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.
Retirement
- Thread starter Alex Wheeler
- Start date
hogpatrol
Silver $$ Contributor
Last time I checked, it took eleven years to make up what you lose taking SS benefits at 62. So if you retire with full benefits at 70, you'll have to live to 81 to break even and that's on a dollar for dollar basis. Life expectancy for American white male is 78.5 years. If you live longer, you're probably too worn out to spend the extra money. A buddy of mine, multi-millionaire real estate guy, said take it at 62. He did and so did I.
YMMV.
YMMV.
I've Invested in CEF's for, the last 20+ years and Mutual Funds before that ( since I was 31 years old ) AS,..
I've NEVER liked, the Idea of being poor,.. OR on, a "Fixed Income",.. fug that !
Young People, need to, "Live within, their Means" ( spend LESS than they make ) and Invest in, Real Estate and Stocks / Bonds for, Dividends and RE-Invest those Div's ! THEN, even those, expensive Rifles, Bullets & Powder, at today's prices, will be, obtainable,.. IF, you want them !
It's NOT,.. "Rocket Science" !
Last edited:
Of course if inflation goes wild like all you guys are predicting, my 58% greater monthly check I will receive at 70 (vs 62) will be even more valuable.
rwj
Gold $$ Contributor
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!!!
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".
I'm established everything paid for .We have downsized the Mrs calls it right sized .We no longer needed the large home cashed in on that bought land on the Chesapeake Bay built a small home with top quality materials and I built it the way we wanted . So what if I've over built it . I've always said to build a house correct most can't afford it . I enjoy custom building as that was something I played with until the last crunch what 10-12 years ago . Plus we have winter place in Florida when VA gets cold .Im thankful the Mrs doesn't have to have that big shiny car or the big house on the block . Nothing wrong with it if that's what u like . Tired to use our heads while working wife was in sales so you always saved for a rainy day. We both had good jobs . I worked for a large electric company Dominion Energy and I built houses on the side . I enjoyed building . Restate was good to us , 401 and good investments . Retirement is available when needed Not wealthy but we live comfortably. Y'all working please continue to pay your taxes . Thanks And one day I'll quit saying this is my last build speaking of rifles
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.
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.
Shooter13
Gold $$ Contributor
I've done the math, after 15 years it would start making a difference and frankly (I can be Frankie) I'm not sure I'll last another 15 years
EDIT: I looked at my numbers and it would be 15 year not 17. But at that age I will require less money LOL
Last edited:
My Mom was offered early retirement at 55. I don't think they finished asking her when she said yes. She never looked back. She passed away last year. I would have hated if she worked to 65 or even 70 to only have 6 years being retired vs the 22 years she had to do whatever she wanted. Time is the most valuable commodity. If someone likes working great, if they don't that's fine too. Everyone's different do what works best for you.
NorCalMikie
Gold $$ Contributor
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
Silver $$ Contributor
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.
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.
Mike,..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?
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 !
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...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
Silver $$ Contributor
Yeah, then you'll be able to afford that thousand dollar walker, the ones us early takers can only dream about.
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.
Upgrades & Donations
This Forum's expenses are primarily paid by member contributions. You can upgrade your Forum membership in seconds. Gold and Silver members get unlimited FREE classifieds for one year. Gold members can upload custom avatars.
Click Upgrade Membership Button ABOVE to get Gold or Silver Status.
You can also donate any amount, large or small, with the button below. Include your Forum Name in the PayPal Notes field.
To DONATE by CHECK, or make a recurring donation, CLICK HERE to learn how.
Click Upgrade Membership Button ABOVE to get Gold or Silver Status.
You can also donate any amount, large or small, with the button below. Include your Forum Name in the PayPal Notes field.
To DONATE by CHECK, or make a recurring donation, CLICK HERE to learn how.