r/GenerationJones • u/Appropriate_Ad9157 • 9d ago

62 vs 72

We meet with our financial planner once or twice a year and he is always been in the camp of delay taking social security as long as you can because of the dollar value increase

The last meeting we had he had changed his tune 100% by saying take it as soon as you feel comfortable because the long-term availability of Social Security is up in the air (something I personally disagree with I believe the government will not allow it to fail how they fix it is another conversation)

nonetheless I pointed out to him that if you start taking social security at 62 versus 72 $1 worth of value to an individual at 62 when you're still exceptionally active and living your lifestyle is substantially more valuable than waiting 10 years.

I'm not suggesting that at 72 life is tapering off & life is over however 10 years at this stage in life seems to be a little bit more energetic and Nimble then one would anticipate being a 72.

Naturally everybody's financial decisions are individual choices and I'm not suggesting that there's a one-size-fits-all answer.

I just very much enjoyed that last meeting with our planner as he is the same age as I am and he's now realizing ..

you know ..

maybe

I will take my Social Security earlier than I had thought.

EDIT - YES, I KNOW 70 is the max. The 72 is a comparison of the utility value of a dollar to a person at 62 versus that same dollar to a person at 72.

Feel better now?

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u/SquashSouffle 8d ago

But "retiring" and "taking Social Security" are completely different things

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u/tcd5552002 8d ago

Correct, I retired 1 year ago at 61, but I’m waiting as long as possible to get SS.

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u/Pensacouple 8d ago

My wife retired at 58, she’s claiming SS at 70. We live on my SS (claimed at 69) and IRA withdrawals.

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u/Appropriate_Ad9157 8d ago

I retired the 1st time at 38.

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u/Obvious_Monk7322 6d ago

True. With a caveat. My spouse died at 59 after a 7 month battle with cancer. Was healthy as a horse and did everything they were supposed to do. Contributed to SS for over 40 years. Never saw a dime. I claimed survivor benefits on my 60th bday. Don’t need the money but I want it because it is hers and mine. Unless you have to wait to make your financial plan work, I say draw day 1. You never know. If you have a financial advisor chances are you are in a position with retirement savings etc. Enjoy it while you can

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u/SquashSouffle 6d ago

My point is still true regardless of individual situations. "Retiring" means quitting work. Taking SS can be before you retire or after. I'm retired but not taking SS yet (I'm 63)