retirement
#3081921
09/30/22 09:51 AM
09/30/22 09:51 AM
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Joined: Feb 2004
Posts: 34,886 S.E. South Dakota !
bigdad
OP
Still Posting A Lot
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OP
Still Posting A Lot
Joined: Feb 2004
Posts: 34,886
S.E. South Dakota !
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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:
The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
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Re: retirement
[Re: Cometstorm]
#3081942
09/30/22 10:47 AM
09/30/22 10:47 AM
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Joined: Apr 2003
Posts: 3,510 Tulsa, Oklahoma
340Cuda
master
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master
Joined: Apr 2003
Posts: 3,510
Tulsa, Oklahoma
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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.
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Re: retirement
[Re: 340Cuda]
#3081946
09/30/22 11:04 AM
09/30/22 11:04 AM
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Joined: Feb 2004
Posts: 34,886 S.E. South Dakota !
bigdad
OP
Still Posting A Lot
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OP
Still Posting A Lot
Joined: Feb 2004
Posts: 34,886
S.E. South Dakota !
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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
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Re: retirement
[Re: 340Cuda]
#3081947
09/30/22 11:06 AM
09/30/22 11:06 AM
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Joined: Oct 2007
Posts: 4,322 St. Louis, Mo
318 Stroker
master
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master
Joined: Oct 2007
Posts: 4,322
St. Louis, Mo
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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.
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Re: retirement
[Re: 318 Stroker]
#3081948
09/30/22 11:11 AM
09/30/22 11:11 AM
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Joined: Jan 2003
Posts: 10,714 North Dakota
6PakBee
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 10,714
North Dakota
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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".
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Re: retirement
[Re: 6PakBee]
#3081954
09/30/22 11:23 AM
09/30/22 11:23 AM
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Joined: Feb 2004
Posts: 34,886 S.E. South Dakota !
bigdad
OP
Still Posting A Lot
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OP
Still Posting A Lot
Joined: Feb 2004
Posts: 34,886
S.E. South Dakota !
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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
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Re: retirement
[Re: bigdad]
#3081963
09/30/22 11:42 AM
09/30/22 11:42 AM
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Joined: Nov 2004
Posts: 9,312 SoCal
68HemiB
master
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master
Joined: Nov 2004
Posts: 9,312
SoCal
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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.
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Re: retirement
[Re: bigdad]
#3082017
09/30/22 03:17 PM
09/30/22 03:17 PM
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Joined: Jan 2003
Posts: 4,997 North Pole,New York
formula_s
master
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master
Joined: Jan 2003
Posts: 4,997
North Pole,New York
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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????
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Re: retirement
[Re: Cometstorm]
#3082020
09/30/22 03:25 PM
09/30/22 03:25 PM
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Joined: Nov 2003
Posts: 10,228 Colleyville
3hundred
I Live Here
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I Live Here
Joined: Nov 2003
Posts: 10,228
Colleyville
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Where else can you get guaranteed 8% annual paper yield at zero risk? That MIGHT cover the "transitory" inflation we're experiencing.
'68 Fury Convertible '69 300 Convertible '15 Durango 5.7 Hemi '16 300 S Hemi
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Re: retirement
[Re: mopars4ever]
#3082040
09/30/22 05:52 PM
09/30/22 05:52 PM
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Joined: Jan 2004
Posts: 8,264 fredericksburg,va
cudaman1969
master
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master
Joined: Jan 2004
Posts: 8,264
fredericksburg,va
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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.
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Re: retirement
[Re: cudaman1969]
#3082047
09/30/22 06:29 PM
09/30/22 06:29 PM
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Joined: May 2005
Posts: 4,727 Florida
BDW
master
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master
Joined: May 2005
Posts: 4,727
Florida
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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.
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Re: retirement
[Re: DynoDave]
#3082057
09/30/22 07:27 PM
09/30/22 07:27 PM
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Joined: Jan 2005
Posts: 8,341 Crook County, ILL
Mastershake340
master
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master
Joined: Jan 2005
Posts: 8,341
Crook County, ILL
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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 ), 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. 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.
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Re: retirement
[Re: 68HemiB]
#3082059
09/30/22 07:34 PM
09/30/22 07:34 PM
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Joined: Jan 2003
Posts: 29,652 Hamtramck, PA
Alaskan_TA
Fluffy Balladeer
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Fluffy Balladeer
Joined: Jan 2003
Posts: 29,652
Hamtramck, PA
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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.
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Re: retirement
[Re: Alaskan_TA]
#3082064
09/30/22 07:55 PM
09/30/22 07:55 PM
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Joined: Jun 2003
Posts: 3,318 Southern Maryland
klunick
master
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master
Joined: Jun 2003
Posts: 3,318
Southern Maryland
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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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