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I understand the logic to waiting to draw SS. My concern is more based on what changes they will make down the road. It used to be, retirement planning was simple. It was the same rules for ever. Now, you need to pay for healthcare, pensions are disappearing, and poiliticians are looking at every program trying to save money. I retire in 5 years at 60. I'll be ok whether I draw at 62 or 66 and 8 months. I know the smart thing to do is wait, but part of me just doesn't trust the powers that be not to change things. Most people in my shoes feel the same way.
All this retirement planning sometimes makes you want to go all cash and go live on a beach on some tropical island. Retirement shouldn't be this taxing.
I don't know - but we are talking longevity and since the most talked about tweak to Social Security benefits is the Chained CPI, I'd sure like to see a recalculation using those figures. I would be hesitant to take a substantial hit to my retirement funds, thus increasing my dependency on government benefits later in life, without this information.
BTW, did you see on Pfau's blog where his personal bond allocation is I Bonds and Vanguard's TIPS mutual fund? Interesting.
Well, I would agree that it makes sense to wait a few more years so as to collect a few more dollars - however, that supposes one has enough money to live on until retiring. I was perfectly content to continue with my job. I had just received a promotion, negotiated a four-day work week with full-time benefits such as paid in full health care and 10 days vacation and four personal days. I was 65 and fully equipped physically and mentally to continue my job.
AND THEN - THEN the company I worked for, having been absorbed by one of the Big Guys just a year prior, declared Chapter 11, closed our facility and merged it with one 70 miles away. So, seven months after my 65th birthday, I was unemployed. Ever try to find a job at 65? Don't let anyone kid you, "overqualified" translates to "too damn old", regardless of which language they say it in.
So, I took my SS, and my Medicare, and I've been collecting it for closing in on 14 years.
If you think you can continue in your current job, at your current salary and rising, then by all means, wait. Of course, you could get hit by a bus and it wouldn't matter.
Come on, MMOB. You, of all people, know that President Obama's budget is a wishlist and is subject to negotiation. As you may recall, the Chained CPI was a carrot previously offered to Republicans in the President's last budget proposal. This time around, he offered no carrots.
If true Mr Pfau would have decreased the SS earnings on the person when they turn 65 and start drawing Medicare.
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