Survey: Baby Boomers Will Claim Social Security at Age 62

Staying afloat?

04.15.09

Things are going downhill fast. Both my husband & I lost our jobs a year ago. Unemployment has helped but things are desparate. Thankfully we had to forsight to sell our house just weeks before the pink slips came. The little equity is gone and having to pay our own health insurance is devastating to our already bleak outlook.

I have Rhuemitoid Arthritis and we are in the gap years prior to Medicare. We need the promised national health coverage and it's got to be now. I must file for Social Security at 62 in the next few weeks. Subsidized housing units are all full. I don't think I can exist in a tent at this age with RA.

Soon the very little left in our 401K accounts will be drawn to cover expenses. So, the government can make a choice, Health Care for all or keep shoveling more tax money into elder care facilities. Seems to me that it's cheaper to offer the health care so us boomers stand a chance of remaining contributing members of society instead of leeches.

Lan of PA @ Apr 15, 2009 02:19:13 AM

social security benefits

My husband died at age 62 and never received any of his social

security. know my healh is getting can I Receive his benefits

Mary Edna Williams of MI @ Feb 16, 2009 15:14:06 PM

social security

I agree with Ed at AAFR, however, what about the taxes????? If you are still working, would that not offset any interest (maybe 2-3% ) that you earn. I plan to work till 66. Please advise.

Karen of TX @ Jan 16, 2009 21:10:47 PM

Social Security

Skip, I must say you are misinformed. Social Security funds not paid out in benefits are invested in U.S. government bonds. In essence, the trust funds lend to money to the U.S. government and receive interest just like you would if you bought the bonds. Look it up on the website.

Ms. Zera, you, too, have been misinformed. Social Security retirement benefits are calculated on your 35 highest years, not on the last years you worked. Check with your local office if you need to confirm this. If you do not have earnings to cover 35 years, you would have zeros added and that could reduce you monthly check.

Richard Black of OK @ Jan 16, 2009 15:09:07 PM

You can "have your cake and eat it too" with early SS benefits

Here's a little known fact about taking early Social Security benefits that we at AAFR have been publicizing for some time.

You can "have your cake and eat it too" if you're willing to be very disciplined. Start taking your benefits at 62, but INVEST ALL THE MONEY YOU RECEIVE in super-safe investments like bank CDs. When you turn 65 (or even later), you can apply for, and get the higher benefits if you pay back all the benefits you've already received WITHOUT INTEREST. You get to keep the interest you earned on the money!

So if you're disciplined, go ahead and take the early benefits, and then sit back and wait til you're 65 or 67. Then look realistically at your life expectancy. If you're still healthy, pay back what you've gotten, keep the interest, and enjoy the higher monthly benefit. If you unfortunately are in poorer health, then stick with the reduced benefits and do with the money you've saved, and the interest you've earned on top of it, as you see fit.

For more info, check out:

http://www.aafr.org/when-should-you-start-taking-social-security-benefits/

Ed at AAFR of @ Nov 13, 2008 19:24:01 PM

social security

I definitely plan to retire at 62. My check from social security will be the same as my current paycheck, so I will not have a reduction in income.

In fact, after I am no longer working, my expenses go way down, so it it better than an increase in income.

I am REALLY looking forward to age 62!

Fred Hoekstra of FL @ Nov 06, 2008 13:12:08 PM

Weigh All Options

I had to drastically cut back on my self employment to care for aging parents. I found that since Social Security is based on the average of your recent years' income, my monthly payment was going down.

The information by a previous writer is correct to wait - but only if you are maintaining or increasing your yearly income. Otherwise waiting works against you.

http://www.babyboomeragingparents.com

Rosemarie Zera of TX @ Nov 04, 2008 12:39:13 PM

starting SS bentfits

I planned on filing for my benefits at 62. I have worked from the time I was 17. I planned on working p/t in the future. Most employers will not hire older person. It just makes sense to do.

Cheryl of CA @ Oct 30, 2008 14:34:35 PM