October 2, 2009 5:34 AM

What the heck happens to the money if I don't claim it at 62, trying to wait until I reach 66-67 and I dy at 63????????

October 2, 2009 6:32 AM

I am not going to take mine early as long as I am healthy. If I die I really won't care that I have not collected. Don't think I will need it where I am going. But if I live longer the extra money will mean a lot.

October 6, 2009 8:42 AM

Agree with Mac. We have been told that if our lifestyle is based on both incomes, I should wait, but if not, I should definitely start collecting at 62. Plan to do so.

October 6, 2009 1:10 PM

the amount of money that you will receive in the years between early retirement and 66 will more than compensate for the lost monthly income. eg if you retire at 65 but normal is 66 it will take 11 years to make up the additional money that you would have gotten in that year.

October 6, 2009 3:33 PM

That is a great answer, Warren. I took mine at 62!

October 6, 2009 3:38 PM

Warren said: What about the payments I would have received between the age of 62 and 66 (my full retirement age)? If I can get $1,000/month starting at 62 instead of $1,333/month at 66, I will have received $48,000 in those 4 years, which I'll still receive after 66. So what I am losing is the difference of $333/month after age 66, which will take me 144 months, or 12 years, to make up. So I am only better off by delaying the start of my SS payments after I reach 78 years of age. Something to think about, but certainly not a no-brainer as your article implies.

I agree Warren. That is why I took mine at 62.

October 6, 2009 5:30 PM

I HAVE READ FOR YEARS & YEARS THAT IF YOU WAITED TO TAKE YOUR SOCIAL SECURITY AT 65 INSTEAD OF 62, THAT IT WOULD TAKE NINE YEARS TO CATCH UP ON WHAT YOU WOULD HAVE DRAWN AT AGE 62. THUS, I TOOK MINE AT AGE 62 AS I WAS NOT REALLY SURE THAT I WOULD LIVE TO BE 65. HOWEVER, SINCE I AM NOW AT AGE 75 MY MONTHLY CHECK IS ONLY - $625.00+ BUT, I DO UNDERSTAND THAT I CAN PAY SOME OF IT BACK AND THEN DRAW AT TODAY'S (AGE 75) AGE AND GET MUCH MORE MONEY. RECENTLY ON THE INTERNET REGARDING OUR SOCIAL SECURITY PROGRAM, IT STATED THAT THERE WERE 40 - 50 PEOPLE WHO DO THIS NATIONWIDE. NOT A VERY LARGE GROUP, HUH???

BUT, WHEN YOU CONSTANTLY READ OR SEE ON T.V., THERE WON'T BE ANY SOCIAL SECURITY MONIES LEFT ANYWAY AFTER - 2020. IT SEEMS THAT OUR U.S.A. GOVERNMENT HAS BEEN BORROWING IT AND NOT PAYING IT BACK. SO WHY ENCOURAGE ANYONE TO PUT THEIR DRAW OFF UNTIL LATER?? LATER, THERE WILL BE NO MONIES LEFT AFTER OUR GOVERNMENT SPENDS IT, RIGHT??

I WORKED TERRIBLY HARD THIS LAST YEAR ($325,000+)TO UP MY SOCIAL SECURITY FOR THIS COMING YEAR, AND NOW WE, ALL, GET THE WORD THAT NOT ONLY WILL THERE BE NO 'COST OF LIVING' RAISE, BUT IT'S FOR TWO YEARS. THANK GOODNESS THAT THERE IS A LAW THAT SAYS THE POLITICIANS CANNOT REDUCE OUR SOCIAL SECURITY. TWO YEARS FROM NOW, WHEN I DO FINALLY RETIRE, I WILL NOT BE BRINGING IN THE MONIES THAT I DID THESE LAST FEW YEARS; THUS, I WILL STILL BE STUCK JUST GETTING MY 'REGULAR' OLD RATE. NOT THE ONE THAT I BUSTED MY BACK TO MAKE SURE THAT I GOT THIS RAISE.

IN OTHER WORDS, TAKE YOUR MONIES NOW AS YOU NEVER, NEVER, NEVER KNOW JUST WHAT ALL THE FUTURE WILL HOLD FOR ANY OF US ~

October 6, 2009 9:25 PM

I agree with quickrun completely. The net present value would tell you the best option to take. The government wants you to wait as long as possible to start collecting because maybe you'll die in the meantime, or at least you'll be collecting for a shorter period. When SS was established the retirement age was set at 65 because they figured people wouldn't live much longer than that, and for a long time they were right.

October 10, 2009 9:38 AM

If I retire a age 62 will I get a increase at 66 and then 70 as if I were to retire at these ages? These comments are not making sense. Please explain. Thanks.

October 10, 2009 1:19 PM

Anyone....I would like to know??? My husband and I own our own business...we are just three days apart in age and we can retire at 62 (this November)...Can we still earn an income and to what amount may we earn without penalty??? Is it better that just one of us retires and works just part time??? What benifits do I forfiet by taking

October 10, 2009 7:08 PM

i retired at 62 and one half and have gotten a rac=ise every year sure i had to supplement my income but probably would have died if i gadn't become active again and it is no problem finding extra money here and there. i joined a network marketing company anf am doing very well.

October 10, 2009 9:59 PM

http://www.ssa.gov/includes/topiclist.htm

Use this site for most questions

October 11, 2009 12:04 AM

Excuse me.........you guys are all leaving out the penalty for taking early benefits. If you take early benefits (62) and earn more than $14,700/year, you start giving back one out of every three dollars you get. I earned lot more than $14,700 in the years from 62 to 66. So I would really only have gotten two-thirds of the already lowered amount. Now, next August I will turn 66. In the year you turn 66 you can now earn $36,000 without penalty. So now, by taking SS in January, 2010,(the year I turn 66), the amount is only $30 less than I will get in August at my full retirement age; and, from January to August I will get more than $10,000. Now that seems like a no-brainer. I'm sure I'll sign up in December for a January start. You need to know ALL the facts, though.