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Old 02-22-2012, 11:59 AM
 
744 posts, read 514,428 times
Reputation: 929

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In our case we saved a decent amount to 401K and then husband got laid off for extended time and we ended up using the 401k to cover expenses, and then also had additional tax on it as he was below 59 1/2. That actually happened to us twice. So we have practically nothing in 401k now. and still cannot afford to put in catch up funds. also company match is .25% of first 3%, big deal, and you have to be there five years to be vested and that is for each year, the average these days with a tech. company is 2 to 3 years.
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Old 02-22-2012, 12:00 PM
 
Location: New York, NY
305 posts, read 623,951 times
Reputation: 75
Quote:
Originally Posted by highcotton View Post
Here is a nice calculator (Put in $750 at age 62, $1,000 at age 66, and $1,320 at age 70.)



This chart shows the approximate age when cumulative benefits started at a later age will equal or "break even" with cumulative benefits begun at an earlier age. If you delay receiving benefits until age 70, it takes 11 years, or until age 80, to break even with benefits begun at age 62, but it takes 13 years, or until age 82, to break even with benefits begun at age 66. Benefits begun at age 66, take 12 years, or until age 77 to break even with benefits begun at age 62.
But they're not factoring in investment income on the money you are ahead if you take it at 62. There are a dozen years where the person who took the money early is making money on that money and it's not calculated in the numbers.
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Old 02-22-2012, 01:14 PM
 
Location: Ohio
10,952 posts, read 6,165,489 times
Reputation: 6174
Quote:
Originally Posted by tbill View Post
Can't believe all of you applying at 62. I must be out of touch..
Dude, I started working a week after my 13th birthday. At 16 I was working 4 jobs. By 17 I was down to 3 jobs. I worked through college. I went into the military. I was snowed on, rained on, shot at, bombed on, mortared, shelled, rocketed, strafed, bled on, yelled at, griped at, crashed and burned, burned and crashed, rolled over an embankment, laid in a ditch of stinky water getting shot at, irradiated with gammas, X-rays, protons, neutrons, fission fragments, rioted on, worked through college (again), put on a different uniform, was shot at, stabbed, puked on, urinated on, bled on, thrown down stairs, thrown over an embankment, crashed, was crashed into, crashed, had to go uncover and get chummy with scummy nasty people who would scare Dracula and Frankenstein to death, worked, ran my own business, worked through college (again), left the US to work, left the UK to work, was bombed on (by freaking Canadians), shot at, mortared, shelled and rocketed (again), worked through college (again) and here I am.

I'm done.

Retiring at 62 was always in the cards. I want to enjoy my retirement and do things, because, I have a lot of work to do, but not punching another's time-clock and putting money in their pockets.

Yeah, my grandmother is 99, but she ain't exactly hanging drywall and digging ditches. What's the point of retiring if you're going to be parked in a Lazy-Boy for 10 years and a bed at nursing home for another 5 before you die?

Applying at 62...


Mircea

It's "finger-pointing" and about as helpful as a dose of the clap.

Some people had a Wonderful Life™ and have a nice pension, plus retirement savings, plus Social Security. Others had a decent life and have either a pension/401(k) plan or a retirement savings plan, plus Social Security. And then there are those people whose lives were so bad that even John Carpenter and M. Night Shyamalan would be afraid to make a film about it.

It don't mean nothing; it's just life.

So people can say really incredibly stupid things like, "Well then why did you have children if you couldn't afford to save for your retirement?"

Um, they had children who worked and paid FICA taxes so you could have Social Security. And they had children so that someone would buy the products or services your employer provides, so that you could have a job, unless, of course, you don't want a job. Let's face it, 70+% of your GDP is consumer consumption, so if people don't spend money, then you and many others don't have a job.

Informing...


Mircea

Last edited by Keeper; 02-27-2012 at 12:06 PM.. Reason: orphaned quote
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Old 02-22-2012, 01:48 PM
 
43,444 posts, read 47,381,981 times
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I startedf working at 8 when my brother took on a second paper route because you had to be 10 at the time. never didn't have a job except when servving in the army, Back then we called it serving the country;Especailly when E1 pay was 72 bucks a month with room and board.Even worked partime thru college and full time in summer.But then i retired at 52 and haven't worked since. Wife rertired same age 5 years later. I really had always shot towards retiring at 55 as goal but things worked out better than I thought.No regrets and took SS at 62 and now will start medicare in June as I just got my card sent to me.

Last edited by texdav; 02-22-2012 at 01:58 PM..
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Old 02-22-2012, 02:48 PM
 
Location: High Cotton
6,131 posts, read 3,739,811 times
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Quote:
Originally Posted by LoveBoating View Post
As far as "retirement saving from a job", as already stated by one poster, not everyone made the kind of salary that allowed that.......I didn't! Heck, before meeting my wife, only transportation I had was an old '87 motorcycle I rode rain or shine, rented a furnished room and just made ends meet with my salary. I didn't have a college degree and that hurt me, but didn't have the money to get one either. Not only that, not everyone has the luck of staying on a job for years upon years. There are layoffs, companies that go out-of-business, people who have to quit a job due to "weather affected" surgeries (myself/wife) and so on. Not everyone wants to or can stay at one job for numerous years! Actually, back in them single (divorced) years, before meeting my wife, I thought about one thing quite a bit.......survive the present!

On the other hand, my wife, because of her Bachelor's Degree, made a good salary and done the Retirement Savings thing, but we've jumped into those savings to purchase a couple of things we wanted........one being a nice power boat. We've also had to move a couple of times and that in itself is costly!
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Old 02-22-2012, 02:50 PM
 
Location: High Cotton
6,131 posts, read 3,739,811 times
Reputation: 3657
Quote:
Originally Posted by SHEPNYC View Post
But they're not factoring in investment income on the money you are ahead if you take it at 62. There are a dozen years where the person who took the money early is making money on that money and it's not calculated in the numbers.
What rate below 1% would you like to factor in?
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Old 02-22-2012, 05:56 PM
 
3,227 posts, read 3,658,104 times
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in 2037 odds are very good I won't be around, and it says "might be reduced 23%". Who knows what will be happening 24 years from now.


SS money was there, and plenty of it...baby boomers were making money hand over fist for the last 50 years and poured their fair share into the SS system. The government stole it from us and used it for everything but SS. And they have the audacity to pretend it never happened.
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Old 02-22-2012, 06:44 PM
 
Location: High Cotton
6,131 posts, read 3,739,811 times
Reputation: 3657
Quote:
Originally Posted by loveautumn View Post
in 2037 odds are very good I won't be around, and it says "might be reduced 23%". Who knows what will be happening 24 years from now.


SS money was there, and plenty of it...baby boomers were making money hand over fist for the last 50 years and poured their fair share into the SS system. The government stole it from us and used it for everything but SS. And they have the audacity to pretend it never happened.
The year 2037 is just a future date that has been talked about, which is a date that something 'might' happen. Nothing more, nothing less... Mircea acted as though a change in SS benefits had already been made, or a definite future date for a change had been set. That is not true. There will be NO CHANGE for retirees that have already qualified for benefits (age 62), and in all likelihood there will be no change for anyone over the age of 50....now or 2-3 decades from now. Do NOT believe the untrue crap that some people spread, which only scares people that don't know better.
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Old 02-23-2012, 04:01 AM
Status: "I LOOOVE COLORS" (set 14 days ago)
 
30,323 posts, read 27,459,201 times
Reputation: 17661
with 80 million baby boomers nothing will change with ss for decades to come or ever .

you saw how fast they got a trillion dollars for tarp funds together.

thats nothing compared to how important the social security is for the american way of life.

if that was cut or reduced it would devaste america.

a bigger fear is the medicare system... now thats a major issue.


here a secreat about saving money from our jobs.. real wealth growth actually comes from capital gains on the meger sum most of us put away each week.

its the gains over a lifetime on that money that give us that million bucks eventually not us saving it from our income .

thats why the savings rate in america looks tiny . it doesnt include the most powerful force on earth, compounding of gains over decades.

there are years in the markets when they are up that our gains on our portfilios are more than the two of us earn added together at our jobs.


a 100k socked away back in the late 1980's in my funds is over 1.2 million today and no money was added to that mix except the origonal amount. i track all my other investments seperatly that i have added money too.

Last edited by mathjak107; 02-23-2012 at 04:10 AM..
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Old 02-23-2012, 04:07 AM
 
16,448 posts, read 10,864,974 times
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Quote:
Originally Posted by mathjak107 View Post
you saw how fast they got a trillion dollars for tarp funds together.

thats nothing compared to how important the social security is for the american way of life.
But TARP was for the big boys that put the pols in office, not for SS retirees. We don't matter to them unless we make it matter.
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