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Old 03-09-2016, 03:55 AM
 
Location: Washington State
18,462 posts, read 9,561,235 times
Reputation: 15753

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Quote:
Originally Posted by Escort Rider View Post
I enjoyed life while I was working. Why would a person wait decades until retirement to start enjoying life? As to health, one is not ipso facto healthier because one has retired. Sure, one might be heatlhier if work was high stress involving anger and 60-hour weeks, etc. One might also be less healthy if one feels no sense of purpose and/or is socially isolated after retirement. This Retirement Forum is liberally supplied with examples of the latter. Neither of your assumptions is automatic, although I don't doubt they derive from your personal experience. My point is that your personal experience is not universal and will not necessarily apply to the OP of this thread.
Agree that you shouldn't wait to enjoy life. And yes, my work life has been 60 hour weeks and much stress every day though I wouldn't say anger and it has negatively affected my health I believe though made it possible for me to retire early and not worry about money.
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Old 03-09-2016, 06:56 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,169,240 times
Reputation: 6691
One of the things I would be concerned about with waiting to collect till 70 is that they will again change the rules on you. What if that extra 8% a year goes away or is lowered significantly? Then you have given up thousands of dollars you could have collected starting at FRA, and get little or nothing in return.
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Old 03-09-2016, 08:23 AM
 
71,501 posts, read 71,674,131 times
Reputation: 49079
odds are that will stay put . last thing they want is everyone filing early and draining the system because there is little incentive to wait or you don't trust them .
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Old 03-09-2016, 08:23 AM
 
7,795 posts, read 4,383,926 times
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You can't take it with you... The goal is to die broke (unless you think you "owe" an inheritance to someone else). I, too, have amassed a nice nest egg and am now enjoying the planning process as I budget what to spend where before the steady income kicks in. Again, because I can't take it with me - and also because it may not even be there then - I may not wait till the maximum age to start drawing; depends how broke I am by age 62.
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Old 03-09-2016, 08:46 AM
 
1,973 posts, read 1,305,141 times
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I'm "only" 50 right now, but I think this will be my plan if it can work. It means my 401K would greatly dwindle, but waiting on the SS really adds a lot in 20 years projections, unless something changes. Whether I can pull it off to 70 remains to be seen, so I might compromise to 68 or something and retire at 65........ 3 years.


My wife is 7 years younger so it would help her too.
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Old 03-09-2016, 08:57 AM
 
86 posts, read 56,744 times
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I plan to continue investing and saving in my 401K while collecting SS at age 62. I will also be receiving a pension from my employment. The primary reason is that I don't want to touch my savings, which will survive me if I die early. Whereas Social Security dies with you (unless you have minor dependent children). I would prefer to get my SS money NOW and enjoy living off that and my pension and use my 401K as needed in the future. If I die, my children and grandchildren get to inherit a chunk of change and I will have enjoyed my SS monies early.
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Old 03-09-2016, 09:37 AM
 
1,973 posts, read 1,305,141 times
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I always though the idea of "saving for retirement" was so you could retire and enjoy life a little bit. What is the point of saving a million bucks and not spending it down.... isn't that the idea? There is no chance of me living off SS while my nest egg continues to grow


I don't think its as stressful as you think spending it down early. My projection for SS benefits for me and my wife based on the "calculators" is roughly $6600 per month if I wait till 67 to collect.... and if I wait to 70 it is saying more like $8600..... 20 years from now, in future inflated dollars. Even if that's an over estimate, say $5000 and $7000 respectively. That's a pretty good "raise", after which I could back way off on the 401K if I was using it to bridge the gap. The jump in SS from 65 to 70 is huge, and if its "running out of money" you are worried about, it won't happen. And my wife gets a better benefit if I pass.
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Old 03-09-2016, 09:47 AM
 
6,875 posts, read 7,273,507 times
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Two things….1)
Quote:
One of the things I would be concerned about with waiting to collect till 70 is that they will again change the rules on you. What if that extra 8% a year goes away or is lowered significantly? Then you have given up thousands of dollars you could have collected starting at FRA, and get little or nothing in return.
At least you'd have some warning before that would be put in place. And of course, even if change it on you before you get to age 70, filing at 69 will get you a higher benefit than, 68, which would be higher benefit than 67. So even if you don't get to 70. Lord willing you'll still get to a break even point where waiting was worth. And likely, if just ONE year is THAT big a deal the person was tight to the vest anyway. 2)

Quote:
odds are that will stay put . last thing they want is everyone filing early and draining the system because there is little incentive to wait or you don't trust them .
Mathjack, you like to run numbers…. I hear what you say about them not wanting a rush on the system. But that didn't stop them from changing the file and suspend and giving people….what? not even 6 months time from passage to enaction. I wonder how many people pushed up their file and suspend because of the change. I suppose one could argue that no where near as many people ever filed and suspended anyway, so while the number of people who sped up that decision to get in under the wire would be an increase -- it wouldn't be a "surge." But I don't know that. Has there been any assessment yet of what percentage increase, or how many people or what percentage of retirees that might have been. I'm also not even sure how the change benefits the health of Soc Sec over all. I guess it must or they wouldn't have done it. I just don't know how.

3) As for projections 20 years from now. Who the heck knows WHAT Soc. Sec. might be like. More and more politicians are proposing means testing. And it COULD eventually pass. We haven no idea what Soc Sec. rules and benefit calculations might change.

They pushed up the FRA and did it decades ago so gave a generation a heads up…yet the file and suspend rule change was changed just months ago, and will go into place in just a few weeks.

Last edited by selhars; 03-09-2016 at 09:58 AM..
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Old 03-09-2016, 09:53 AM
 
Location: Sylmar, a part of Los Angeles
3,978 posts, read 2,537,158 times
Reputation: 8492
I retired and started getting SS at 62 as soon as you can. Never regretted it. I had to buy health insurance until 65 and I started on Medicare.
I read somewhere that if I live to 80 I will have gotten as much from SS as if I had waited to 66 my full payment age.

I also have been very thrifty all my life and now my financial adviser says I should spend more, and I just can't.
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Old 03-09-2016, 09:56 AM
 
Location: Great State of Texas
86,093 posts, read 72,479,637 times
Reputation: 27565
Quote:
Originally Posted by mathjak107 View Post
odds are that will stay put . last thing they want is everyone filing early and draining the system because there is little incentive to wait or you don't trust them .
You never know what Congress will do as we get closer to that magic date for SS...2030 or sooner due to them funneling more FICA to SSDI.
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