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NW Iowa. / SW Arizona | I'm just curious how many of you older mature guys :-) on here have had your wife's draw their SS early at age 62 & if so any regrets.
My wife & I both turn 62 this year. I have zero interest in collecting mine until I reach the full retirement age of a little over 66 years of age. We've done some research on it but just looking for more inputs pro or con. Our CPA says go for it, one of our financial consultants says wait until 66 years, 2 months.
You take a 25% reduction in S.S. by taking it early at 62; 20% reduction @ age 63; 13 1/3% reduction @ age 64; 6 2/3% reduction @ age 65
We talked to someone from S.S. and they says she has to live to a little over 78 & 1/2 to break even between taking less pay now vs. taking full pay at 66 years 2 months.
My wife retired from her town job a little over 2 years ago but does draw a moderate wage from our Corp. in wages.
Our farm business is incorporated which we own and we both draw wages from it. We've collected way more in land and building rent then we do in wages on purpose the past 20 years for tax purposes. We had no intention of living off of SS when we retire and will have enough in other income to live comfortable,,,,,, we hope :-).
We don't need the income to live off if she did decides to draw now which is why the financial consultant says to wait. We've talked to a couple of people that the wife's have drawn early and have no regrets so far.
Supposedly there is enough money in S.S. now for 17 years then it goes broke, with talk of everyone on S.S. taking a 20% reduction at that time, but that's just talk & who knows what will happen then.
Thoughts or comments appreciated. Mark
Edited by IowaMark 3/24/2017 10:44
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Taking S.S. at age 62
