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retirement #3081921
09/30/22 09:51 AM
09/30/22 09:51 AM
Joined: Feb 2004
Posts: 34,831
S.E. South Dakota !
bigdad Offline OP
Still Posting A Lot
bigdad  Offline OP
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S.E. South Dakota !
Not yet but, it is coming up one of these days

I am curious to know why you would (or wouldnt) take early SSA or for that matter, a delayed SSA. I know delaying gains you more monthly, but if you are getting it longer, why not?

Here is an example of taking a benefit at 62 - 67 and the various totals:

ss.jpg

The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
Re: retirement [Re: bigdad] #3081938
09/30/22 10:42 AM
09/30/22 10:42 AM
Joined: Apr 2003
Posts: 3,496
Tulsa, Oklahoma
340Cuda Offline
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Tulsa, Oklahoma
I took it when I was sixty-six, my "full retirement age". I looked at how long it was going to take me to break even on cash flow basis if I waited until I was seventy and did not think waiting was worth it.

My decision was tempered by the fact that my dad only lived to be seventy. I am seventy-five now and feel like I am playing with house money.

I might add I worked until I was sixty-nine so the additional money made it easy for me to increase contributions to my 401k etc.

My understanding is that if you think you have made a bad decision down the road if you pay it all back you can still draw it at seventy at the increased rate.

Re: retirement [Re: bigdad] #3081939
09/30/22 10:42 AM
09/30/22 10:42 AM
Joined: Jan 2003
Posts: 2,760
St. Louis, Missouri area
Cometstorm Offline
"Beat It"
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St. Louis, Missouri area
Strictly a judgement call based on many personal factors, and guessing as to one’s life expectancy projections.

I have friends that died before even retiring.

That said, I started taking mine when my SS pretax broke the $2k level. A few months prior to my “full benefit amount at age 65. I was forcibly retired at that point.

Wife cosmetologist is 64 1/2 . her full retirement is 67

She wants to keep working, so we will likely delay hers a number of years. It’s not really needed at this point.

IN MY OPINION, taking SS at the earliest possible age is just not a smart move. Especially if for greed vs absolute necessity.

Where else can you get guaranteed 8% annual paper yield at zero risk?

Re: retirement [Re: Cometstorm] #3081942
09/30/22 10:47 AM
09/30/22 10:47 AM
Joined: Apr 2003
Posts: 3,496
Tulsa, Oklahoma
340Cuda Offline
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Tulsa, Oklahoma
Originally Posted by Cometstorm


Where else can you get guaranteed 8% annual paper yield at zero risk?


I did not crunch any numbers but you may be missing the present value of the early cash flow plus the mortality risk.

I agree 100% that everyone's circumstances are different.

Re: retirement [Re: 340Cuda] #3081946
09/30/22 11:04 AM
09/30/22 11:04 AM
Joined: Feb 2004
Posts: 34,831
S.E. South Dakota !
bigdad Offline OP
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bigdad  Offline OP
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Posts: 34,831
S.E. South Dakota !
My job most days .. I can do with my eyes closed , I get paid well , not sure what i'd do with my free time .. I kinda think I'll keep going till 70 ( 5 years)


The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
Re: retirement [Re: 340Cuda] #3081947
09/30/22 11:06 AM
09/30/22 11:06 AM
Joined: Oct 2007
Posts: 4,315
St. Louis, Mo
3
318 Stroker Offline
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St. Louis, Mo
I'm 68 now, will be 69 in November. I took mine at my "full" retirement age of 66. I did the math and figured that the break even point on 66 vs. 70 would be age 81, and who knows how long I will live.
But i didn't dare take it before 66, as there is an income penalty. After a certain income amount, I think around 17,000, they penalize you 1.00 for every 2.00 of income over the 17,000.

Re: retirement [Re: 318 Stroker] #3081948
09/30/22 11:11 AM
09/30/22 11:11 AM
Joined: Jan 2003
Posts: 10,666
North Dakota
6PakBee Offline
I Live Here
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I Live Here

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Posts: 10,666
North Dakota
When you retire only boils down to two things.

1) Do you enjoy your job? If you do, keep working.
2) Can you afford to retire? If yes and the answer to 1) is no, pull the pin and retire.

The obituaries are full of people who were working because they'd have gotten more SS benefits if they had kept working.


"We live in a time when intelligent people are being silenced so that stupid people won't be offended".
Re: retirement [Re: 6PakBee] #3081954
09/30/22 11:23 AM
09/30/22 11:23 AM
Joined: Feb 2004
Posts: 34,831
S.E. South Dakota !
bigdad Offline OP
Still Posting A Lot
bigdad  Offline OP
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Joined: Feb 2004
Posts: 34,831
S.E. South Dakota !
Everyone in my family lives to be old


My great grandmother , Mothers Grandma ..was 95 .. Grandpa was 89 , grandma was 89 .. both of them smoked .. Mom currently is 93

My Great grandma Dads grandma 92 , Grandpa was 89 , grandma was 95 , Dad died young .. alcoholic

Uncle is 80 , my aunt dads sister is 95

.. I like my job, its 20 miles to work on country roads .. 6am to 3 pm most days, no weekends , I take care of truck drivers and some customer calls .. been doing trucking for close to 40 years, its pretty easy for me at this point


The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
Re: retirement [Re: bigdad] #3081963
09/30/22 11:42 AM
09/30/22 11:42 AM
Joined: Nov 2004
Posts: 9,312
SoCal
68HemiB Offline
master
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SoCal
In this equation, there is only one variable that you need to know, in order to calculate your maximum return...











...exactly how long you are going to live.


Down to just a blue car now.
Re: retirement [Re: 68HemiB] #3081976
09/30/22 12:25 PM
09/30/22 12:25 PM
Joined: Feb 2014
Posts: 1,695
central il.
S
second 70 Offline
top fuel
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Joined: Feb 2014
Posts: 1,695
central il.
I agree #1 factor is age. Taxes,and do you need it to live or is it going to be invested is also a concern. It can raise your tax bracket, increase what you pay for medicare if your incomes too high or you can lose it in the market. My parents made it to 95 & 97 so my choice is easier than most.

Re: retirement [Re: bigdad] #3082017
09/30/22 03:17 PM
09/30/22 03:17 PM
Joined: Jan 2003
Posts: 4,995
North Pole,New York
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formula_s Offline
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North Pole,New York
Originally Posted by bigdad
Not yet but, it is coming up one of these days

I am curious to know why you would (or wouldnt) take early SSA or for that matter, a delayed SSA. I know delaying gains you more monthly, but if you are getting it longer, why not?

Here is an example of taking a benefit at 62 - 67 and the various totals:





Those numbers from age 65 and later are not the real numbers. At age 65 SSA takes $171.00 a month for your Medicaid????

Re: retirement [Re: Cometstorm] #3082020
09/30/22 03:25 PM
09/30/22 03:25 PM
Joined: Nov 2003
Posts: 10,228
Colleyville
3hundred Offline
I Live Here
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Posts: 10,228
Colleyville
Originally Posted by Cometstorm
Where else can you get guaranteed 8% annual paper yield at zero risk?


That MIGHT cover the "transitory" inflation we're experiencing. twocents


'68 Fury Convertible
'69 300 Convertible
'15 Durango 5.7 Hemi
'16 300 S Hemi
Re: retirement [Re: 3hundred] #3082033
09/30/22 05:21 PM
09/30/22 05:21 PM
Joined: Jan 2003
Posts: 13,544
md
M
mopars4ever Offline
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Posts: 13,544
md
IMO, it depends on your health and financial situation. Then even at that anything can happen.

Re: retirement [Re: mopars4ever] #3082040
09/30/22 05:52 PM
09/30/22 05:52 PM
Joined: Jan 2004
Posts: 8,193
fredericksburg,va
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cudaman1969 Offline
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fredericksburg,va
After 8 years on SS and Medicare my findings, if you’re healthy go with the cheapest plan, no so healthy go with total protection, no co-pays no deductibles. Advantage plans only works if you’re healthy, no monthly payment but big deductible if you get sick or pieces start breaking down. I took plan F at the start but that’s no longer available (but I still have it), I wanted EVERYTHING payed for, nothing out of pocket. Nice to walk in and get a $300,000 aorta stent then walk out with no bill. By all means find an independent agent to guide you thru the process. The scrip side too!
Also once you get Medicare you GET doctors fast, I have 9 different ones now. Before Medicare 3, they pass you around to all their buddies for a piece of the Medicare pie.

Last edited by cudaman1969; 09/30/22 05:53 PM.
Re: retirement [Re: cudaman1969] #3082047
09/30/22 06:29 PM
09/30/22 06:29 PM
Joined: May 2005
Posts: 4,681
Florida
BDW Online content
master
BDW  Online Content
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Posts: 4,681
Florida
I plan to take it as early as possible, it's the same pot of money, just divided up depending on start date.
And money taken later is worth less because of inflation.
Another factor I don't hear people mention is quality of life, I see it with my mom, she'll probably live to 100, grandma did.
But once you get in your 80's, if you're healthy, you really don't need much money.
She just wants to take it easy, no travel, or anything.

So I'll retire at 60 with zero debt, paid off house and car, and take SS at 62, and hopefully enjoy 20yrs before I don't want to do anything.

Re: retirement [Re: cudaman1969] #3082049
09/30/22 06:32 PM
09/30/22 06:32 PM
Joined: Jun 2003
Posts: 21,346
It's a dry heat
gtx6970 Offline
Too Many Posts
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Posts: 21,346
It's a dry heat
I planned to retire end of this year. BUT after a meeting with an advisor this past spring . Ive decided to wait till end of Sept 2023 ( exactly one year from today)
I would have been leaving far to much money on the table to go before being vested in the Arizona Retirement pension and that happens 1st week of Sept 2023

I MIGHT push retirement to the end of 2023,,,,MIGHT. ................................ aka " doubt it ."
My wife is 10 years younger than I am so she has at approx 10 years and is socking money away in her retirement fund as fast as she can.

I turned 63 last Monday . And there is no way in hades Im waiting till 66 and a half. I feel like Im already much closer to the end than I am the beginning . Ive lost 34 friends on the past 12 months . Youngest one was this past spring and he only 52 .

It taught me live for today , as NONE of us are guaranteed tomorrow



A buddy of mine retired TODAY
Actually it was yesterday, he went in today to sign paperwork and turn in his security badge etc etc and went back home a free man
My money is one it was the best drive in his life .



There is no one answer as to when someone should retire.


Odds are against men to push it off much past early 60s . Odds are a man will not live long enough to regain what he lost by waiting.
Women is a different story

Re: retirement [Re: BDW] #3082050
09/30/22 06:40 PM
09/30/22 06:40 PM
Joined: Jan 2003
Posts: 3,704
MICHIGAN
DynoDave Offline
master
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Posts: 3,704
MICHIGAN
Thanks for posting this bigdad. It's an interesting topic with a lot of twists, turns and considerations. It's good to see different opinions from folks on this, even though individual circumstances vary greatly.


DynoDave
Walter P. Chrysler Club - Great Lakes Region
Member # 12304
1970 Plymouth Duster
1972 Dodge Charger Rallye
https://wichargerguy.proboards.com/
1977 Chrysler Cordoba
Re: retirement [Re: DynoDave] #3082057
09/30/22 07:27 PM
09/30/22 07:27 PM
Joined: Jan 2005
Posts: 8,340
Crook County, ILL
Mastershake340 Offline
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Crook County, ILL
I’ve been working with an advisor this year, and even though I consider myself pretty knowledgeable about investing and managing finances, I’ve come to find out an aspect I never considered or knew much about… taxes!
I intended to take social security a little early, maybe 65 vs my full retirement age which is 67. But I don’t think I will do that now.
I have a lot of capital gains ( or I did, I think much of it disappeared this month whiney), and if my income as a single person is below 40K, I can sell off those investments and owe 0 capital gains tax. If I make $40,001 or more I’d owe 15%.
I also might be ahead if I convert my IRAs to Roth at a time I am keeping my income low.
Getting $30 grand or so a year social security might cost me more than that in potential tax savings for a couple years. shock
Those are things a good financial planner and or accountant can help sort out for clients. Everyone’s situation is unique so there is no one size fits all you’ll find online.

Re: retirement [Re: 68HemiB] #3082059
09/30/22 07:34 PM
09/30/22 07:34 PM
Joined: Jan 2003
Posts: 29,648
Hamtramck, PA
Alaskan_TA Offline
Fluffy Balladeer
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Posts: 29,648
Hamtramck, PA
Originally Posted by 68HemiB
In this equation, there is only one variable that you need to know, in order to calculate your maximum return...

...exactly how long you are going to live.


Which of course will be a surprise.......

I had to re-tire earlier this month with no warning.

Bu retirement party.jpg
Re: retirement [Re: Alaskan_TA] #3082064
09/30/22 07:55 PM
09/30/22 07:55 PM
Joined: Jun 2003
Posts: 3,316
Southern Maryland
klunick Offline
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Posts: 3,316
Southern Maryland
One important factor for me, Medicare. I'll admit I haven't worked the numbers out and 62 is several years off, but the wife(younger than me) thinks if I retire, she retires. Right now we both make good money but are on my insurance. No way could I not have insurance and what the heck, I might just keep working to screw my wife's plans all up, lol.


67 Barracuda FB 69 Superbee "Southern Maryland: If you want a good looking woman, you had better bring her with you"
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