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Old 06-01-2014, 11:49 AM
 
Location: Los Angeles area
14,018 posts, read 17,747,361 times
Reputation: 32309

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Quote:
Originally Posted by HappyTexan View Post
.......It's not that you wait to get more but that you decide to take it early and get less.
One can look at it either way because both statements are true:

1. "If I decide to take it early I will get less".
2. "If I wait I'll get more".

So in a way it's like semantic quibbling, but I, unlike you, opt for number 2 above because when we are considering whether to pull the plug at any given point that's the way I see it.

However when people quote percentages of increase or decrease then it does matter which standpoint is adopted. If a supermarket marks down a $10.00 pie by 25%, then the new reduced price is $7.50. But if the normal price of the pie is $7.50 and they increase it to $10.00, then that is a 33.3% increase. If you don't believe me run it on your calculator or figure it on the back of an envelope.
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Old 06-01-2014, 11:54 AM
GLS
 
1,985 posts, read 4,848,399 times
Reputation: 2408
Quote:
Originally Posted by popcorn247 View Post
There is something that I am confused about. If I were to take SS early, let's say it pays me $18,000.00 per year. So in the 3 years before I reach full retirement age, I would have received $54,000.00 from SS. How can waiting until full SS be better than having received the $54,000.00? Or, will my income from the income stream from 403b be counted against the SS prior to age 66?
One thing not mentioned so far is the $1 held back from your SS check for every $2 you earn if you are still working from 62 to FRA (66 for most of us), and you exceed the annual salary cap. I'm not sure what the limit is this year, but if I would have started drawing at 62, my SS pension would have been about $21,600/year. However, they would have held back over $8333 AND I would have paid new SS taxes of $14,508 on my earned income being self-employed. Therefore, I would have paid more than I collected.

Obviously, if you are still making a decent income after 62 it may not be worth taking the SS early. Everyone has to evaluate the circumstances for themselves.

Last edited by GLS; 06-01-2014 at 11:56 AM.. Reason: Bad math.
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Old 06-01-2014, 11:56 AM
 
2,627 posts, read 4,954,783 times
Reputation: 2225
If I retire, I would not be earning any income or very little with some writing, content management work, etc.
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Old 06-01-2014, 12:03 PM
 
Location: Pac. NW
2,021 posts, read 1,524,358 times
Reputation: 3601
How much longer do they think you should wait?

They probably (the people telling you not to) want to keep you "chained to the plantation" so you can do fer them!
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Old 06-01-2014, 01:28 PM
 
Location: SC
8,793 posts, read 5,663,767 times
Reputation: 12805
Here's an idea... Tell them that you will stay - if they make it worth your while. Make sure it is in the form of an irrevocable bonus and not some pittance dribbled out over the next ten years.
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Old 06-01-2014, 01:32 PM
 
2,627 posts, read 4,954,783 times
Reputation: 2225
Quote:
Originally Posted by blktoptrvl View Post
Here's an idea... Tell them that you will stay - if they make it worth your while. Make sure it is in the form of an irrevocable bonus and not some pittance dribbled out over the next ten years.
sorry, but no amount of money could get me to stay. I've been there 41 years! Time for a change for me, time for a change for them.
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Old 06-01-2014, 02:00 PM
 
Location: Edina, MN, USA
6,954 posts, read 7,396,297 times
Reputation: 16288
Quote:
Originally Posted by popcorn247 View Post
sorry, but no amount of money could get me to stay. I've been there 41 years! Time for a change for me, time for a change for them.
Yea! That's the attitude
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Old 06-01-2014, 02:55 PM
 
Location: Vermont
1,018 posts, read 1,421,901 times
Reputation: 1995
Quote:
Originally Posted by popcorn247 View Post
sorry, but no amount of money could get me to stay. I've been there 41 years! Time for a change for me, time for a change for them.
I can relate. Get out and don't look back! There's more to life than money!
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Old 06-01-2014, 04:10 PM
 
11,938 posts, read 20,400,010 times
Reputation: 19334
Quote:
Originally Posted by popcorn247 View Post
My 403b is worth ~ 700 thousand. I am not married, no children, plan on going on COBRA for 18 months, until I am eligible for Medicare. I seldom eat out, plan on using the local library.....and want to sell my home and move north to a lower col area.
I'm not sure if you feel like you are ready -- can you maybe cut back to a three days a week? That way you can try it out a little and have the time to make some plans and get a feel for things. And then you can go in full hog when you know for sure.

(I'm struggling with this now -- money isn't the issue, it's the total lack of structure that scares me. I'm seriously thinking of cutting back to two days a week....)
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Old 06-01-2014, 04:30 PM
GLS
 
1,985 posts, read 4,848,399 times
Reputation: 2408
Quote:
Originally Posted by Tallysmom View Post
........ I'm seriously thinking of cutting back to two days a week....)
This is the absolute truth: I have cut my work schedule to two half-days per month. There are still some months where I don't know if I can handle the workload.
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