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Old 06-19-2014, 04:27 AM
 
Location: Vermont
1,017 posts, read 1,418,663 times
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Quote:
Originally Posted by mathjak107 View Post
we may do the opposite. we will take the trips now as soon as we retire at 62 and spend far more than we would had we taken ss early .

the reason being we can excessively spend down those waiting years siunce when those larger payments kick in we will need very little from our own money.

many times waiting for that bigger payment gives you more to spend early on ,not the way folks think which is they have more to spend early on by taking it earlier..



.
No idea when we'll really take SS yet. We saved aggressively early on and paid our dues by living well within our means. At 55, we are now cruising into retirement for age 60, but also starting to travel and enjoy more of our money now. Too many people never even make it to 60 and we want to have no regrets.
Life is about the journey, not the destination. Ferris Bueller had it right!
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Old 06-19-2014, 04:47 AM
 
Location: Kazakhstan
6 posts, read 4,748 times
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Default Travel

Travel it is good, but never it is necessary forgetting about relatives. And that will give these travel who knows on what it is possible to get in other country, or yes in the plane. Yes and in 70 years it is possible to find occupations to liking Houses. The main thing to remain on closer with native, to love them and to preserve!
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Old 06-19-2014, 04:58 AM
 
Location: Nebraska
1,886 posts, read 2,297,215 times
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The future is guaranteed to no one. My grandfather turn 62 and retired then died 4 weeks later. When he turned 62 he thought he had retirement to look forward to, WRONG.

My father didn't smoke, lived fairly healthy, drank a little, and died at age 77.

I will be 62 in 15 months. No male in my family has ever lived to age 80. The difference from taking SS at 62 and at age 66 is if I take it at 66 I will get less money if I add it all up. The break even point is age 80 1/2.

Plus, if I don't take it at 62, the government can change the SS laws before I can draw at 66, not good.

If I take SS at age 62, I can use it to pay my taxes instead of using my money for that.
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Old 06-19-2014, 06:50 AM
 
Location: Northern IL
241 posts, read 226,686 times
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I generally agree with mathjak107 here, but not entirely.

We will fund our early retirement mostly from savings, but probably will split the difference and take SS for me at FRA (DW is 5 years older that I so we will put hers off as long as possible). We are going to self-insure for LTC so I want to make we have plenty of money in there for that.

For me, I ma not too concerned about major changes for folks already in the system. I just think politically that is too hard to take for DC.

Can't tell you haw many threads I have read on this (am sure everyone else as well). Even after all of that I can still see both sides of the coin.

I do generally agree with the sentiment of enjoy life now with an eye on the future but focus on now. YMMV
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Old 06-19-2014, 07:57 AM
 
Location: Loudon, TN
5,767 posts, read 4,825,615 times
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It is complicated with two people and an age difference. DH is 5 years older and was the lower earner but worked more quarters at that salary, where my early quarters were low pay and then quite high and I retired young with zero income after that, so it's hard to find any comparable situations to figure it out. I know we will take his at 62, but mine is the question. He also has a diagnosis that, for now, is okay but in a few years could change radically, so who knows?? I am glad that, for us, SS is not going to be our major income source, so even if we screw it up, we should be okay.
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Old 09-25-2014, 11:29 PM
 
2,429 posts, read 3,221,988 times
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mathjack, I'm not ready to say you've got convinced to wait until 70 for Soc. Sec. But you've got my attention, because of the SS taxation issue.

Since whether I've got a higher SS check coming or not, I'd still like to have MY OWN savings -- just in case.....my question would be if I'm getting a pension and tapping my 401K -- in order to delay SS...how far down would you take that 401K before you start taking the Soc Sec?

I knwo every one's comfort level for savings, or and emergency fund is different, but I'd still like to hear some numbers.

So folks, how far down WOULD YOU draw your own funds in order to delay taking Soc Sec.?
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Old 09-26-2014, 01:39 AM
 
71,485 posts, read 71,652,652 times
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actually statistically we are adding one year of life every 4 years since 2000 to life expectancy.

but i don't get to wrapped up in statistics ever ,especially anything pertaining to long term care ,social security and break even points or what folks supposedly have or not..

why? because it only means a darn thing to an insurer . the rest of us only have 2 outcomes. things work out for us or they don't.

statistics mean little in our own llives.

our sweet spot is going to be fra in my own case because if we wait until 70 the higher payments and rmd's will bring our taxes up to high.

we are also thinking of locking in essential expenses with an annuity product. the annuity will require quite a bit of dough so spending to much between the waiting and annuity may be more than we want to committ. but in effect we are buying a pension so the fact we take ss at fra and not 70 is offset.

Last edited by mathjak107; 09-26-2014 at 03:08 AM..
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Old 09-26-2014, 02:14 AM
 
71,485 posts, read 71,652,652 times
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Quote:
Originally Posted by rdflk View Post
mathjack, I'm not ready to say you've got convinced to wait until 70 for Soc. Sec. But you've got my attention, because of the SS taxation issue.

Since whether I've got a higher SS check coming or not, I'd still like to have MY OWN savings -- just in case.....my question would be if I'm getting a pension and tapping my 401K -- in order to delay SS...how far down would you take that 401K before you start taking the Soc Sec?

I knwo every one's comfort level for savings, or and emergency fund is different, but I'd still like to hear some numbers.

So folks, how far down WOULD YOU draw your own funds in order to delay taking Soc Sec.?
that is a very important question . how low is to low to spend down.

i think the answer is more a level of comfort vs any number based on logic.

in our case we are talking almost 6 years of heavy withdrawals but since we do have a decent size nest egg it won't be a blip . but that isn't going to be the scenerio for most.

the less you have ,the later you are taking ss the more you really may not be able to afford to retire younger then you take ss.

having choices like this is one of the benefits from accumulating a nice savings.

i already commented on adding the annuity and buying a pension above.

Last edited by mathjak107; 09-26-2014 at 03:12 AM..
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Old 09-26-2014, 02:48 AM
 
71,485 posts, read 71,652,652 times
Reputation: 49068
Quote:
Originally Posted by Escort Rider View Post
In the business section of the Sunday, June 15, 2014 Los Angeles Times, financial advice columnist Liz Weston, whom I have always found to be accurate, reliable, and well informed, made the following point in one of her responses. I quote the two relevant sentences:

"Starting benefits early locks you into lower payments for life and will result in significantly smaller lifetime benefits for most people.That's in part because Social Security hasn't adjusted its payment formulas even as life expectancies have expanded, so most people will live beyond the "break-even" point where delayed benefits exceed the amounts they could have received had they started earlier." (Emphasis mine).

I had always thought, perhaps ignorantly, that it was a statistical wash for Social Security whether people took their benefits early or late - and apparently that was the case at one time. Now, if the L.A. Times columnist is correct, it seems we are better off in the aggregate waiting until full retirement age or beyond because "life expectancies have expanded".
actually they do compensate for that fact by pushing the full retirement age out later and later. remember it used to be 65, for the youngins it is 67.

but i do agree that i think at this point they didn't do a good job of accounting for the fact that while we may not be living to much older ages more and more of us are living beyond that break even point and the fact they pushed the retirement age out still leaves things skewed in favor of waiting .

Last edited by mathjak107; 09-26-2014 at 03:14 AM..
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Old 09-26-2014, 06:42 AM
 
Location: in the miseries
3,302 posts, read 3,577,670 times
Reputation: 3810
Quote:
Originally Posted by rdflk View Post
mathjack, I'm not ready to say you've got convinced to wait until 70 for Soc. Sec. But you've got my attention, because of the SS taxation issue.

Since whether I've got a higher SS check coming or not, I'd still like to have MY OWN savings -- just in case.....my question would be if I'm getting a pension and tapping my 401K -- in order to delay SS...how far down would you take that 401K before you start taking the Soc Sec?

I knwo every one's comfort level for savings, or and emergency fund is different, but I'd still like to hear some numbers.

So folks, how far down WOULD YOU draw your own funds in order to delay taking Soc Sec.?
I'm a firm believer in spending opm. Yes I know it's really mine, but I can't
Leave it as an inheritance so I wouldn't spend my tangible assets first.
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