Taking Social Security at age 62

[zxcvbob]

I may have already said this.  I'm not taking SS yet because I have enough cash in my checking account to live for a year or so, and I have some CDs maturing soon, and my wife's spousal SS benefits will be higher if I let mine grow a few more years before taking it.  The plan is to start drawing SS as soon as cash reserves are drawn down enough that I'm tempted to start tapping the actual retirement accounts, whatever age that happens to be (I'm sure it will be before I'm 70) and not worry about "full retirement age."

[MillCreek]

^^^Sumpnz something to check: is the employer-provided disability insurance amounts payable reduced by either SS disability or straight Social Security?  Many disability insurance plans through work provide for an offset by the amount of Social Security benefits received.

[Northwoods]

^^^Sumpnz something to check: is the employer-provided disability insurance amounts payable reduced by either SS disability or straight Social Security?  Many disability insurance plans through work provide for an offset by the amount of Social Security benefits received.

Yes it is, and I’m required to take SSDI if on their disability benefits.  But 60% of my salary (which would be the combined amount) is still more than regular SSI plus pension, even if I kept working and getting pay raises until 65.

My private disability insurance is NOT reduced by any other benefit payments.

[MillCreek]

https://www.fool.com/investing/2022/06/04/the-best-reason-to-take-social-security-long-befor/

Calculating your break even point vs. your life expectancy and other sources of income.

[lee n. field]

Rumor floating around the "PC Division" at work is that the owner is thinking/planning to close down or sell off the division if things don't pick up this year.  The wireless ISP side brings in millions.  Us, not so much and getting less good as time goes my.

If that happens end of this year, I'll probably just retire.  67.5, don't particularly want to dive in to doing this for someone else.  I've been slowing down, and I know it.

[Ben]

https://www.fool.com/investing/2022/06/04/the-best-reason-to-take-social-security-long-befor/

Calculating your break even point vs. your life expectancy and other sources of income.

One of the things this article seems to take into account that others don't, is higher earners whose minimum (62) payment can be higher than the average FRA or maximum (70) payment. In my last 8 or so years at work, I was making enough that I hit my max for the social security deduction from 1-3 months before the end of the year, so my "at 62" payout is well above the average FRA payment, which was another reason that I took mine early (though the "hit by a bus" argument was still my primary reason).

[MillCreek]

https://www.marketwatch.com/story/claim-social-security-or-withdraw-from-your-401-k-during-a-bear-market-think-carefully-11655148703?mod=retirement

Should you claim SS early or pull from your retirement portfolio in a bear market?

[JTHunter]

https://www.marketwatch.com/story/claim-social-security-or-withdraw-from-your-401-k-during-a-bear-market-think-carefully-11655148703?mod=retirement

Should you claim SS early or pull from your retirement portfolio in a bear market?

Your portfolio need time to recover (if it can) its losses from Brandon's debacle.
My Dad died shortly before his 80th birthday and because of my own health problems, I may not do any better despite having a grandmother live to 89, a grandfather (not on the same family side) live to be over 100, and his daughter (my mother) still alive at 93.  I had been "medically unemployable" for about 10 years so I started SS at 62.  So far, I have been fortunate to NOT have to hit my ROTH or my taxable portfolio. 
That may have to change with this inflationary problem. 

Thanks Brandon.