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Old 07-22-2014, 05:41 AM
 
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since most small investors are terrible at it that is a situation unique to each individual and can't be measured overall. but no doubt it is part of one's own personal projections.
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Old 07-22-2014, 11:40 AM
 
Location: OH>IL>CO>CT
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Question SS is not "one size fits all"

Quote:
Originally Posted by mathjak107 View Post
since most small investors are terrible at it that is a situation unique to each individual and can't be measured overall. but no doubt it is part of one's own personal projections.
And "what if" your spouse passes at age 60, and you can collect Survivor's Benefits on their record from age 60 to 70 ?

And "what-if" a major medical issue wipes out or puts a huge dent in your "nest-egg" savings, and now you only have the $7500 coming in instead of the $13200 (in the example) ??

Like so many aspects of SS benefits (and Medicare), YMMV.
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Old 07-22-2014, 04:45 PM
 
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i am not following your questions?
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Old 07-22-2014, 06:17 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
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Quote:
Originally Posted by Hemlock140 View Post
I will be eligible in 7 days. Since I am making more than I ever have in the past, enjoy my work, and the location, and have barely vested for a pension, I expect to wait until at least 67. When I get there, I'll evaluate whether I still enjoy working and may stay longer but not beyond 70. Every once in a while I run the numbers on our retirement system website, and I found that staying another 6 years increases my pension by $800/month, and that will help a lot. That means age 68.
I'm now full retirement age and I am not collecting.

For now I feel like working and with a expected FRA benefit of $2,250 every three months I work without collecting means an additional 2% or $45 monthly for every month for the rest of my life. If I go to age 70, right at just four more years so it isn't that far away, I will receive an additional $720 every month for the rest of my life and that money is indexed to inflation.

If I go to 70 with my wife receiving 50% of my FRA benefit ($1,125) plus my $2,970 we should be able to live very comfortably on SS alone leaving all our savings to the spouse that survives.

But the biggest thing to think of is your spouse that survives you. If I pass first my wife will lose her $1,125 but pick up my $2,970 With what savings we have she should be able to live the remainder of her life very comfortably.
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Old 07-22-2014, 06:25 PM
 
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My priorities for when to take ss are first and most important are the effect on my wifes survivor benefits,

Second would be taxes.

Third would be a whole bunch of other reasons. No where on my list though will you find the words break even.
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Old 07-22-2014, 06:30 PM
 
29,764 posts, read 34,851,819 times
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Quote:
Originally Posted by mathjak107 View Post
My priorities for when to take ss are first and most important are the effect on my wifes survivor benefits,

Second would be taxes.

Third would be a whole bunch of other reasons. No where on my list though will you find the words break even.
Two of us
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Old 07-23-2014, 05:39 AM
 
Location: Mount Airy, Maryland
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Quote:
Originally Posted by mathjak107 View Post
since most small investors are terrible at it that is a situation unique to each individual and can't be measured overall. but no doubt it is part of one's own personal projections.
So you are claiming that small investors are so bad at investing that my point about investing the early payments for 8 years should be totally dismissed?
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Old 07-23-2014, 06:53 AM
 
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NO , I am only saying whether the money can do better or worse is a wild card as far as decision making goes and will be more on a case by case situation.
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Old 07-23-2014, 07:09 AM
 
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Hopefully all considering when to take SS are doing so as part of a overall retirement plan/strategy that includes amongst other things an over all financial plan that includes amongst other things short and long term goals which includes amongst other things revenue needs assessments and a plan of how to fund those needs short and long term for themselves and spouse if there is one.

One of the major things that drove our decision was the very last sentence and how much it all translated to at various age points for both me and the wife together or after one passed. Dollar amounts have been realized along aided by COLA and we are six years in with about 30 more planned being planned for. That 30 remains constant and will be 30 for a few more years. As MathJak will tell you the hardest part is trying to assure the level of income you want well into the out years. So shouldn't SS be a core part of your income plan 20-30 plus years out?
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Old 07-23-2014, 07:59 AM
 
Location: High Cotton
6,131 posts, read 6,440,063 times
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Quote:
Originally Posted by DaveinMtAiry View Post
So you are claiming that small investors are so bad at investing that my point about investing the early payments for 8 years should be totally dismissed?
Quote:
Originally Posted by mathjak107 View Post
NO, I am only saying whether the money can do better or worse is a wild card as far as decision making goes and will be more on a case by case situation.
Dave,

In my opinion, the direct answer to your specific question is - In most cases, YES!
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