Some people stop working and spend a couple years retired, with no wages. They can pull money from some stock portfolio or 401(k) to pay with bills while waiting until they reach age 67 or 70 for that bigger Social Security check. Meanwhile, their stock portfolio gets smaller and smaller. This can be a bad decision. For some people, it’s better to keep the money in the stock market and to accept Social Security as early as possible, even at a slightly reduced amount.
On a different note, both my parents died in their 60s, before they ever collected a dime from Social Security. They paid in, but never got any payout. Waiting for the “right time” just isn’t always the best strategy.
Bottomline: everyone has a unique situation. 62? 65? 67? 70? it all depends on your circumstances.
“everyone has a unique situation. 62? 65? 67? 70? it all depends on your circumstances.”
-
Agreed......and that’s exactly what the instructor taught in the retirement classes I attended when I was working.
That’s sort of what I did.
I retired at 62, living on savings and a couple of pensions until I hit 68 years.
I started collecting when I turned 62. I was diagnosed with metastatic prostate cancer when I was 61. I was given a life expectancy of 3-5 years, so taking SS at 62 was a no brainer.
It’s been 11 years since my diagnosis, and my oncologist said I will likely never die from prostate cancer since I’ve responded to low level treatment.
When I was fist diagnosed, I figured out my break even age would be about living to be almost 80. Taking it early has meant having even more financial freedom.