Turning 62 and aplying for SS. Any suggestions?

[rmaynard 15,428]

14 hours ago, Ed Kennell said:

I am sure you are aware you will be required to begin taking RMW (required minimum withdraws) from any tax protected investments when you reach 70.5 yoa.

I would strongly recommend converting all to the ROTH IRA system.  You pay the tax up front on the principal , but all the earnings are tax free whenever you take your RMW.

 

Just a bit of correction if I may.  If you turned 70-1/2 before the end of 2019, those rules applied. After 2019 the age is 72. Just one more thing to keep us seniors on our toes.

[RandyLittrell 3,877]

On 5/20/2020 at 7:28 PM, formariz said:

Thank you everyone. Been thinking about this for a bit and have considered all the possibilities but the decision is not always as easy as it seems. Wife has now applied for disability and I just may wait to see how that goes. It will be another thread soon. Although any money in my pocket is a good thing, its not really the financial or insurance aspects of it that is driving this. We have been very fortunate in life and we have done extremely well for ourselves. We both collect hefty pensions, me from the Carpenters Union and my wife from the state of New Jersey from her Teachers job of 40 years. Even if we do not collect any SS we live without any financial worries not even considering touching our life savings. I work because I love to do so and probably will while I am able but do so at my will and do not have to. Insurance is not a concern also since we are both overly insured from our jobs , one picking up what the other one does not. When Medicare kicks in then both insurances will become the secondaries to it, so it should be OK then also. Taking everything into consideration for me it does not make any sense to wait any longer  and just collect what I am entitled to now before any changes are made to the system. You never know what they are going to do and it almost never is for our benefit. Case and point my wife's disability claim  since they have changed the rules within the last year or less.

 

PS. I will probably fall off the wagon due to @stevasaurus constant teasing and temptation and will probably then live less than I should so that just reinforces my decision to start collecting now.

 

My Dad died 5 days after his 66th birthday from cancer, so you never know. He did take early retirement but didn't get to enjoy it very long. 

 

On another note, I was able to be approved last year for disability and had a good experience. Feel free to PM me if you have any questions. I would be happy to help if I can. 

 

 

 

Randy

[formariz 11,987]

I cant thank all of you enough. It is very reassuring to have all of this great advice and ideas and offers for help from people with real experience in the matter. Regardless of how much I read about it and think that that I finally understand everything there is no substitute from real experienced opinions on it. I am going into to it now with a much more comfortable and confident feeling. THANK YOU ALL.