U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-23-2015, 04:00 PM
 
4,069 posts, read 1,567,337 times
Reputation: 7413

Advertisements

I think it was John Maynard Keynes that said "in the long run, we're all dead"...
Reply With Quote Quick reply to this message

 
Old 05-23-2015, 04:08 PM
 
71,971 posts, read 71,997,171 times
Reputation: 49554
i thought it was maynard g krebs
Reply With Quote Quick reply to this message
 
Old 05-23-2015, 04:12 PM
 
Location: RVA
2,174 posts, read 1,274,025 times
Reputation: 4497
I think it was Dobie Gillis...
Reply With Quote Quick reply to this message
 
Old 05-23-2015, 04:30 PM
 
Location: Colorado Springs
4,873 posts, read 4,983,050 times
Reputation: 17400
If only I knew when I was going to die.

I've learned that file and suspend to 70 has potential tax consequences. So I'd rather not burn through my savings.

So I plan to file at 67.

I paid the fica max for 35 years so at 67 I expect to get $2717 per month, $32.6K per year. Wifely unit gets $15.1K, combined $47.7K

We actually live off less than that now. No debt. House paid off. Sweet.
Reply With Quote Quick reply to this message
 
Old 05-23-2015, 06:59 PM
 
Location: Florida
4,382 posts, read 3,722,412 times
Reputation: 4126
[quote=Vision67;39735432]

I've learned that file and suspend to 70 has potential tax consequences.

What is the problem? Higher income higher taxes?
Reply With Quote Quick reply to this message
 
Old 05-24-2015, 03:08 AM
 
71,971 posts, read 71,997,171 times
Reputation: 49554
you have to run your own numbers if you are delaying and spending down assets.

laying out the money from your ira's may be the better deal since they reduce rmd's .

while the higher social security checks by delaying coupled with the rmd's may leave you just as high the fact is the social security is only taxed at a max of 85% vs 100% on the rmd's if you took ss early and didn't spend down assets.

just something else to add to the complexity.
Reply With Quote Quick reply to this message
 
Old 05-24-2015, 08:05 AM
 
Location: NC Piedmont
3,919 posts, read 2,888,205 times
Reputation: 6297
Quote:
Originally Posted by Garthur View Post
2 days ago a SS expert on TV said that the easiest way to decide when to take SS is to ask yourself a question, if you need SS for your retirement then wait as long as you can, if you don't need SS then take it as soon as you can. The more I have thought about it the more I think, it is about the best way to decide.

In a few months I will be 62 and I have no hesitation that this is the best decision.
My bleeding liberal heart like this idea for another reason. I should be able to retire well with what I have saved and the the amount I will get if I start taking it immediately on retirement (probably somewhere in the 63-65 range). Trying to maximize it will likely be greed, not need.
Reply With Quote Quick reply to this message
 
Old 05-24-2015, 11:02 AM
 
Location: Albuquerque NM
1,664 posts, read 1,533,374 times
Reputation: 3650
Quote:
Originally Posted by Ultrarunner View Post
I would say my parents nailed it to the best of their ability...

Mom is a few years younger and she applied at age 62... it let her do a lot of things she wanted to do... her benefit was around $550 twenty years ago...

Dad kept working right up to a few weeks before he passed away... at almost 74... he wanted to make sure Mom would be OK... that was 15 years ago and Mom's social security increased 3 fold... which is how he planned it...
This sounds like my parents. By working until his mid-70s, my dad was also able to get ten years of service with the state and secure my mom a small survivor's pension in addition to maximum social security. Fortunately his last job with the state was part time and he really enjoyed the work. He had cancer the last two years but hung on for the state pension for my mom - his management and co-workers were supportive and he was able to work from home some and take lots of sick leave and leave without pay at the end. My mom is 90 this year.
Reply With Quote Quick reply to this message
 
Old 05-24-2015, 12:42 PM
 
29,838 posts, read 34,924,704 times
Reputation: 11760
A fact that many aren't considering as it probably doesn't apply to them. A spouse delaying taking their benefit from FRA to age 70 is not necessarily giving up the full dollar amount of that benefit during those few years IF:

Their spouse has their own independent work record with a benefit that for simplification is greater than 50% of their own. Their spouse can take their benefit and at FRA that person can take spousal and get 50% percent of their spouses benefit since they have delayed filing for their own. That dollar amount received shrinks the difference in their own personal FRA benefit and their age 70 benefit also reducing the break even age. Consider the implications of a married couple the same age with duplicate work histories and SS benefits.
We are all different and our personal numbers crunched oh well you can imagine the universe of outcomes.
Reply With Quote Quick reply to this message
 
Old 05-24-2015, 03:43 PM
 
Location: Whereever we have our RV parked
8,858 posts, read 7,740,377 times
Reputation: 15223
We're getting close to retirement, but we have both considered working longer to max SS benefits. But then I did some quick math. I figured out that I could retire a little early, and although it would reduce my benefit, I can work some and easily make that up. (After all, I'll have plenty of free time.) Lets say you pick up a little part time job and work a few hours a week.. If you make just $50 a week, that's about $2500 a year. So I could retire earlier, and have lots of free time and time to put our traveling retirement into motion, or sit here and work a few more years full time, hoping our health holds up for a couple of more years.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top