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Old 08-16-2014, 04:31 AM
 
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The good thing about taking ss later is you become less dependent on your own savings,interest rates and the whims of the market.

Sure you can die early but if married your spouse will be glad you did.

Not taking ss early in life is the one decision we can say you will not live to regret.
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Old 08-16-2014, 06:28 AM
 
Location: in the miseries
3,302 posts, read 3,580,382 times
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Bh went a convoluted path to taking ss.
The short story is he just received a recalculation based on
Going back to work after retirement.
I called the CPA to see if it would be beneficial to suspend now and receive
$450 more per month at 70.
Answer was no way because the money lost between now and 70 was too much.
There are so many variables it takes a team of financial people to
Figure ss out.
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Old 08-16-2014, 06:40 AM
 
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For the most part it is really about your spouse and what it means for them otherwise if you are single it may not really matter.

Breakeven is really only something i would think about as a single.

Every other aspect revolves around spousal benefits and survivor benefits.


Exception would be a single who wants to reduce their dependency on interest rates and markets down stream.


Or someone who wants to way overspend over budget now while they are healthy and refill later on when spending slows and payments from ss can almost double if they wait.

They can refill that over spending with the larger ss payments. If they die first dead is dead and they at least got to spend a lot more early on then they could if they took ss early.

They can do this because they need to keep less powder dry with the guaranteed ss payments vs depending on markets,rates and market sequence risk.

The guaranteed ss will enable them to take larger withdrawal rates early on then early ss and their own investing would because of the risks to the income stream on your own that you need to allow for.

Last edited by mathjak107; 08-16-2014 at 06:49 AM..
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Old 08-16-2014, 08:55 AM
 
2,792 posts, read 999,054 times
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Agree. If you are single it all depends wether you want to rely more on the market as you stated or on a defined SS amount. The other question is where will you be retiring some states tax your pensions and withdrawals but not SS
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Old 08-16-2014, 11:18 AM
 
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As the OP, let me say this thread continues to be a great source of info, conversation, and exchange of ideas. Wonderful.

I'm a life-long single, never married, no kids. (Oh, my, an old maid spinster -- and PROUD of it!)

At 54 I'm just now getting into researching and planning for retirement. And becoming more familiar with ALL the pieces of a person's retirement life puzzle. (And taking care of my elderly mom's issues has brought it to the foreground.) Funny, it's not much different from the earlier life phase work/home balance puzzle -- housing, finances, where to live, budgeting, lifestyle choices.... YET is IS different in some ways. It IS, but it isn't, if you know what I mean.

BUT with that day at the EARLIEST 8 years away, at 62...I still haven't decided what I'll do. And that's OK. My concern is that older baby-boomers will break/ruin/bankrupt/strain the system so by the time I retire all the rules will be changed anyway. Heck, by then they could be taxing ALL your Soc Sec, if you work AT ALL in retirement. Plus who knows what they'll be taking about of your gross Soc. Sec. for Medicaid.....by then we could ALL be on socialized medicine, except those who can afford to opt out -- PERMANENTLY. So once you opt out you can't change your mind and join in. Maybe it's just because it's the time I happen to be living in...but I really think the next 10-20 will be the most precarious for seniors about to retire, than in recent memory. Certainly since Soc. Sec./Medicaid started. I fear a perfect storm of no money and increased burden need coming....and the middle class getting abandoned. That's real concern since I am int hat age group that would indeed get screwed.....anyway...

Based on the current rules, I have a very loose list of options like basically most of us do:
-- retire at 62, take less SS and pension -- MAYBE work part time...then again maybe not
-- retire at 65, when I'lll qualify for Medicare (IF that's not changed) get more SS and pension -- and perhaps not work part time...
-- retire at 65 live off pension, savings/investments/retirement accounts in order to delay Soc Sec. (Delaying the pension past 65 doesn't increase that amount, like delaying SS would)
-- I do NOT see WORKING until 70.

All this depends on the cost of the lifestyle I want in retirement....which now is only guesstimates. I know what lifestyle I'D LIKE to have....

As for housing the plan NOW is to sell my house, and relocate back to the paid off family home.
BUT as I age, and perhaps need care what then?

IF I've used pension/ savings/retirement accounts in order to delay Soc. Sec....THEN I may not have enough to buy into a continuing care community. I might have the monthly income needed to sustain me there. But you need to buy in -- to GET IN.

As for long term care -- as of now -- as long as I have enough to private pay somewhere for 2-3 years. I'm more than willing to go on Medicaid. I have no heirs I HAVE to leave money to. It's my money, it SHOULD be spent on me. Millions of elders are on Medicaid, I personally know some... and they're NOT in a bad facility.

(Besides depending on how much I have, I can always gift some way before the look back, and pray we make that time frame, then any heirs will have already gotten all they're going to get....and I'm finished with that concern anyway.)

As rules change..I give more thought to the Soc. Sec options I asked at the start of the thread. My plan is to have as much money as I can (Gd knows how much the gov't will change the rules and want to take), but I'm going to keep enjoying myself now. I'm going to keep eating out, treating myself to certain things, keep doing what I do. I'm NOT going to NOT spend a dime today, and live like a pauper to save it all for a later I may not live to see.. Soooo, I have a loose plan and we'll see what happens.

A shout out to Mathjack who has opened my eyes and educated me greatly.

Last edited by rdflk; 08-16-2014 at 11:27 AM..
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Old 08-16-2014, 01:18 PM
 
71,593 posts, read 71,751,865 times
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Thanks. Thats the point of these forums.

One other thing i want to add is it isn't really known but a single person can do a file and suspend as well.

The advantage is if you were going to wait to 70 but need the money you can get a lump sum check going back to your fra.

You can't lay claim to past money without doing a file and suspend.
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Old 08-16-2014, 02:25 PM
 
Location: SoCal desert
8,093 posts, read 13,234,579 times
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Quote:
Originally Posted by rdflk View Post
At 54 I'm just now getting into researching and planning for retirement.
From personal experience, I can tell you that your plans will change (back and forth and sideways) at least 150 times before you finally retire
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Old 08-16-2014, 02:30 PM
 
Location: OH>IL>CO>CT
5,236 posts, read 8,406,103 times
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Quote:
Originally Posted by mathjak107 View Post
Thanks. Thats the point of these forums.

One other thing i want to add is it isn't really known but a single person can do a file and suspend as well.

The advantage is if you were going to wait to 70 but need the money you can get a lump sum check going back to your fra.

You can't lay claim to past money without doing a file and suspend.
Apparently you can BUT it is limited to the 6 months prior to application.

This from Retirement Planner: When To Start Your Benefits
"If you apply for benefits more than 6 months after the month you reach full retirement age, we can only pay benefits for the previous 6 months".

As a widower at age 60, I did not "file & suspend" but started Survivor's benefits on wife's record. I will be 70 this month, so last May I applied for my own Retirement benefits starting this month (Aug). When SSA called to confirm my application, etc, they offered me a 6 month lump payment, but with a corresponding decrease in my monthly benefit as technically I would have started benefits 6 month earlier than age 70. The lump was about $8500 with about a $150 monthly decrease. Not sure how they came up with those numbers, but that's what they said. I did not take the lump, as my goal all along was to maximize the (hopefully long term )cash flow from SS.

As always, YMMV
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Old 08-16-2014, 02:36 PM
 
71,593 posts, read 71,751,865 times
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You are confused. That has zero to do with file and suspend. There is no time limit if you file and suspend at fra and later want a lump sum check.

The 6 month time frame is if you didn't do it.
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Old 08-16-2014, 05:53 PM
 
2,792 posts, read 999,054 times
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Quote:
Originally Posted by Gandalara View Post
From personal experience, I can tell you that your plans will change (back and forth and sideways) at least 150 times before you finally retire
LOL. Completely agree. I am 56 planning on retiring at 62 and think I have passed the 150 times already.
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