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What age are you planning on taking Social Security, and why?

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    I keep reading arguments one way or other on different strategies for retirement ages and taking out Social Security benefits. Curious everyone's thoughts here on this. There are 3 main talking points - early, full retirement age, or late as possible.

    It varies a bit depending on when you were born, but the general ages are:

    Early as possible: 62 years old (75% of benefits, goes up every month/year you wait)
    Full retirement age: 66 years old (100% benefits)
    Late as possible: 70 years old (approx. 132% max if you wait)

    Here's a calculator, if interested as well: Early or Late Retirement?

    Do you think one strategy is better than another no matter what, or does it depend on life situation? To me, it seems to make the most sense to start at exact full retirement age. All things being equal. But if you really need the money sooner, early. And if you were lucky, employed well or have lots of savings from other avenues, to wait until 70.

    Thoughts? Figured this was a good discussion forum, as there are hundreds of articles out there that make the argument for all 3 pretty convincingly.

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    My hope is to be able to wait as long as possible to take mine, but I still have many more years of work before I can even consider it. My parents are both recently retired though and they are both waiting until 70 to begin collecting.
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    JaredS Wrote: My hope is to be able to wait as long as possible to take mine, but I still have many more years of work before I can even consider it. My parents are both recently retired though and they are both waiting until 70 to begin collecting.
    Yeah. That makes sense. If you can hold off until 70 and are still earning, 130% sounds like it's worth waiting for, if it's just a few more years.
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    I'm taking mine as early as possible. I am so tired of commuting to a job I care nothing about. After losing one sibling and having another diagnosed with a serious illness I feel the pull of 'life is too short!' I have a decent 401K and a small pension - the old 3-legged stool approach. I know I'll receive smaller payments if I start drawing from any of these but I'm willing to live on less so I get to live a life I can actually enjoy.