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Old 03-28-2016, 06:53 PM
 
2,292 posts, read 1,558,977 times
Reputation: 2737

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Quote:
Originally Posted by dbsteel View Post
Good post. Clearly a lot of people don't know what they are talking about. Waiting is nowhere near "negligible". It's like an 8% gain per year increase...... better than most investments. There is no need to wait if your are truly struggling, but if you aren't, it sure makes sense to wait.
It's nowhere near an 8% gain if you factor in all the missed payments from 62 on.
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Old 03-28-2016, 10:55 PM
 
6,950 posts, read 3,857,584 times
Reputation: 14761
Quote:
Originally Posted by Mightyqueen801 View Post
I retired four weeks ago, at 57. I can't collect SS for another ten years, but I could start collecting my pension at 55. I waited till 57 because at 55 I was in the middle of a major project that would look good on my resume, and I got a promotion with a chunky raise that would boost my pension a few thousand a year.

Howver, the "experts" would need smelling salts if they reviewed my financial situation. I have debt, lots of it. I can manage it on my pension, but I hope to work again down the road to knock it down faster.

What I couldn't manage was four hours a day commuting and the way the workplace was changing from political influence. In addition, our contribution to health care was going up--but I pay nothing for it in retirement. I sat down one day and worked out the numbers with the health care cost, the commuting cost, and the taxes, and I realized I was schlepping to the city four hours a day for $10k -$15k a year. I can get that part time retail locally.

I would never be able to get those hours back if I stayed longer. The experts don't take that into consideration.
You can collect in five years; just not full benefits.
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Old 03-28-2016, 11:31 PM
 
Location: VT; previously MD & NJ
2,184 posts, read 1,340,059 times
Reputation: 6291
Quote:
Originally Posted by steveklein View Post
This is just another example of why social security should not exist. It should be privatized. Let people plan for their own retirements. If they want to run out of money at 70 and end up homeless, that should be their choice. If they want to work until they are 75 and only take 2% of their retirement fund out each year to ensure they can be financially stable until 120, then so be it.

Government should be there to solve problems that individuals can't... like deal with wars, stop illness epidemics, etc. Let me take care of myself and my family. I don't need the government for that.
I wonder how young you are and how much you have been able to save so far for your retirement? Have you been through a major downturn in the "privatized" stock market where you lost half your savings/investments?
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Old 03-29-2016, 01:43 AM
 
71,468 posts, read 71,652,652 times
Reputation: 49027
Quote:
Originally Posted by Burkmere View Post
It's nowhere near an 8% gain if you factor in all the missed payments from 62 on.
the return can be zero for up to 22 years if you factor in enough things .

but ss is insurance and like all insurance , it should not be measured in return but in guarantee's
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Old 03-29-2016, 04:54 AM
 
698 posts, read 766,714 times
Reputation: 455
I'm so sorry for your loss.

Hopefully he listened to the "experts" and had all of his paperwork in order and beneficiaries listed on his retirement accounts? Going thru probate court is no picnic.
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Old 03-29-2016, 04:59 AM
 
71,468 posts, read 71,652,652 times
Reputation: 49027
from what people say here we are not even sure the story is true
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Old 03-29-2016, 06:17 AM
 
29,764 posts, read 34,851,819 times
Reputation: 11675
Quote:
Originally Posted by mathjak107 View Post
the return can be zero for up to 22 years if you factor in enough things .

but ss is insurance and like all insurance , it should not be measured in return but in guarantee's
Now that we are close to 70 the question is how not about how much we will in the aggregate have made or loss by my delaying my SS to 70. The reality is that our specifics enable us to have a very comfortable financial profile moving forward into our very late 60's and beyond. The debate for us is in the rear view mirror and the comfortable road ahead in the front window.
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Old 03-29-2016, 06:54 AM
 
71,468 posts, read 71,652,652 times
Reputation: 49027
i don't really even care if i made or lost by delaying . the most important thing is our dependency on markets and rates for our income falls by almost 25k-30k a year in draw by waiting .. that difference in poor market years translates out to spending a lot less of the goose laying those golden eggs .
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Old 03-29-2016, 10:15 AM
 
708 posts, read 501,574 times
Reputation: 1165
Quote:
Originally Posted by jasperhobbs View Post
I will add to the conspiracy theory and maybe the social security checks have something on them that causes death in a few months. Best to be on the safe side and go with direct deposit.
Only way you can get SS is with direct deposit.
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Old 03-29-2016, 10:19 AM
 
Location: Carolina
190 posts, read 301,539 times
Reputation: 324
My brother did what he was told and waited until 67 to collect Social Security- and then died!

I'm sure that someone that didn't pay anything into the system will be glad while drawing from it, Thanks to your brother.

Sorry he didn't get what he deserved for his hard work. Life ant fair, that's for sure.
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