I Took SS Early, And I'm Not Sorry

Thank you to everyone who has responded. This has been an interesting conversation with many perspectives. My tablet keyboard has kicked the bucket (after more than 2 years of abuse including food and drink, so I can't complain). Another one is on it's way and I'll be back to posting and commenting soon!

So, recently I was discussing the pros and cons of when to take Social Security-with my siblings who are younger and have different "dates" than I do, and with some other pals. Especially with my sister who has had at least two count em two, companies basically go under with her bennies, and who will retire on SS and a couple hundred dollar a month pension barring some miracle in the next five years.

I also recently read at least two blog posts where' the topic has come up, plus I know this is a concern of others.  So I thought I would put in my two cents, from my perspective if you will.

First let me say that I am not a math type in any way. I did what thought was right for me at the time and I still do, but if you want to read the comments here, or here, you may find a better idea of the math to take under consideration.

Personally, I took Social Security at the absolutely earliest day I could, which as a widow was age 60. Without widowhood I could have taken it at age 62 and I believe my "full date" being born in 1951 was 65 (now maybe it's 67?). It should be mentioned that I was not working, although if I had social security would have been offset one dollar for every two dollars earned up to my full retirement age. After that, there is no offset and one can earn as much as they please.

Going on eight years later, I have absolutely no regrets. None, nada, and yes, I continue to read on this topic regularly, and am aware that many financial advisers would consider me not so smart.  From my reading, I am not the only one to make this choice, and in fact, statistically, most people who take early SS do not regret doing so. Admittedly, for some it is not a choice, but a requirement to survive,

My decision was based partly on current circumstances at the time, to be sure, such as not being able to get a job at 55 anywhere after taking time off for caring at hubby and having a minor child at home. I ended up being a widow and forced early retiree with my two legged retirement stool being a federal pension and social security (while others mainly have SS and deferred retirement savings/investments).

 I COULD have lived without it had I found it necessary.  I still had a very small amount of what was left from my husband's life insurance that I hadn't need to use to live on, and a federal pension. But I was at a point in my life where I wanted to make some investment purchases (I hate that phrase, but sometimes it fits), look at possibly moving and downsizing again (the downsizing part saves money, but the moving can be a money pit in the immediate future). I also wanted to do some travel that might be physically taxing (read maybe climb at places like Mesa Verde and Mexican Pyramids and so some serious hiking) before what I knew was serious bone degeneration took me out of that running. 

A three week road trip through all the western states with my son, staying at all the best hotels and eating all the best food was the kind of thing I could not have done, throwing caution and price considerations to the wind. And while to some this may sound frivolous, the ability to do that while I still (mainly) had my full health with my disabilities was a gift to both of us. I will still at that place where I could go, literally, all day long physically.

And I have aways had the ability to not spend all of that monthly check and put it away (although I have admittedly never thought about investing as such as other people I know do). If I need to do any more rightsizing, I am in a position to do so, as well as lighten the load. Right now, instead I am looking to create a dedicated medical savings account and some other "sinking funds" for the long term. I feel comfortable that age I age my finances will keep me comfortable and safe, and I am prepared to lighten that proverbial load as needed in the future.

Admittedly, I am what someone else called a "Bird in the hand" kind of gal. I also don't want to have to think to much-at least about finances thirty years down the road. Which is why the longer I live on the Pension and Social Security as opposed to doing the math about how much to withdraw each year, the more comfortable I am with the fixed income thing. Yes, this is lightly off the topic at the top of the mast today,  but still worth sharing with others who are or may be in the same position.

Yes, I have had to create my own "savings" for things like health care. And yes, on occasional I may have to make adjustments, but each year I know how exactly much money I will have-both annually and each month, and that's fine with me. And yes, I understand that SS may not be there for future generations but it is now, and if they lower monthly payments later on, then I will be even happier than I am now about said decision to take that early money.

Again, this is from my perspective. And again, I know it goes against much of the financial advice. I am not against financial advice, and I recognize professionally trained folks for what they are, as well as what they know. 

But sometimes you need to look at all the information provided, and then go with your gut. Be it with your finances, serious medical decisions or anything else. As long as you can live with that decision-and I'm doing pretty well with that one.