Since I retired, in 2013, I have been busier than heck, and not earned one cent. As has been said by other retired people "Since I retired I don't know how I ever had time to work." With everything I do now, I don't know how I had time to do everything else I do now, while I was working.

Yep..The way I see it you only have one shot at it. It will be one of the most important shots one makes entering the fall and winter of ones life. Deciding when to pull the trigger

You can have them deduct monies for your taxes monthly if you choose to but I keep a reserve and pay at the end. Some of the investments I have had have gained double digit returns in months so why would I let the government use those funds when I could be gaining earnings?
Sometimes also a tax payer is required to file quarterly due to how one's income is structured or the types of incomes one has. I am looking at that potential now that I am at the age of RMD's. I am strongly considering taking out far more than I need the next 7 years before we go back to the higher rates etc.
Bryce

I get SS and State retirement and work on call for the Sheriff's Dept when needed mostly transports and some Court duty stuff. Between some farm work, skunk trapping and making cages the income is at what I was making before with out the crazy hours.

Just have a plan own nobody if you can and life is a lot easier that way! Retirement is not doing nothing trust me you get more work done when works not getting in the way.

That's exactly what I was trying to say

I'm retired but not old enough for SS yet. I will take it at 62 not waiting around to see who wins the game. My break even year is 84 and there is no guarantee I will be around at 84. Why would I want more SS money when I'm old I would rather have less and have it while I am younger and can use it better then being in my 80's. No right way or wrong way ever case is different.

I see all these 85--84 year break even points. I don't understand. My break even point is 77 years 11 months. That's a big difference.

For me waiting each additional year was 8% increase in monthly payment by waiting. Now take a look at how large, small or none at all increases SSN is likely to give out over the next years, decades etc. and one can quickly see that waiting at least for me significantly increased lifetime benefits. We can all play the odds and figure what will be best but the most important thing I feel we did in our family is invest from day one on my first job and not have to take resources quickly if waiting made good sense. I retired the first time in 2006 mid year. I am so glad I took the job and did not have to pull money out of my retirement accounts when they had fallen 40%. The part time job allowed me to get through that down patch and also withstand the 26% cut we took in our pension spread out over 5 years.

Bryce

I retired last year at 62 and will not take SS till I need it, trying to live on as little as possible, pull money out of CD's when we need to. My deal is a disabled wife who does not have the 40 quarters of work record to get SS or Social Security Disability, every cost has always been up to us to pay after insurance. Last couple of years we had over $5000 out of pocket so I said screw it and just quit working, I will take care of her. If I take the smaller SS and die her spousal benefit at 62.5 would be 35% of mine and would stay at that because she has no SS of her own. So we will try to make it to 66 without taking SS.

My break even is 78

I'm taking SS at 62

Everybody's situation is different...pension , 401K , etc
I also factored in quality of life in my decision
My thoughts are that I'll be more active and make better use of the SS money from 62-66
than after I turn 78
I just don't think I'll be able to do as much after 78 as compared to 62-66

Monthly Social Security benefits
Retirement age
Break-even age
$2,102
62 vs. 66
Between 77 and 78
$2,806
62 vs. 70
Between 80 and 81
$3,721
66 vs. 70
Between 82 and 83

Now this is just a example and these ages go up for break even age from the amount you receive, expenses, returns etc.

That is exactly where I am at. None of those numbers say the break even age is above 83, yet people keep quoting 84 to 85

We waited until 70. Get an 8% increase in future benefits each year we wait. Was fortunate not to need it or retirement account (age 70 1/2) until latest possible dates. Wife will spend money like its water. Best to shield it from her.

The confusion is it's the "difference" not the "total" you need to figure into the 18 year formulas! At 66 your getting more yes but you would be getting that $1,060.00 already at 62 so the $54,000+ is what you need to make up in the difference what you would of been getting VS the higher rate if you wait. The "base" has always been there so the difference is what the formula applies to.

Keith, your correct in there is no check it is direct deposit, I was simply using the check word as description.

I don't get how these people are getting their break even numbers that high either, they must not figure in the automatic adjustments that SS does when you get older to make up for taking it a 62. My boy's Father in law got a single large make up check for taking his and bringing it up to what it's supposed to be when he signed up after waiting till 68, when he got divorced, when he could have taken it at 65. So there are ways of bringing it current to catch up.

Is not worth it to me to wait till 70 to start using it, to much talk of to much change in the program has me nervous about losing what I have coming or even waiting longer until I get to start taking it after already waiting past 62.

I can understand those taking it at 62, but I was still working full bore and had lots of OT helping out those years for making my SS larger, they only use 35 of your best years to designate your income. So the last eight have really changed my amount coming due to such a high income, sorta defeats the purpose for me of waiting till 70.

Each one does have their own way of living thank the lord for that and the country we live in !!

Just keep in mind that the guy that works 40 quarters and the guy that works 120 quarters get the same "checks", the guy that gets on SSI get the higher amount even if he gets on at 25 years of age! If I read that right.

Don't think thats correct LAW, as I know people who have done just that and are getting different amount checks, it's based on your income in those quarters.

You only need 35 quarters to qualify, your income is based on the highest of those 35, whether or not you worked 40 35 or 125, but most work longer than that before getting their first SS deposit, your income from SS still continues to change as you continue to work, provided that those years change any prior years that are lower, if not then its a sixer and usually will stay the same except for government mandated cost of living raise's.

According to this SS booklet I have here, and the Medicare brother it shares, LOL

Yep..for numbers sake..If a guy retires at 62 and gets 1700.00 a month (early retirement). He takes that amount each month for 52 months (which makes his age 66.4 years old) he will be $88,400 dollars ahead in 4 years 4 months.

So if he waits till 66.4 years for his first check and it's $2300.00 how many years will it take to make up the $88,400 dollars?

If That same guy waited until he was at age 70 and gave up 96 months at $1700. he would have left $163,200 dollars on the table..thus making this cat an old old cogger making up that kind of cash

Using those numbers Chamacat, i get it would take you 12.2 years to break even.
(Your 62 to 66.4 numbers)

Mine is different from the wifes because i have another 6 years to wait and i don't gain as much per year worked over 62.

She gains alittle less than 100 more per month for every year over 62 that she works up to 70. I won't gain that much.