at my part-time job. Also have a Roth IRA. With all that said, I plan to retire in 4 years at age 66, collect two pensions, 401K and Roth IRA and investment. I was able to accumulate all this at age 42. My advice to the younger people is that if I could accumulate all this, just imagine what you can do by the time you reach my age, you could retire a millionaire.?

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I took it at 62, and 5 months. Tomorrow is not promised to anybody. My husband said take it now, why wait. Of course, I retired from a Fortune 500 company and received 53 weeks of severance and 59 weeks of unemployment due to Covid 19. My relative just retired at full age, and her amount is a lot monthly. My husband is still working, so that makes a big difference. I saved in my 401k from day 1, and that helps. Social Security is definitely not enough for the majority of seniors to live, and so some will be better off waiting. I can honestly say that I am glad that our only debt is a very tiny mortgage. I love retirement and I was sick of traffic, bad bosses, and a toxic work environment, even though the money was great.

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@will.s posted:

Ideally I’d wait until I’m at 65 or older, but I’m also in my late 30s, so a lot can happen in the next 25+ years.li

I became disabled in my mid 30’s worked where ever I could part-time and wished that the on-job accident never had happened. Did I know what would happen on that unfortunate day? No, but, if I were to have listened to my gut intuition I might have made a totally different choice of employment. The company that I worked for had been dragging their heels until I had to obtain a legal aid lawyer and force them into court. I can not remember how long I have to keep my mouth shut about the settlement but the company did not honor their slogan. Because of the prices that just keep going up and social security is like one of the barges floating out there in the ocean. The stepfather that was a p.o.w. in Korea came home and lived through hell just to get to the point to have the ability to support himself and his family like a man who could be a proud American. I remember how the vets were treated when they came home from the war and were so very upset by it.

So, I need to start living like I need to have some emergency money on hand for a new (used) car when this one does quit. It is almost 20 years old.

Is there anything that I can do to help me get a WFH because of my disability no one wants to take a chance with my canes, walker, or wheelchair. In case someone can not connect the dots it all depends on how I feel and the ability to walk.

WFH could be a salvation for me.

There are so many factors that come into play as to who can be blamed, then we have to look at the devil we know or will it be the devils that we do not know.

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@mintjulep It’s great that you’ve been able to invest part of that money. What terrible timing, but it sounds like you made the best of it! Social Security really is a dice roll, huh? My dad started right at 62. He died relatively young so had he waited, he would have barely collected anything. But my mom is in great health and her side of the family tends to live into their mid-90s. Predicting your life expectancy along with what it will be like if you have to hunt for a job in your 60s gets so complicated and involves so much guesswork.

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@doris.mahala posted:

WFH could be a salvation for me.

There are many more WFH options these days, from customer service to high-level execs. Is there any type of work you’re looking for in particular?

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@doris.mahala posted:

I became disabled in my mid 30’s worked where ever I could part-time and wished that the on-job accident never had happened. Did I know what would happen on that unfortunate day? No, but, if I were to have listened to my gut intuition I might have made a totally different choice of employment. The company that I worked for had been dragging their heels until I had to obtain a legal aid lawyer and force them into court. I can not remember how long I have to keep my mouth shut about the settlement but the company did not honor their slogan. Because of the prices that just keep going up and social security is like one of the barges floating out there in the ocean. The stepfather that was a p.o.w. in Korea came home and lived through hell just to get to the point to have the ability to support himself and his family like a man who could be a proud American. I remember how the vets were treated when they came home from the war and were so very upset by it.

So, I need to start living like I need to have some emergency money on hand for a new (used) car when this one does quit. It is almost 20 years old.

Is there anything that I can do to help me get a WFH because of my disability no one wants to take a chance with my canes, walker, or wheelchair. In case someone can not connect the dots it all depends on how I feel and the ability to walk.

WFH could be a salvation for me.

There are so many factors that come into play as to who can be blamed, then we have to look at the devil we know or will it be the devils that we do not know.

Try this company’s website…Flexjobs.com…for WFH jobs, thousands of businesses are listed on the website. I do not know if you will be charged money for the jobs posted or if Flexjobs only charges money to businesses listed there.

Good Luck to you…Bob.

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I started taking at 62. Why wait? Bird in hand and no regrets.

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Agree with @big.lew. Flexjobs is a good start. I got my first after-retirement gig from their site the same week I retired (semi)! Of course, don’t forget the WFH link on penny hoarder.

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@will.s posted:

There are many more WFH options these days, from customer service to high-level execs. Is there any type of work you’re looking for in particular?

I am interested in data entry at the entry-level of copying the information into an email or for office use that would be copying information to their client/s.

I went to school to become an LPN, then later because of burnout in this part of my life, I went to a local community college and earned a data entry certification that I have not had the opportunity to use. My keyboarding skills are pretty darn good! My wpm right at this moment is approx. 25 - 30 per minute with less than 3 mistakes.

My goal is to be able to support myself just in case anything were to happen to my husband or my special needs daughter, and the main reason for WFH is to pay off the credit cards that I had to use until I was able to live on meager checks from Social Security.

Also a bit of advice to anyone who will be going for their Social Security checks and find out that they may also have the ability to draw an S.S.I. check at the same time this can be a pitfall for anyone. My pitfall came in the package that my mother who is 84 years old did something she thought would make things safer once she was gone (dead) and I have to say this one thing she put my and my brother’s name on the deed and held a “lifetime estate” then the last stepfather I had passed away from the complications of Alzheimer’s. When he went into a home for Alzheimer’s she was told by a friend or a church member who she claims as a friend told her that she needed to get her name off the deed due to reasons the home or nursing home put a lien against the property. All well and good but the pitfall caused hardship for myself and my husband in the result that just because I did not know when she had done this and it was a phone conversation I had with our caseworker for recertification on our S.S.I. checks and I had to let Social Security that I had been given information regarding that said property which I have no gainful income from it. We had to pay back an entire year’s worth of S.S.I. which was so very difficult. When we received our stimulus checks to pay off the debt. My husband’s check is well under $300.00 for Social Security and my Social Security is just under $700.00 and the S.S.I. check was not even close to $200.00 each.

After long conservation with my husband, we both came to the conclusion that after my mother (dies) and probably the lawyers get drawn into it I will probably have next to nothing. I think most of you are 'safe to understand sibling rivalry if not and you have a wonderful relationship with your parents I say KUDOS!

I would like to say “heed my warning” if you are wondering why we (my husband and I) decided that the S.S.I check have become a burden that comes with a ball and chains that is because of the restrictions they place on you are too much for us.

Now, if I could obtain a legitimate WFH, I know that I can earn more that way than with the S.S.I. then we can come out on top. Also, my husband is 77 and will be 78 in January whereas I will be 65 come this next April. The WFH would help us to element the credit card debt that was incurred while I had no income and needed medicine, PT, and purchasing food, paying bills that took credit cards.

I am pulling a gainful attempt of paying off the credit cards; I just paid off 2 credit cards this month and will be working the others off.

I was stupid to think that all of these things happened to other people, not me! Well, my friend’s life and come along and knock you right down on your a*( and with no one to help us. We did not have a ‘safety net’ to keep us afloat when we needed it!

Do yourself a favor and if you are married take a long hard look at these things: 1. what have you to gain at the time of retirement or in my case an accident which left you disabled. 2. How to build a nest egg that will help you in the long run. 3. how are your retirement funds fixed (who will inherit it, if you live long enough to enjoy it how would you do it, who will inherit the bulk of your property, will you have someone that is really smart in planning for your retirement then I strongly advise you to get someone if you don’t and if you do get to them as soon as you think it would be a good time to do so). These are the things that I have learned by myself the hard way!

If I have said anything in here to help someone navigate the ins and outs of some pitfalls that can occur in a lifetime.

Thank you to y’all that liked my response

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I want to wait as long as I can. I know two people who worked longer and both are very happy and active. One retired at 67 and the other at 72. Having purpose is so important to keep you young. And having multiple generations in the office is great as each one can benefit from interacting with the other.

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I think it depends for me.

Though I’ll wait as long as possible. I’m in my early 30s and am doing decently as far as my net worth goes such that taking social security earlier doesn’t really feel like it’ll give me more ‘security’. However, a lot can happen in 30 years and I can lose all my money and be forced to take it early.

For me, I’ve always treated these govt handouts as ‘backup plans’ for me in case I run into huge misfortune and go into total financial ruin. This is because there’s a very hard cap on what I can take in social security and it’s probably not a great way to direct my career and conduct my business by using social security as a north star.

Ideally, social security for me is just a ‘nice-to-have’ sort of extra money situation.

But who knows? By the time I retire I doubt we’ll even have social security anymore.

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