Retire At Age 62?? Or Is It Better To Wait? – Retirement Expat Life


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Author: V. Reekay

About Me.. In 2011 I made the decision to move to the Philippines within a year. Since 2012 I’ve been traveling through various islands of the Philippines as a full-time Expat. (Mactan, Bohol, Panglao, Moalboal, Dumaguete, Bacong, Boracay, Cebu) I recently spent the year living in Ho Chi Minh City, Vietnam.

Share with me here my ongoing adventures of life in the Philippines. Dating, vlogging, cooking, traveling and sharing the information with you needed to make your own plans for living as a full-time expat in Southeast Asia.
— Reekay

50 comments

  1. LINKS:
    Retirement Age Calculator.. https://smartasset.com/retirement/social-security-break-even-age
    Official Social Security Retirement page.. https://www.ssa.gov/OACT/quickcalc/index.html
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  2. 3. Simple way understand:

    MORE checks (earlier Withdrawal starting 62 = LESS $ money amount per month.

    FEWER checks (later Withdrawal starting 66 or 70.5 = MORE $ money amount per month ( for less Life QUALITY , or Lesser USABLE Logevity)[email protected]

  3. 2. Reekay, You forgot to analyze the benefits of quality of life & mobility + vitality + remaining retirement sexual prowess at 62 , versus burden and quality of life and mobility and arthritis and heart disease and stents and artificial knees and constant 2 weekly doctor appointments in usa at age 70.5 = FRA ( full retirement age”)

  4. what good is that extra couple hundred dollars if one is bed bound in 90s,cannot taste the food or cannot go anywhere. Important thing is able to enjoy retirement money while active.

  5. Why were you saying if you wait till 72 and 10 yrs worth of checks when you max out your benefits @ age 70 ? It makes no sense to take your SS at 72 if the benefit doesn’t increase after age 70….or am I missing something ? Anyway, the government WANTS you to wait till 70 to take your benefit because they know a decent percentage won’t make it to 70….and even if you do how long will you last after that ? Another way to look at it is quality of life….will your quality of life ( health for one ) be better in your 60’s or your late 70’s or 80’s ? Will it be easier to travel in your 60’s or your 80’s ? Just something to ponder….if at all possible I’d say go for it @ 62, no one is promised tomorrow and you can enjoy it more when your younger. JMHO

  6. Thank you Reekay for the good informative video, I enjoyed reading all the comments. I will turn 62 this November and I plan to file on my birthday! My check should be around $2,000 a month according to the SSA website. I will also get a pension of $1,000 per month from my previous job. Not really enough to retire on here in the United States unless my filipina wife age 52 wants to keep working until she is 62, Which she does not, We are both burned out from our jobs here. She wants to go back to the Philippines and live a more simple life. We would also like to travel around Asia before we are too old.

  7. Thanks a lot for taking time to do this Reekay, I decided at 62 ,considering that I have some savings aside to supplement that income, emergencies and health insurance.

  8. Hey Henry lets upset the Feminists – Since women live longer than men may be the eligibility age should be moved for women from 62 to 64, 66 to 68 and 70 to 72 or since they are going to live longer then if the eligibility age is not changed then reduce their benefits. Sounds fair to me.

  9. The question is “Will you past 79”, not whether you will live until 90 or 100.
    The Break-Even point is the age, where the larger number of smaller checks EQUALS the few number of bigger checks. Using the monthly benefits of $2,118 at age 62 and $3,025 at age 67, the break-even point is age 78.7

    Total received since age 67 is $3,025 X n months
    Total received since age 62 is $2,118 X m months, or $2,118 X (n + 5 years)
    Set those two amount equal to each other, 3025 n = 2118 (n + 60 months)
    3025 n = 2118 n + (2118 x 60)
    3025 n – 2118 n = 127080
    907 n = 127080
    n = 127080 / 907 = 140.11 months = 11.68 years
    $3,025 X 140.11 = $423,833 = $2118 X (140.11 + 60)

  10. Good advice Reekay. I tried my own calculations, and it works for anyone at any rate. Try it. Take your numbers from social security, and times them by x185 months (for age 62), x125 months (age67), and x89 months (age 70) These monthly numbers will all add up to the date that you turn 77 years, and 5 months old. All the numbers I have crunched came out to about the same total amount at roughly 77 1/2 years old. I have tried it with friends with the same result. This should be your beak even point at 77 years and 5 months. Do the math with your numbers. If you live longer, perhaps waiting would be better, however, I want to enjoy the money while I still can, What am I going to do with a few extra dollars at age 80? Have a Geriatric Party? Lol

  11. Good breakdown but I would check out Vlogger Grandpa’s assessment. He takes it one step further and shows if you invested your SS pmts or used the money to reduce high interest debts how retiring at 62 makes way more sense plus you just never know how long you are going to live so get it while you’re alive! Vlogger Grandpa just posted a new video too concerning taking you social security benefits before 70. BTW, if you start taking Social Security, and you still work, do you still pay into social security? Just haven’t researched that one yet.

  12. If you were in a financial situation where you could wait until the age of 70 to collect what would the math look like if you started collecting at 62 and took every single check and invested it for those 8 years at a much higher interest rate than the Social Security department would be adding to your money?

  13. Your SS benefits are based on 35 years of working, not your highest salaried year. The more you make in your career, the more you get. If you really want to know how much your SS check will be call your local SS office, make an appointment and they will give you a chart showing how much your check will be for every year over age 62.

  14. Hi Reekay, great content – I love your examples. Do you have a link that I go to to donate to you?

  15. I can tell you the exact perfect time to take Social Security, you just have to tell me one thing: what day and year are you going to die?

  16. An even weirder calculation is you worked from 18 to 46 and having enough pension monthly to retire. Now at 46 having to calculate should I retire and stop contributing to social security and how that will affect your SS check at 62. I decided to retire at 46 ultimately. Why? A small amount of SS check versus lest stress and more freedom. Btw I think SS averages your high 35 years and if you don’t have 35 years of work they give you a zero for the years your missing.

  17. I retired at 33. Not sure why people talk about 62. It just depends how much money you have, what your ROI is and how much you need.

  18. I have a crazy question I hope someone can help let’s say I’m 55 years old and have enough money in my 401 k after taxes too get me too age 64.9 years of age at rate of 1,500 usd per month and I don’t start collecting ssi till I’m 64 and I’ve worked for 43 years any ideas guys?

  19. Reekay. I’m retiring next July at age 57 and moving to the Philippines. I’ll have about $35k saved up to last me till I collect my social security checks.

  20. Retired 2 years ago at 51 years old leaving a lot of money on the table. I’ve been mostly in México and Colombia but heading back to SE Asia in September. Owning your time with complete freedom is priceless.

  21. The answer is “It depends.” Everyone is different. I retired at 62 and 9 months. For me it is all about “Opportunity Cost.” I have a large pension plus a 7 figure portfolio. I take my monthly $2,000+ Social Security check and invest it. My April, May, and June SS is being used to buy 17,700 bonus shares of Lake Resources on the ASX Exchange. I was an early investor and get perks. Happiness is owning so much stock in a company that I make $46k every time it goes up 10 cents.

  22. I can not find the calculator you show in the video. Do you have a direct link? The page you link to is informational, and has a plethora of links, but no direct link to the calculator you show.

  23. Social Security is the biggest scam ever inflicted on the US population. They steal 15% of our income and then don’t even let us own our own account. We should all be retiting as multi-millionaires just off our SS. I am 48 and trying to set myself up where I treat that “income” as a bonus. I will probably live off savings from 59-66 and then start collecting SS. At least the Philippines will be cheap from 59-66. I will try not to touch 401k/IRA and IUL until about 75. Who knows, it is all dependent on how the market and the government mess with us.

  24. Take the money at 62 and run. The way the United States govt. Is going now, they may be spending your social security funds on their lavicious pot luck dinners and leaving you with 0.

  25. I learned what my SS payment at 62 would be with two kids 11 and 8, it quickly became a no brainer and I never gave it another thought.

  26. For me, the break-even point happens at age 81, so waiting until age 70 gives me the most $$$ per month and the most for a lifetime, assuming I live past age 81. I plan to retire in the Philippines at age 64 using my IRAs and travel a lot, then at age 70, have my Social Security add to that.

  27. Reekay, what are you going to do, 62, 67, or 70? Really curious if you have already decided?

  28. And, if you adjust for the hiper inflation that is already happening, you will earn less later on that you do now even with the reduced amount of your checks at 62. Cheers. I doubt I will ever see a SS check as the way things are going you will have to be required to do insane things to be able to qualify to receive a monthly SS benefit.

  29. That is the stupidest reason I’ve ever heard retiring at 62 that’s like getting a $2 haircut at 62 and then when you turn 67 your haircut is still $2

  30. A saying goes that if you get enough rest keep your stress low and exercise, eat well and keep your alcohol consumption low than you’re still going to die anyway. How much quality of your life do you want to enjoy is the true question. I say, retire at 62 and move where your money will go farther.

  31. I’m going to make this really easy for everybody….take your check the second you’re eligible, if you don’t need that money, invest it into a broad index fund.
    The average male life expectancy is about 73, the average break even age is 77…..in other words, if you take it early, invest whatever amount you don’t need, you will certainly be better off unless you live to 95-100.

  32. The USA is going bankrupt. Printing money out of thin air is about to stop, and people are going to have a rude awakening. Take what you can and bail while you can. Set up some sort of “earning money online” if you can. Learn a online skill.

  33. You have fallen into the trap set by the government. Go and read the UN H.A.L.E. report which shows much better what you can expect to live to in good health, not being a vegetable in a nursing home or in a wheelchair etc. As an example,for an Australian male life expectancy is around 84/5. Yet HALE report age is around 62. So take the money as early as possible.

  34. Some variables you didn’t mention. The biggest being is health insurance. If all you get is Social Security at 62 and you lose your insurance when you leave work you have to fund that yourself at your lower SS pay until you qualify for Medicare,, and that is getting more expensive every year.. As everybody knows medical insurance goes up every year, sometimes higher than the inflation rate. Between the inflation rate going up and the possibility of higher taxes in future years that smaller monthly SS check will almost be cut in half. It’s great to be retired early and have a lot more time and less stress but if barely having enough money to get by life can be difficult. One should look at all the variables and plan wisely.

  35. General life expectancy should also be taken into consideration, Their are statistic’s that shows a general overview of how long men and women live in particular countries. 62 is my goal. I’ve seen many guy’s where I work that wait for that bigger check and after retirement a few months later they’ve passed away.

  36. Also add soc sec family benefits since 99.9% filipinas want a child, ((adopted counts too)). . Monthly pension basically doubles to $2400 for 18-20 years..

  37. Excellent topic. The X factor is that nobody knows when they are going to die. Just remember, every Social Security check that you receive belongs to you. Every Social Security check that you defer belongs to the government. The money that you received, deposited into your bank account, can be invested and/or passed on to loved ones upon death. The money deferred will disappear upon your death and cannot be passed on to beneficiaries. Without a doubt I will be collecting SS at age 62. And SS for me will not be my primary source of income, rather just frosting on the cake or gravy on the biscuit. My primary retirement income will be a pension and my 401k account, and my retirement age will be 56yo.

  38. The ideal point is an average age that your family normally passes away. I am taking it when I leave employment. I would have to live to 83 for the break even date. Word is out that by 2030 social security will only pay out 75% of what is due. The government should have kept their fingers out of SSA. Too many drawing who never paid in. SMH

  39. I’ll probably be lucky to see 75 so even 62 isnt much time imo – WW

  40. I went at 62 and I had a job that I really really enjoyed…My co-workers didn’t believe I would actually retire.It was the best move that I made in my life..I love being retired…..

  41. Great website for retirement planning. All I can think is if we knew the exact date we were going to die it would be easier to pick when to take social security, lol. My philosophy is retire as soon as possible since you don’t know the future. Just be content on living on a little bit less. And there’s so many different things one can do nowadays for a part-time business just working a few hours or so a week that could easily bring in an extra 500 bucks a month which can make a big difference if someone’s only getting $1,000 a month social security for example

  42. I started my SS just over a year ago at 62, with a benefit of almost 2K.
    That will be well over 2K with the next COLA of probably 9%.
    Can live fine on that in the Philippines where I’ve been for 8 years now.
    No way I was going to wait longer , you never know how long you will be around.

  43. The SS trust fund is projected to be exhausted by 2035, at which time benefits may be reduced by 25% unless Congress fixes it by raising taxes or some other methods. It should be considered if taking SS early in retirement.

  44. I researched this prior to moving here in ’17 at age 61 & collected SS one year later. One of my better life decisions esp. considering all the toxic BS happening in Western society which is even worse now. I want to live a little now before being confined to a chair or bed.

  45. A lot of people don’t even live to be 62. Even less likely to living in the developing world. I don’t have any pension but think it madness to wait till 70 to begin collecting it. Odds are it’ll belong to the government and you lived frugally and worked hard for nothing.

  46. I retired at 50 with a pension but just as soon as I reach 62 I’m grabbing my social security because nobody is promised tomorrow. If you know you’ll live to be in your 80’s or older then 67 makes sense because it’s more money but nobody has that crystal ball. People need to remember that taking it at 62 is the smart choice and to make up the difference from 62 to 67 is around 12 to 14 years…………I’m not taking that chance!

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