When would you take Social Security

[roni]

There is a wide variety of opinion on this.

Take it as early as possible
Wait as long as you can afford to

Here is a table. I plan to take it as early as possible to supplement defined benefit pensions - unless I just have so much money that I can wait without cramping me style. But I think I would rather take it early and not spend down other resources.

[fireinmn]

My plan is to take it as early as possible too... Too bad I can't take it at 55 when I plan to retire...guess I'll have to wait until 62. I also expect to live to be 100 so I figure I'll get my money's worth.

[Rissask]

Roni, you think about retirement more than my husband does. I thought that no one did!

Our Canada Pension works the same up here....I am taking it as early as possible. I think that is 60 up here.

[Opatije]

Originally Posted by Rissask

Roni, you think about retirement more than my husband does. I thought that no one did!

Our Canada Pension works the same up here....I am taking it as early as possible. I think that is 60 up here.

Normal retirement age is 65 (a reduced pension is available from age 60), as per CPP.

[roni]

Originally Posted by Rissask

Roni, you think about retirement more than my husband does. I thought that no one did!

Our Canada Pension works the same up here....I am taking it as early as possible. I think that is 60 up here.

Well, it could happen as soon as October 2010
Also, it is more pleasant than never-ending political threads

[KMAN]

Originally Posted by Opatije

Normal retirement age is 65 (a reduced pension is available from age 60), as per CPP.

CPP can be taken early as you mentioned but, OAS cannot be taken before age 65.

[MaripositaII]

With the awesome genes in my family, I would like to take it early. Hell with waiting!

[fireinmn]

Originally Posted by Opatije

Normal retirement age is 65 (a reduced pension is available from age 60), as per CPP.

"Normal" retirement age in the US used to be 65...it's now gone up, my mom who will be 62 in May reaches FRA at 66, I on the other hand wont reach FRA until I'm 67...at least that's what they tell me today - anything could change

Early retirement is 62.

[Rissask]

Originally Posted by Opatije

Normal retirement age is 65 (a reduced pension is available from age 60), as per CPP.

is that not what I said?
I would take it (CPP) at 60, reduced amount or not.

They better not freaking change it to 62 from 60 up here!!!

[Opatije]

Originally Posted by Rissask

is that not what I said?

Just confirming Señora...

[James A.]

I would recommend running various scenarios through a sophisticated retirement funding analysis tool. You may be suprised at the various outcomes.

I know that Wachovia Securities has an excellent tool called Envision, and I am sure that competing wirehouses have similar tools.

You should be able to get this done for free, regardless if you have an exisiting business relationship.

My two cents worth...

[roni]

I can take my college pension at 60 with no penalty. I can take my college pension after 10 years here (Oct 2010) and get a small pension penalty and also get an early retirement benefit until I am 62 unless my union loses it in the next round of negotiations

Kathy can take one of her pensions at age 60 with no penalty or at age 55 with a penalty. The other one has to wait till she is 65.

We have various non-work, non Social Security retirement accounts that we can start withdrawing money from at 59 1/2 with no penalty.
- We both have IRAs,

- Individual Account Plan that our employers deposit an amount equal to 6% of our salaries in and it is managed by the Oregon Investment Council

- a 457 plan that we contribute to - it is roughly equivalent of a 401k for public sector workers - but there is no penalty for early withdrawals from it.

- We can both start taking Social Security when we are 62

It is the many small pots of money and we hope we won't starve retirement program

Now, Rissask, why do you think I think of it too much? Wait a couple of decades until you are 56 and let us know how much you think of it, you young gal you

[roni]

Originally Posted by James A.

I would recommend running various scenarios through a sophisticated retirement funding analysis tool. You may be suprised at the various outcomes.

I know that Wachovia Securities has an excellent tool called Envision, and I am sure that competing wirehouses have similar tools.

You should be able to get this done for free, regardless if you have an exisiting business relationship.

My two cents worth...

Excellent advice!! Also, if you have health issues affecting longevity, you may want to consider taking it sooner rather than later. If on the other hand you do not, each year you delay SS after the age of 62 adds about 8% to the amount of your monthly check once you start taking it - so waiting until 63 is a choice. You do not have to choose between 62 and the age at which you can take full benefits.

[Bluespicker]

I would like to pull the pin in seven years at age 62. With my pension from work and SS we could probably do fine but Jan is four years younger than me so she can't draw until four years after I retire. We'll have to crunch the numbers when the time draws near.

[fireinmn]

Originally Posted by roni

Now, Rissask, why do you think I think of it too much? Wait a couple of decades until you are 56 and let us know how much you think of it, you young gal you

Hell, my husband and I just entered our 40s and we think about it all the time too We also plan to go a little earlier than most, so I guess we need to think about more.