Retirement

[hogpatrol]

Less than 4% of people wait till 70 to claim. You can imagine the demographic we are talking about. Probably good health and intelligent. Most likely vaccinated against COVID by now to make sure their bet pays off.

More like still working and earning a living wage. As far as intelligent. I know and have known many in that category. They don't know how big is a 2x4, need electric start lawn mowers, don't know what is a spark plug, don't know anything but what was their life's work, and overthink everything including when to take social security.
Looking at the stats, half of the white male population won't make it to 78.5 years, roughly the break even point. Having said that, the boomers have been known to think they'll live forever.

 

[hoz53]

Less than 4% of people wait till 70 to claim. You can imagine the demographic we are talking about. Probably good health and intelligent. Most likely vaccinated against COVID by now to make sure their bet pays off.

Isn’t it also true the majority file at 62? I’m past that and haven’t filed -

 

[Forum Boss]

I will be 66 in October. So-called "full SS" benefit for birth year 1955 supposedly is 66 plus 2 months. Right now that is my target.

The real question is whether to stay in CA given the corrupt scoundrels in charge, high cost of living, and exorbitant taxes.

 

[Alex Wheeler]

This thread title scared the snot out of me.

Glad I clicked anyway, time to go do my drinking breathing exercises

The thread has taken a new course, but Im glad you got the point. I'll be around a long time. You can still do your drinking exercises though! LOL

 

[Alex Wheeler]

I will be 66 in October. So-called "full SS" benefit for birth year 1955 supposedly is 66 plus 2 months. Right now that is my target.

The real question is whether to stay in CA given the corrupt scoundrels in charge, high cost of living, and exorbitant taxes.

My thoughts are if you can leave do it. Your tax dollars in that state fund their agenda.

 

[JimT]

Isn’t it also true the majority file at 62? I’m past that and haven’t filed -

Good read.

96% of Americans Are Making This Social Security Mistake | The Motley Fool

Are you planning to start collecting your retirement benefits early? Think twice about that.

www.fool.com

 

[nakneker]

I looked at selling out and retiring this past year but when I sat down and crunched the numbers I just don’t think I’m where I want to be. I’m not counting on any social security, if it’s there when I call it quits I’ll consider it a bonus. I’m 54 now and don’t plan on working past 60. I’ve built four VA outpatient clinics that all have 20 year leases with the VA (Government). The buildings should be paid off 11-13 years into the lease. Im 4 years away from the first building being liquid and the others are a right behind it, if government isn’t broke by then that will be a good source of income. I’ve always lived debt free, invested in real estate mostly and I enjoy working but I’m starting to burn out. Been self employed since age 23. I look forward to retirement, grandkids are coming. I’d love to spend more time with them and our seven children. I don’t think I’ll ever fully retire though, I could see myself owning a business, something I enjoy doing that isn’t too demanding. I thank God everyday for my blessings, it’s hasnt always been easy but I am happy with journey.

I’m just glad Alex isn’t retiring, I read that title and was alarmed.

 

[M-61]

The only reason I didn’t take it at 62 was you have to pay it back after you earn a small amount (to me) each year.

You may want to double check that. The numbers changed.

There was a time (not long ago) where if you retired and worked for every $2 over $12,000 you made $1.00 was deducted from your monthly check. You don't have to be financially inclined to see this was crazy. This is now gone. Earn as much as you like and you will still get your full SS check. You will also continue to pay into SS.
As I have told anyone who asks" Call Social Security, make an appointment, and that person will tell YOU exactly what you'll get". They will offer no financial advice as to what you should do but they tell you your benefits. That's the ONLY way to get an answer that's correct.

 

[JimT]

I will be 66 in October. So-called "full SS" benefit for birth year 1955 supposedly is 66 plus 2 months. Right now that is my target.

The real question is whether to stay in CA given the corrupt scoundrels in charge, high cost of living, and exorbitant taxes.

You have to have some really compelling positive reasons that outweigh those significant negative ones!!

 

[Bill Norris]

I will be 66 in October. So-called "full SS" benefit for birth year 1955 supposedly is 66 plus 2 months. Right now that is my target.

The real question is whether to stay in CA given the corrupt scoundrels in charge, high cost of living, and exorbitant taxes.

Granted other places to live are NOT perfect but if I lived in CA I'd leave there walking, broke as a convict, and nowhere in mind to finally lodge.

 

[Dave Way]

I’m 58 and trying to pick a year for retirement. I am fortunate to have a job I enjoy with a great salary and benefits along with five weeks of vacation. In my line of work, oil and gas production, I’m sure I could retire and go right to work as a consultant but I don’t think I really want to.

That is why I’m planning on starting a business catering to the shooting sports after I retire. I’ve owned a few businesses in the past and I miss it.

Dave

 

[Retired Grunt]

The thread has taken a new course, but Im glad you got the point. I'll be around a long time. You can still do your drinking exercises though! LOL

Sorry my fault for cracking a joke, I should have told you to just pick up rifle building as a hobby.

 

[Forum Boss]

Five weeks of vacation?…. Man that could be a life-changing trip to South America or Northern Europe (I have never been to Sweden, Norway, or Finland). I have worked on this site all but two days in 2021, typically 10 hours a day. Last actual vacation was two weeks in 2016.

 

[M-61]

that could be a life-changing trip to South America

That would be one way of putting it.

 

[nakneker]

Five weeks of vacation?…. Man that could be a life-changing trip to South America or Northern Europe (I have never been to Sweden, Norway, or Finland). I have worked on this site all but two days in 2021, typically 10 hours a day. Last actual vacation was two weeks in 2016.

I hope that changes at some point, gotta find a break somewhere.

 

[Alex Wheeler]

Sorry my fault for cracking a joke, I should have told you to just pick up rifle building as a hobby.

No, theres actually some good stuff here. I need all the advice I can get.

I have had a lot of jobs I hated, being miserable all day sucks. You will not get rich building rifles, may never retire. But I like it.

 

[skeeljc]

I spent 32 years with the same company and took a buyout at 55. I left with a good 401K and received a pension too. Collected my SS at 62. Best decision I ever made. I have done just what I want for the last 22 years.

 

[hoz53]

Good read.

96% of Americans Are Making This Social Security Mistake | The Motley Fool

Are you planning to start collecting your retirement benefits early? Think twice about that.

www.fool.com

thats an intesting article- i learned a little-- ill shoot for being a ten percenter--- lol. thanks

 

[hoz53]

I will be 66 in October. So-called "full SS" benefit for birth year 1955 supposedly is 66 plus 2 months. Right now that is my target.

The real question is whether to stay in CA given the corrupt scoundrels in charge, high cost of living, and exorbitant taxes.

i dont know why you would stay there. You could be like many people now and work from wherever you want couldnt you?

 

[hoz53]

You may want to double check that. The numbers changed.

There was a time (not long ago) where if you retired and worked for every $2 over $12,000 you made $1.00 was deducted from your monthly check. You don't have to be financially inclined to see this was crazy. This is now gone. Earn as much as you like and you will still get your full SS check. You will also continue to pay into SS.
As I have told anyone who asks" Call Social Security, make an appointment, and that person will tell YOU exactly what you'll get". They will offer no financial advice as to what you should do but they tell you your benefits. That's the ONLY way to get an answer that's correct.

i think you are wrong about that. i believe they have raised the amount but i think thats still in effect. i have an online account with ss- it will tell you how much you can get at any certsin date.