2007-03-13 05:55:01 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If you start collecting at 62 you will collect all the money paid in by about three years and you would still not be eligible for full benefits until 651/2 at least if born post 1940 and the age for full benefits is still climbing until it reaches 67 years.
I would say for the approx. 20% cut you take at 62 compared to waiting until max. of 67 , I would go for it at age 62.
I would say finally knowing how gov't operates they probably have benefits calculated so that if you live to collect your initial benefits at 67 you will get basically the same amount had you taken them at 62 because you will collect more for a shorter period and die sooner.They are hedging their bets giving benefits at 62 with possibility you will not see 67, in that case they save money.
2007-03-13 07:05:00 · answer #1 · answered by xxx 4 · 0⤊ 0⤋
Don't know what your overall income picture looks like, but most people start SS at 62, and in doing the math, it takes a very long time to break even(most don't) if you wait til 65 or later, especially when you adjust later benefits for inflation...
2007-03-13 13:14:35 · answer #2 · answered by Rick 3 · 0⤊ 0⤋
It depends on two things:
1. Do you want to continue working? - If you do, your benefits will be cut if you earn more than the minimum specified by social security.
2. If you are ready to quit working and If you are in good health and expect to live longer than average, it would make sense to delay drawing social security. -
2007-03-14 05:03:58 · answer #3 · answered by Franklin 5 · 0⤊ 0⤋
It depends entirely on the person and their needs at age 62. You can actually have SS figure out what the difference would be in your payments if you start taking SS early.
2007-03-13 13:08:52 · answer #4 · answered by Faye H 6 · 0⤊ 0⤋
If you are black man, WITHDRAW.
The average life expectancy for black men is 65 years old.
If that is actual and factual, withdraw early and get what benefits you can before you CROAK. No use in giving those hard-earned benefits back to the government.
2007-03-13 18:56:59 · answer #5 · answered by DaMan 5 · 0⤊ 0⤋
Are you a bird in the hand or 2 in the bush type of person?
2007-03-13 13:02:23 · answer #6 · answered by csucdartgirl 7 · 0⤊ 0⤋
If you continue to work, you can collect up to $30,000 of social security benefits that you can invest.
2007-03-13 17:07:46 · answer #7 · answered by mziemke 1 · 0⤊ 0⤋
I would rather start drawing earlier than later, because I don't know when I will die.
2007-03-13 13:30:11 · answer #8 · answered by Pluto 3 · 0⤊ 0⤋
depends on the health and welfare of the individual
2007-03-13 12:58:05 · answer #9 · answered by golferwhoworks 7 · 0⤊ 0⤋