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Is 70 too late to claim Social Security?

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26 Jul 2016 00:48 #314384 by chairman
Did you know?

Full retirement age, or the age at which you can receive 100% of your Social Security benefit, is currently 66, but full retirement age increases steadily to 67, depending on your year of birth.

A person with a full retirement age of 66 who claims Social Security at 62 receives 75% of the amount they'd receive at his or her full retirement age. Conversely, a person with a full retirement age of 66 who waits until age 70 to begin receiving Social Security receives 32% more than he or she'd receive at full retirement age.
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  • SCA
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26 Jul 2016 07:13 #314390 by SCA
Chair, why wait until 70?  Time is not on your side then. Retire early, smell the roses, take vacations.  Engage in your fantasies.  Don't wait. 

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26 Jul 2016 10:10 #314403 by chairman
so you saying 62 is the right age?
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  • VillageBelle
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26 Jul 2016 10:38 #314406 by VillageBelle
Personall - I think that you should start to collect as soon as you are allowed

in Canada we can start to collect CPP (Canada Pension Plan that one has contributed to) as early as 60 with a 7% per annum penalty

as soon as both hubby and I turned 60 we started to collect......only the Almighty knows if I will live to see 65, at which time I could collect 100% (but once you start to collect early, it does not increase to 100% when you turn 65).

you could contribute your whole working life and if you die before 60 (or 65) then your spouse (if he/she is still alive) gets a pittance of your benefits  >:(

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  • Nargis
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26 Jul 2016 11:00 #314415 by Nargis
you can collect CPP while your still working?

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26 Jul 2016 11:03 #314418 by chairman

yes  but what are the drawbacks?  will the govt raise your tax rate.

sca. answers please?
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26 Jul 2016 12:14 #314436 by SCA
awbs://www.fidelity.com/viewpoints/retirement/social-security-at-62

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26 Jul 2016 12:18 #314439 by chairman
i will read
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26 Jul 2016 12:27 #314443 by Googley
Chair, your family genes live long...wait till 72 to collect. 

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26 Jul 2016 12:32 #314446 by chairman

ok
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