SSA do you take early or keep gigging?

**deacon Mark** · 11-30-2025, 04:35 PM

Not directly related to guitars but about money and living and gigs. Given this forum is generally on the older side I think it has some more feedback than maybe other forums. You can take is as early as 62 and max out at 70. Penalty for early is reduction in monthly amount. It is real thought process. Many things to consider. Wonder what the oldsters on this forum think?

**SOLR** · 11-30-2025, 04:45 PM

Originally Posted by deacon Mark

Not directly related to guitars but about money and living and gigs. Given this forum is generally on the older side I think it has some more feedback than maybe other forums. You can take is as early as 62 and max out at 70. Penalty for early is reduction in monthly amount. It is real thought process. Many things to consider. Wonder what the oldsters on this forum think?

I was considering the same thing with my Provincial pension in Quebec, I had figured that, with early withdrawal vs max, I would be ahead until age 84-85. If I waited til age 70 ,every year after 84-85 Max would bring me higher monthly pension i.e. more money. In my case, as my parents and much of my siblings all passed away around their early 60s I figured take it as soon as possible , I'm now 75. Of course you also have to figure out after tax income ...So YMMV

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**nevershouldhavesoldit** · 11-30-2025, 10:35 PM

The math is easy for SS in the USA, and there are many online calculators to do it for you. The bottom line is that most people “break even” between 78 and 80, i.e. they collect the same cumulative amount by then whether they started taking benefits as early or as late as possible. The longer you wait, the higher your monthly benefit is but the fewer payments you get up to the break even point. Once you pass it, you’re getting the same # of payments between break-even and death, but each one is higher. So you make more if you delayed benefits until the last possible minute and live past your break even age.

If you start taking SS as soon as you’re eligible but you die before your break-even age, you’ll have collected more before your death than you would have if you waited for a higher benefit.

**rpjazzguitar** · 12-01-2025, 02:17 AM

The math may be easy, but when I went through it the rules were complicated, as I recall. It involved, for example, the issue of a spouse choosing to defer, or not, and some other details. I used an online calculator recommended by the financial guy on the PBS newshour. It looks at a lot of data (which the user has to supply) and recommended what it said was the best strategy.

**nevershouldhavesoldit** · 12-01-2025, 08:14 AM

Originally Posted by rpjazzguitar

The math may be easy, but when I went through it the rules were complicated, as I recall. It involved, for example, the issue of a spouse choosing to defer, or not, and some other details. I used an online calculator recommended by the financial guy on the PBS newshour. It looks at a lot of data (which the user has to supply) and recommended what it said was the best strategy.

Finding the break-even point for a couple is a bit more complicated. But the principle is the same. Each of you needs to live to somewhere between 78 and 82 to reach the point at which cumulative benefits after the latest possible start date will exceed those you would have received had you claimed benefits as soon as you were both eligible.

Spousal benefits may be higher than a spouse’s own SS benefit if the spouse earned considerably less. But when you apply for SS, you’ll automatically get whichever is higher. Spouses with a considerable age difference, those with grossly different earnings histories, those who take spousal benefits, etc require more detailed planning. But pinpointing your or your spouse’s date of death certainly isn’t going to be any more precise than the 4 year break-even window for us as individuals unless you already have a terminal condition with a predictable end date. Even then, you could get hit by a bus.

The accuracy of these calculations varies inversely with the complexity of the retirement plan.

**JGinNJ** · 12-01-2025, 11:44 AM

If you expect to live longer, wait longer. If you've indulged in jazz musician lifestyle choices, maybe deduct some points. But if you're healthy- and have a good support system available when you get really old, you'll need the money!

Also consider if you have other assets to draw on first, or if you want to let them grow.

**Bob_Ross** · 12-01-2025, 01:08 PM

Originally Posted by nevershouldhavesoldit

The math is easy for SS in the USA, and there are many online calculators to do it for you. The bottom line is that most people “break even” between 78 and 80, i.e. they collect the same cumulative amount by then whether they started taking benefits as early or as late as possible. The longer you wait, the higher your monthly benefit is but the fewer payments you get up to the break even point. Once you pass it, you’re getting the same # of payments between break-even and death, but each one is higher. So you make more if you delayed benefits until the last possible minute and live past your break even age.

If you start taking SS as soon as you’re eligible but you die before your break-even age, you’ll have collected more before your death than you would have if you waited for a higher benefit.

^^^This.

And furthermore: If you have a modest-sized diverse retirement portfolio -- I know, what a foreign concept for jazz musicians, right?

-- chances are really good that your assets will earn far more than the difference between early SSA disbursements and late SSA disbursements.

First World Problems...

**sgosnell** · 12-01-2025, 01:10 PM

I waited until my full retirement age, 67. I was still working, so I didn't need the money immediately. I retired and started drawing SS at the same time. For me, that has been a good decision. Some people need money sooner, and those who do tend, in the majority, AFAIK, to be somewhat more prone to dying earlier, because lack of money tends to lead to poorer health. I don't believe there is a single answer to the question, everyone's situation is different. About all I can recommend is that if you need the money, take it. If you don't, wait. Or maybe don't wait, and use the money for something you want. I think trying to maximize the total money you'll get is not the best use of one's time. Better to maximize enjoyment and comfort.

**wolflen** · 12-01-2025, 02:01 PM

[QUOTE=Bob_Ross;1436594]^^^This.

If you have a modest-sized diverse retirement portfolio --

Yeah .. modest..you can barely see it...

Alex..I'll take "Bop Till You Drop" for 1,000

**Bob_Ross** · 12-01-2025, 02:22 PM

I notice the question in this thread title wasn't expounded on in the OP, nor really addressed in any of the responses, so just for the record:

I took SSA early -- I consider myself officially "retired" -- but I've kept gigging.

The difference is, now I don't have to take any/every gig that comes along. I can pick and choose, only play the music I enjoy with the good musicians. I'm no longer hustling, I'm just living the good life.

Highly recommended.

**SOLR** · 12-01-2025, 04:29 PM

Here's a few pointers as the plot thickens

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**Gilpy** · 12-03-2025, 03:41 PM

I took early SS (63) and am really glad I did.
It enabled me to quit my day job and get back to just doing music while I was still relatively “young”.
And for the first time in my life I was able to turn down gigs that I didn’t want to do.

**Greywolf** · 12-04-2025, 07:03 AM

I took mine at 64 , 6years ago.
The break even for me was 79 .. as the doc only gives me 11 more months it was the right move.
It covers my House note and my IRA and pension give me more net income than when I was working. Happily debt free , except the home and I own 75% of it and can pay it off any time.

With the current admin, I'm happy I made that choice.. the future looks a bit dim for the younger lads.

**Dennis D** · 12-04-2025, 10:32 AM

I'm a US boomer, single, no ex, and no dependents... Own a 1000 sq. ft home, nothing fancy, and nothing owed......I saved as much as I could in my 401K to get the max employer match - but probably didn't start early enough.........Of course, no pension, and never made a ton, or even a half ton, so no boat, no ' Vette, no Harley, no summer place etc etc.....Just a few guitars when I had the money...

I kept an eye on my annual SSA payments, with break evens, etc etc..

For me, it got down to finally getting out of the day job I had, and when age 64 /65 came around, my monthly payment was around a $100. a month difference, between waiting for another year or getting out.
So, I assumed a 4% +/- 401K withdrawal......
Then I did the math w/ the SS payment & just decided I would never be homeless / broke walking the streets for $25. bucks a week, I said ' bye '.
Just watch the medicare program eligibility, ' gap ' insurance, etc etc.

Sincerely hope that helps. And fyi, don't let anyone tell you you won't know what to do - or you won't like being retired. You're going to love it !

MHO, FWIW, of course, and good luck !

**deacon Mark** · 12-04-2025, 01:02 PM

In my own case I have a pension and due to requirements of health insurance I have to take Medicare part A and B. A is free but not B. So no matter what I was going to start drawing at 65 figuring I did not want to pay the MedicareB premium of around $185 yet not actually draw a benefit. As turns out I took it a 64. We can outlive our money, but you don't collect once you go to the Lord. I am a widower so nothing to think about in terms of a spouse. Seems at around 78 to 80 you made a mistake taking it early. Well, you have to get there before you make the mistake.