Retirement

[Joe Salt]

Now add up what you would have had from 62 that you already lost and see if you live long enough to make up the difference!
Retired at 59 and they told me at work you will be bored in two years it's been 16 and I'm still waiting.

Joe Salt

 

[hogpatrol]

Last time I checked, it took eleven years to make up what you lose taking SS benefits at 62. So if you retire with full benefits at 70, you'll have to live to 81 to break even and that's on a dollar for dollar basis. Life expectancy for American white male is 78.5 years. If you live longer, you're probably too worn out to spend the extra money. A buddy of mine, multi-millionaire real estate guy, said take it at 62. He did and so did I.
YMMV.

 

[hogpatrol]

Hey Joe, Boredom? There aren't enough hours in the day for me. Today I have two rifles to clean, a hundred rounds of 20 P to load and make up some test loads for a 22BR. Bored? Yeah, right.

 

[Idaho-Lefty]

That’s why IRA’s and 401(k)’s are so important. The sooner you figure that out the better off you will be. Any government program with the word “Social” in it should be a giant clue. The same is true concerning defined benefit retirement plans.

I've Invested in CEF's for, the last 20+ years and Mutual Funds before that ( since I was 31 years old ) AS,..
I've NEVER liked, the Idea of being poor,.. OR on, a "Fixed Income",.. fug that !
Young People, need to, "Live within, their Means" ( spend LESS than they make ) and Invest in, Real Estate and Stocks / Bonds for, Dividends and RE-Invest those Div's ! THEN, even those, expensive Rifles, Bullets & Powder, at today's prices, will be, obtainable,.. IF, you want them !
It's NOT,.. "Rocket Science" !

 

[JimT]

Last time I checked, it took eleven years to make up what you lose taking SS benefits at 62. So if you retire with full benefits at 70, you'll have to live to 81 to break even and that's on a dollar for dollar basis. Life expectancy for American white male is 78.5 years. If you live longer, you're probably too worn out to spend the extra money. A buddy of mine, multi-millionaire real estate guy, said take it at 62. He did and so did I.
YMMV.

Of course if inflation goes wild like all you guys are predicting, my 58% greater monthly check I will receive at 70 (vs 62) will be even more valuable.

 

[rwj]

Now add up what you would have had from 62 that you already lost and see if you live long enough to make up the difference!
Retired at 59 and they told me at work you will be bored in two years it's been 16 and I'm still waiting.

Joe Salt

SS is basically setup like an annuity based on actuarial tables/expected life time… take for more years you get less monthly, take for less years and get more monthly. To net more in total, you have to live a long time! I took it at 62, but invest it to use as supplemental income in case I live to “old” age. If I don’t, at least my heirs will realize a monetary benefit.

 

[JimT]

SS is basically setup like an annuity based on actuarial tables/expected life time… take for more years you get less monthly, take for less years and get more monthly. To net more in total, you have to live a long time! I took it at 62, but invest it to use as supplemental income in case I live to “old” age. If I don’t, at least my heirs will realize a monetary benefit.

Yeah, this is what happens when Nancy Pelosi types are the actuaries!!!

https://fas.org/sgp/crs/misc/IF10522.pdf

 

[Straightshooter1]

SS is basically setup like an annuity based on actuarial tables/expected life time… take for more years you get less monthly, take for less years and get more monthly. To net more in total, you have to live a long time! I took it at 62, but invest it to use as supplemental income in case I live to “old” age. If I don’t, at least my heirs will realize a monetary benefit.

When I was a financial planner, I found it best to run the numbers to find out what tack to take that best fits a person's objectives and ability to manage their own money. Taking one's SS early, like at age 62, when it's not really needed can be a much better choice than waiting. . . IF one can be disciplined and has the ability to do well at investing it; and assuming one's health and family genes are good for longevity. The words I used to get so tired of saying . . . "it all depends".

 

[M-61]

I believe that retirement when it is YOUR choice is great.
I had a job that I liked. They liked me. The pay was fine. Benefits good. Really 10 minute ride to get there. Retirement? Not a thought of it.
Then you have a stroke. Retirement was not a choice. It just became a cold hard reality.
Not the way I planned things at all.
BUT, I am upright, writing this, and shoot in the 2's and when everything is aligned with the stars in the 1's.
Planned? No. But I thank GOD everyday for where I am in my life.
Strange the way things work out sometimes.

 

[hogpatrol]

^^^^^THIS^^^^^ and the one above it.

 

[Shooter13]

Stop your SS filing, right now. Wait another 13 months. Age 70 is the max for SS, and you're almost there. You'll get about 8% more at age 70 than you will now. I'm not saying to put off retirement; just don't file for SS so quick, unless you need the money. An 8% increase, for the rest of your life, is not to be taken lightly.

I've done the math, after 15 years it would start making a difference and frankly (I can be Frankie) I'm not sure I'll last another 15 years EDIT: I looked at my numbers and it would be 15 year not 17. But at that age I will require less money LOL

 

[ngoforth]

My Mom was offered early retirement at 55. I don't think they finished asking her when she said yes. She never looked back. She passed away last year. I would have hated if she worked to 65 or even 70 to only have 6 years being retired vs the 22 years she had to do whatever she wanted. Time is the most valuable commodity. If someone likes working great, if they don't that's fine too. Everyone's different do what works best for you.

 

[NorCalMikie]

THEN, even those, expensive Rifles, Bullets & Powder, at today's prices, will be, obtainable,.. IF, you want them !

It's a matter of want verses need. You need to move at least ever 6 months so you don't accumulate too much crap.
No fun letting someone else deal with all your crap after you die.
Still got my sisters house, I walk in, check the mail, turn around and walk out. The spirit just hasn't moved me to deal with her stuff.
Maybe leave the key in the front door and hope someone will take the hint?

 

[hogpatrol]

The way the government figures it, half of those that wait to draw full benefits will drop dead beforehand.
Looking at life expectancies for white males and the break even point for those that wait, they're right on the money. Half will never see a check. They're spouses may but not them. Geez, darn shame. Work all your adult life then drop dead the day you though you'd cash in. YMMV.

 

[Idaho-Lefty]

It's a matter of want verses need. You need to move at least ever 6 months so you don't accumulate too much crap.
No fun letting someone else deal with all your crap after you die.
Still got my sisters house, I walk in, check the mail, turn around and walk out. The spirit just hasn't moved me to deal with her stuff.
Maybe leave the key in the front door and hope someone will take the hint?

Mike,..
Sorry for your loss. This may, help,..
After my Wife passed away at, 45 Yrs old (18 years ago), I put EVERYTHING she owned, in Boxes and gave them to, the Women at, the Homeless Shelter for, women. Best move for, me ( I just, "Bit the Bullet" ) and She would have, wanted it, that way !

 

[Triple BB]

It's a matter of want verses need. You need to move at least ever 6 months so you don't accumulate too much crap.
No fun letting someone else deal with all your crap after you die.
Still got my sisters house, I walk in, check the mail, turn around and walk out. The spirit just hasn't moved me to deal with her stuff.
Maybe leave the key in the front door and hope someone will take the hint?

Depends how you play it. I knew an old guy who was a hoarder. After he passed, his son told my dad we're not even going through all the crap. Said he was selling the house as is. My dad tried to convince my mom they needed to buy the house. Mom said no way. After they sold it, my dad asked the buyer if there was anything good in the house. The guy said new power tools, mechanics tools, guns, blah, blah, blah. My dad walked around for days like Fred Sanford saying Elizabeth, this is the big one. He couldn't believe what he missed out on. When my wife harps on me about getting rid of my junk, I remind her of this story and tell her to take what she wants and turn it over to real estate agent and sell it as is. Won't matter to me one bit, I'll be in heaven playing with my dogs...

 

[hogpatrol]

Of course if inflation goes wild like all you guys are predicting, my 58% greater monthly check I will receive at 70 (vs 62) will be even more valuable.

Yeah, then you'll be able to afford that thousand dollar walker, the ones us early takers can only dream about.

 

[sdean]

Stop your SS filing, right now. Wait another 13 months. Age 70 is the max for SS, and you're almost there. You'll get about 8% more at age 70 than you will now. I'm not saying to put off retirement; just don't file for SS so quick, unless you need the money. An 8% increase, for the rest of your life, is not to be taken lightly.

That 8 percent is a trick. The government makes up their own math. You will get more but not what you think. They use 8 percent of what you would have gotten at 62 for each year. You have to live a long time to make up what you lost 65 to 70. It will help your wife if she out lives you to wait until 70.

 

[sdean]

Stop your SS filing, right now. Wait another 13 months. Age 70 is the max for SS, and you're almost there. You'll get about 8% more at age 70 than you will now. I'm not saying to put off retirement; just don't file for SS so quick, unless you need the money. An 8% increase, for the rest of your life, is not to be taken lightly.

That 8 percent is a trick. The government makes up their own math. You will get more but not what you think. They use 8 percent of what you would have gotten at 62 for each year. You have to live a long time to make up what you lost 65 to 70. It will help your wife if she out lives you to wait until 70. At 30 grand a year for 5 is 150 grand. Take a lot of 8 percents to make that back. Ask Clint. Are you feeling lucky

 

[sdean]

Between they way Washington spends money and inflation Im not counting on social security. Now, if I could invest that 15% on my own instead of letting the gov. handle it the future would be much different.

You should be funding a Roth every year. No taxes on that when you take it out.