The debate ... Is it time to collect Social Security Retirement Benefits?

I would imagine your confirmation said the same as mine …

“For most people the process takes 2 to 4 weeks”.

My app for Part A back in November finished processing much sooner than the estimate. I’m hoping this one comes through similarly.

My father lived to 82 and my mother lived to 95.

My remaining sister is 88 and my two brothers are 85 and 79.

Some longevity there. However two sisters passed in their mid 70s.

My take on it is, none of that really means much when it comes to my chances going forward.

I feel no regret about waiting to 66 and 10 months and I also see no downside to taking it now rather than continuing the wait for a higher monthly pay-out.

Been there and done that. No news there.

My timing is based around the Part B Medicare coverage and not wanting to pay out of pocket for it plus the monthly retirement benefit starts meaning more to us now. 

Queenie and I are both employed, so this will allow some final "packing" of our 401K accounts. Virtually all of the SS payment will be directed into 401k.

True unless you can show you have Health Insurance right up to the point you do decide to retire and go on Medicare, then it is no big deal.

I started collecting 3 years ago when I was 68, about a year after I "retired" from my full time job. I still do yearly contract work, not planning to, so there is some tax consequence.
My neighbor started collecting probably 10 years ago when he was 67 and had just sold a family business. He didn't need it, but he had done the math and figured waiting until 70 wouldn't break even until he was 88.
He died a few years later when he was 71.

That is good to know.  Thank you rok-a-bill-e

Before you determine "when" you need to determine "how much". So you first need to determine how long you will collect social security.

A financial advisor will usually ask you to share your budgets for the past few years as a base line to forecast your future spending. There will be adjustments as you transition from a working life to a retirement life.

Just received a call from Social Security.

Lady said she was processing my application right now and she needed to know when I wanted Part-B to be effective.

I hesitated wondering why the question. She asked if February was ok. I said sure February is fine.

She told me that was all she needed to complete/approve my application.

Puzzled a bit, I said something in response. She said, if February is good she needed no other paperwork. If I picked another start date she would need more paperwork to process.

Anyway, was told I will get my letter of approval in the next week or two.

DONE! Or so it seems.

^
I’m planning on 6 months ahead of my 65th b-day, but I am interested in what the experienced folk say.

The penalty for deferred part B is too ambiguous. My wife is insured through her employer. A person who is a liaison for her insurance said their group policy qualifies and encouraged her to fill out the employee verification form to prove coverage. Another said that her company must have at least 20 employees (just short of that). A rep at Medicare said they must have 50 or more employees to qualify. It shouldn't be this ambiguous.

On another note I received notice that my application for social security has been approved and should be receiving confirmation in the mail shortly. Yay!

Yes, they withhold Medicare Part B from the check from everyone except older folks who have Medicare Part F (those have the part B portion taken out from their Part F Medicare Advantage). They stopped allowing Part F in 2018. We got Part G in 2019 which is the same as part F except the Medicare Part B is not included (which to me who cares where they take it out as it is coming out either way).

The base part B premium is $174.70. Unless you receive some giveback on your Medicare advantage plan, have Medicaid assistance that pays part B on your behalf that is the minimum cost for that portion of your Medicare coverage. If you make more than a certain threshold amount then there is a sliding scale addition cost for B.

Got my first payment on the 1st and my letter of confirmation today.  I see I have the option to have taxes withheld by filing a W4-V.  Now to find out if there is an upside to it, other than not being blindsided when filing.