Question of the Week: When Did You Start Social Security?
At 62, at full retirement age, or at 70? Share your experience, and any regrets.
Prefer to watch? Here is the video version (large print, no sound needed). Watch on YouTube
Did you take Social Security at 62, at your full retirement age, or wait until 70? Any regrets?
It’s one of the biggest money decisions most of us make, and people land in different places for good reasons. A few facts worth knowing:
- Your full retirement age depends on your birth year. For anyone born in 1960 or later, it’s 67. (SSA.gov)
- Starting early means a smaller monthly check, for life. If your full retirement age is 67, starting at 62 reduces your benefit by about 30 percent. (SSA.gov)
- Waiting past full retirement age raises it. Benefits grow by 8 percent a year for each year you wait, up to age 70. (SSA.gov)
My answer: I sat down with my Social Security statement, a calculator and a pot of coffee, and I’m glad I ran the numbers before deciding. Health, work and a spouse’s benefit all played a part.
Your turn. When did you start, or when do you plan to? What made up your mind, and what do you wish you’d known?
Answer in the comments on our Facebook post, or email support@truecourseliving.com with "Question of the Week" in the subject line. The best answers will appear in a "Your Peers Answered" roundup on November 1, first names only and only with your permission.
Share your experience, not advice. We will never message you first or ask for money. For your own situation, check your statement at ssa.gov/myaccount or contact the Social Security Administration.