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Old 05-23-2015, 06:44 AM
 
6,220 posts, read 4,718,283 times
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Actually there has been a nice advantage to avoiding delays in taking SS. It has helped keep down expenses. My wife sees SS as our "income" and she tries to keep our expenses closer to the income. We don't come close to spending only the SS money but psychologically it seems to help hold down spending.
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Old 05-23-2015, 06:45 AM
 
491 posts, read 597,865 times
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Don't you have to be dead to know if you nailed it?
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Old 05-23-2015, 06:49 AM
 
Location: RVA
2,164 posts, read 1,264,598 times
Reputation: 4451
Quote:
Originally Posted by Escort Rider View Post
That one year, for the only time in my low-earning life, I had more than $85,000 because of cashing out my investment in an apartment house limited partnership.
I've known 2 people that went through similar situations of unusually high income at the wrong time & both appealed the premium amount (both because they also sold property, btw), and both won, and had the premium reduced.

I've mentioned the actual amount vs % issue before. People LOVE to talk about the percentage increase/decrease of things, difference between early and late filing, but the absolute amount is what matters. It makes little difference if your early is $103/mo, and delaying to FRA means it goes up to $147/mo. Percentage it's great, but its ONLY $44/mo or $528/yr. So the difference in SS would be $1236 to $1764. Big whoop. If you have any decent income elsewhere, then, who cares? Its not a deal breaker. But if you are maxed out on SS contributions, and early at 62 is $1980, and FRA is $2800, now we're talking $820/mo or $9840/yr...certainly a substantial amount, that only gets more substantial as COLA and compounding take affect. It means $23760 or wait for $33600, and COLA increases and compounding quickly take that $33600 in to substantial income in 10- 15 years. (All amounts in todays dollars! When looking at future amounts, the difference psychologically "looks" more impressive, $23760 now or $37,100 later, vs $1236 now and $1948 later!!)
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Old 05-23-2015, 06:53 AM
 
71,490 posts, read 71,652,652 times
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Quote:
Originally Posted by jrkliny View Post
Actually there has been a nice advantage to avoiding delays in taking SS. It has helped keep down expenses. My wife sees SS as our "income" and she tries to keep our expenses closer to the income. We don't come close to spending only the SS money but psychologically it seems to help hold down spending.
they stole my wife's credit cards and i am not reporting them . the bills are no less then when she had the cards. that holds expenses down even more ha ha ha
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Old 05-23-2015, 07:32 AM
 
4,477 posts, read 4,738,767 times
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Quote:
Originally Posted by Escort Rider View Post
As both Mathjak and I have posted repeatedly, it doesn't really amount to an 8% rate of interest when you account for all the money you did not receive while waiting.

Good gracious... yes, totally agree with you, how many times has all this been said.

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Old 05-23-2015, 08:29 AM
Status: "The nicest curve on a woman's body is her smile" (set 14 days ago)
 
Location: Florida/Tennessee
2,376 posts, read 4,302,446 times
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Quote:
Originally Posted by Aqua Blue View Post
Don't you have to be dead to know if you nailed it?
This was in my OP...
Quote:
We can't answer for the dearly departed
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Old 05-23-2015, 08:31 AM
 
6,220 posts, read 4,718,283 times
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The break even age is simple math. To me the question is having SS money now and being certain to get a portion or having more later, if you live that long. The later is more important to me. If I die early then I won't need the money either way. If I live a long time I am concerned about the effect of inflation and using up my savings.
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Old 05-23-2015, 08:57 AM
 
Location: Grove City, Ohio
10,129 posts, read 12,376,133 times
Reputation: 13947
Quote:
Originally Posted by jrkliny View Post
The break even age is simple math. To me the question is having SS money now and being certain to get a portion or having more later, if you live that long. The later is more important to me. If I die early then I won't need the money either way. If I live a long time I am concerned about the effect of inflation and using up my savings.
If you are married then it has to be about the spouse; especially if the spouse is a lower earning spouse. I might die next year and never collect a dime and to me that doesn't matter. What matters to me is I will leave behind a spouse that might just live for another 25 years and how she is able to live a comfortable life is all that matters to me.

As far as repeating something we need to remember we get new visitors all the time... people come and people leave and maybe an issue was discussed to death two years ago but that doesn't mean everyone has seen it and I am not going to expect a new member to go looking two years back for his answers.

Repeat all you want, doesn't bother me.
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Old 05-23-2015, 09:07 AM
mlb
 
Location: North Monterey County
3,178 posts, read 2,852,979 times
Reputation: 4876
I've pretty much decided to leave before FRA - at least by a year or 6 months. Working for a government entity that does not pay into SS mine will be chopped....and we've done our retirement planning around that.

DH is younger - and not employed - so he will need health insurance (he's much more a user of health care dollars than I am) and so he will need his SS at 62 to pay for whatever we find for him in the marketplace.

I've been bearing the paycheck responsibility all these years he has been unemployed and underemployed.

I get the choice to leave when I need to. If anyone needs to work it'll be him.
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Old 05-23-2015, 09:57 AM
 
Location: Great State of Texas
86,093 posts, read 72,469,891 times
Reputation: 27565
Logic tells me that if there is no spouse involved to take SS early so you are not using your money.
Your money can be inherited by family members while SS can't. Your money can still be invested and earning more money while you spend your SS money instead.
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