Laid off at 67 - Should I claim Social Security now or keep depleting my retirement savings until 70?

I was in almost the exact situation two years ago. Got laid off at 66, planned to wait till 70 to file. After 5 months of job searching with no luck, I did the math and claimed SS. Here's what I considered: 1. The 8% per year delayed retirement credit is great, but you have to live long enough to break even. I calculated I'd need to live to about 82 to make waiting worth it. 2. Drawing down retirement savings means that money isn't growing for you anymore. 3. Once you start SS, you have predictable income that can reduce stress. I ended up claiming at 66.5 and using my SS income to let my remaining retirement savings stay invested. In my case, it was the right choice. The market did well, and my retirement accounts have actually grown despite taking small withdrawals to supplement SS.

just take the money now who knows how long any of us have got my brother waited and waited and then died at 69 never got a penny of what he paid in all those years

My situation was different but might be relevant - I was 68 when I lost my job and decided to start my SS benefits while continuing to look for work. Three months later, I found a part-time position. Remember that at FRA, you can collect your FULL benefit amount regardless of how much you earn. No earnings test applies! So I'd suggest filing for your SS benefits now to preserve your savings, but continue your job search. If you find employment, you'll have BOTH income streams without any reductions to your SS benefit. The only downside is you won't get those delayed retirement credits.

This is a classic risk-reward calculation that depends on several factors: 1. Your health status and family longevity (affects break-even point) 2. The expected return on your retirement savings (opportunity cost of withdrawals) 3. Your other income sources and total asset picture 4. Your monthly expenses and ability to reduce them temporarily From a purely mathematical perspective, if your retirement savings are invested aggressively (higher expected returns), preserving them by claiming SS now might make more sense. If they're in conservative investments with low returns, waiting to claim SS could be better. One strategy to consider: File for benefits now, but if you find employment within the first 12 months of receiving benefits, you can withdraw your application (Form SSA-521), pay back all benefits received, and it's as if you never filed. This gives you flexibility if your employment situation improves soon.

THE SSA DOESNT CARE ABOUT US!! I tried for MONTHS to get help when I lost my job at 65 and couldnt get anyone on the phone. Kept saying "higher than normal call volume" then disconnecting me!!! Just claim your benefits NOW while you still can before they change the rules AGAIN!!!!!

Have you checked if you qualify for unemployment? That might give you some breathing room for a few months while you continue your job search. Also, does your state have any senior employment assistance programs? Some places have special job placement services specifically for workers over 55. Maybe that could help bridge the gap so you can still wait until 70?

my sister took SS at 62 and my brother waited til 70 and guess what she's actually gotten MORE money overall even tho her checks were smaller cuz she's been collecting for 8 more years than him

One really important consideration that often gets overlooked: Medicare IRMAA surcharges. If you're drawing down substantial amounts from retirement accounts (especially traditional IRAs or 401ks), those withdrawals count as income that could push you into higher Medicare premium brackets when you turn 65. Sometimes taking SS earlier and making smaller retirement account withdrawals can actually save you money on Medicare premiums over the long run.

I was planning to wait til 70 but took SS at 68 after a health scare. Honestly don't regret it one bit. The peace of mind knowing I have that guaranteed income every month is worth more than the extra money would've been. Sometimes the mental health benefit of financial security outweighs the pure numbers. Just something to consider along with all the mathematical calculations everyone else is sharing.

I don't have advice but I'm in a similar situation. Turned 65 last month and just got laid off after 20 years with the same company. So confusing trying to figure out Medicare + Social Security + job hunting all at the same time. It's overwhelming!!! I'm leaning toward taking SS now because honestly who knows what will happen with the program in the future? Bird in hand and all that...

After reading all the comments, here's what I'd suggest based on my own experience and financial background: 1. File for benefits now to preserve your savings 2. Continue looking for work (remember, at FRA there's no earnings limit) 3. If you find work within 12 months, consider the withdrawal option if it makes financial sense 4. If your savings are in growth investments, definitely lean toward taking SS now to avoid selling investments in a down market The peace of mind of regular income shouldn't be underestimated either. Retirement is supposed to be a time of reduced stress, not increased anxiety about finances.