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Old 05-24-2015, 09:02 PM
 
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For me taking it at 62 is right so far. Its really just depends; some need it later; just as retiring later ;others can enjoy it at younger age.
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Old 05-24-2015, 09:02 PM
 
Location: Montana
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Quote:
Originally Posted by Escort Rider View Post
Quite true. However, once one has reached one's 35 years of Social Security earnings, continuing to work may not result in very much gain, depending on whether one is now earning at a substantially higher rate (as adjusted for inflation) compared to the early working years. Even if that is the case, as it frequently is, the biggest gains from continuing to work are realized when one is replacing zeros in the averaging, as is the case with less than 35 years of earnings history.

So a lot can still depend on individual factors.
In my case, stoping at 57 vs. working to 62 and stopping working made about $60 per month difference if I start drawing at 62. Not sure that's worth it to me to keep working an additional 5 years, since the pension covers everything anyway. (First world problems )

If I needed the money to make my retirement budget work, then of course I would work until the SS payment met the requirement, whether that's 62, 65, FRA, or 70.
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Old 05-24-2015, 09:20 PM
 
Location: Los Angeles area
14,018 posts, read 17,744,100 times
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Quote:
Originally Posted by Tuck's Dad View Post
In my case, stoping at 57 vs. working to 62 and stopping working made about $60 per month difference if I start drawing at 62. Not sure that's worth it to me to keep working an additional 5 years, since the pension covers everything anyway. (First world problems )

If I needed the money to make my retirement budget work, then of course I would work until the SS payment met the requirement, whether that's 62, 65, FRA, or 70.
O.K., admittedly the monthly increase in Social Security is negligible - you must have your 35 years of SS earnings completed by age 57. However, quite apart from what the SS benefit will be, there is the issue of having, or not having, the income from your employment for those five years. If you don't need that income, as you seem to imply ("the pension covers everything") and you don't have the desire to keep working, you should quit work at 57, in my view.

On the other hand, if you are still enjoying your job, it might be nice to bank your income for a few years starting at age 57. Or am I misunderstanding about the pension? Perhaps it cannot start until you stop work? Or is the pension from a previous, different job and you can start drawing the pension at 57 whether you continue to work or not? Sorry if I have not paid sufficient attention to your previous posts.
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Old 05-24-2015, 10:10 PM
 
Location: Montana
1,752 posts, read 1,655,917 times
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Quote:
Originally Posted by Escort Rider View Post
O.K., admittedly the monthly increase in Social Security is negligible - you must have your 35 years of SS earnings completed by age 57. However, quite apart from what the SS benefit will be, there is the issue of having, or not having, the income from your employment for those five years. If you don't need that income, as you seem to imply ("the pension covers everything") and you don't have the desire to keep working, you should quit work at 57, in my view.

On the other hand, if you are still enjoying your job, it might be nice to bank your income for a few years starting at age 57. Or am I misunderstanding about the pension? Perhaps it cannot start until you stop work? Or is the pension from a previous, different job and you can start drawing the pension at 57 whether you continue to work or not? Sorry if I have not paid sufficient attention to your previous posts.
Nope, you have it correct, I have 37 years full time, and a few years part time employment that "count" starting in the 1970's. I am currently drawing a pension, in addition to my salary, and have been for three or four years. The pension includes full medical for both myself and my wife.

It's just that I seem to have developed an allergy to work! . I have a good job, make very good money, and nothing is driving me to quit/be fired, the company prefers I stay (I do consulting for them), and if I worked two additional years, the retirement house will be paid for before retirement, so it really is that I just want to retire, and don't have a compelling need to generate an income beyond the pension.

The wife wants to be closer to the grandkids, and I want to chase some dreams and do some traveling while I am still in good health and sound mind (always wanted to write, but had to be realistic about supporting a family, so now is my time - and if I am one of the ~95% that never make it big, well, no harm no foul!).

We are just about finished on construction on our retirement house on the mainland, and that completion will likely drive when I stop working.
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Old 05-24-2015, 10:47 PM
 
Location: Delray Beach
1,136 posts, read 1,440,242 times
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If by 'nailing it' you mean having no regrets re how and when you took benefits, then, yeah, I nailed it.

I was voluntarily 'retired' in the first wave of the Great Recession, lived on severance and UE for two years, bought a beautiful SoFla place at a rock bottom price, and commenced SS and modest 401k withdrawals to fund home renos while markets recovered.

Then decided to suspend SS and reduce retirement balances (which had grown substantially) so as to keep a lid on future RMDs, which would get taxed more heavily, along with increased Medicare premiums resulting from that income.

I don't need the SS$$ but when I resume benefits they will be substantially greater.

So I took it when I needed it, let my retirement assets grow during the 'recovery', stopped it when it suited me, and will have the added security of an inflation protected benefit exceeding anything I planned for.

Whether I 'break even' or not is of utterly no importance to me.
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Old 05-25-2015, 12:04 AM
 
1,210 posts, read 708,855 times
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My pension reduced by $4800 when I hit 62 so I took SS then. She was still working. Now 9 years later, both retired since 2005, I look back and ask myself did I really have to take SS at 62. I have no clue.
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Old 05-25-2015, 12:15 AM
 
Location: The Berk in Denver, CO USA
14,041 posts, read 20,362,290 times
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I found maximzemysocialsecurity.com to be helpful.
For me, it was $40 well spent.
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Old 05-25-2015, 12:27 AM
 
Location: RVA
2,167 posts, read 1,267,777 times
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Nailing it may not be evaluated because sometimes we take it delayed as insurance for the remaining spouse. So if you "did the right thing" by delaying it and dropped dead, and your spouse benefited , it's hard to say you really nailed it, right ? That's the only reason I am delaying to FRA, especially since I will have a minimum of 40 years of maximum contributions to SS. Since I'm kicking in an extra $35-50k the least I can do is get the maximum out of it. By delaying it, I can take a larger pension that's not COLA, so spouse gets a larger benefit that is COLA.
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Old 05-25-2015, 12:27 PM
 
29,782 posts, read 34,876,173 times
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Quote:
Originally Posted by Perryinva View Post
Nailing it may not be evaluated because sometimes we take it delayed as insurance for the remaining spouse. So if you "did the right thing" by delaying it and dropped dead, and your spouse benefited , it's hard to say you really nailed it, right ? That's the only reason I am delaying to FRA, especially since I will have a minimum of 40 years of maximum contributions to SS. Since I'm kicking in an extra $35-50k the least I can do is get the maximum out of it. By delaying it, I can take a larger pension that's not COLA, so spouse gets a larger benefit that is COLA.
Yes you did nail it as that was your goal and you met your other income and resource parameters. That was our goal and I am close to saying nailed it. How close are you to the DC metro area?
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Old 06-15-2015, 03:30 AM
 
71,651 posts, read 71,777,271 times
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i saw this little view of things on another website and liked it.

1) Take SS at 62 and die sooner than average. -- I paid more into SS than I collected, but I'm dead and don't care.
2) Take SS at 70 and die sooner than average. -- I paid more into SS than I collected, but I'm dead and don't care.
3) Take SS at 62 and die much later than average. -- Taking lower SS could hurt me if my retirement portfolio is not enough for my unexpected long life. Potentially a large cost.
4) Take SS at 70 and die much later than average. -- I'm getting the maximum, inflation adjusted SS benefit at the same time I'm spending more than expected from my retirement portfolio. Potentially a large advantage.

of course there are many factors to consider but it was a nice blurb any way.
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