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Reasons for taking Social Security at 62.
- Thread starter testdepth
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I retired at 66,4 took full benefits plus I had a 401k. I made my wife retire at 62. It didn't take much arm twisting. Figured if I passed before her, she would get my benefits. If she goes before me there is no impact. It made no sense for her to work past 62.
My BIL wanted to stick it out for full amount. Got sick and died at age 67 without collecting on cent!
My wife will be 72 this month. still working as am I. We pay Federal tax on 85% of her SS and we bank her regular paychecks. With me working we can bank her checks and live off her SSI as her income. To be far we virtually no debt, so we can save more than most. The big point is this. Regardless of what retirement you have, if you are not putting at least 15% away each check; One day you'll retire without a clue as to whether or not you can afford to survive. Me, I can take retirement at 62 in 2030. I'm hoping by then we have doubled the Egg with no worries about paying the bills. at this point we're banking one of my checks every 4 or 6 weeks. TAKE HEED: IF YOU ARE NOT DEBT FREE, BEING SO SHOULD BE YOUR NUMBER ONE GOAL!! if your cash is in a bank, find it a new home ASAP!
I gotta wait another 20 years before I meet the minimum age requirements… it will probably be exhumed before I get to draw.
I reco everyone take SS at 70. That way, if you pass before 70 or soon thereafter, you will leave all your money for us young bucks that will likely not see a penny from a broke SS system that the boomer and Gen X ruined.
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