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Old 03-29-2016, 10:21 AM
 
708 posts, read 506,219 times
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The key is when to retire and take SS or not, depends on your debt. Best to work until debt is paid off.
Double benefit as every month you work your debt goes down and your SS payment will go up. When
debt all paid for then look at your finances and if you will have more money coming in then going out
retire no matter what some advisor tells you. Unless you love your job and want to keep working.
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Old 03-29-2016, 10:26 AM
 
12,145 posts, read 5,213,177 times
Reputation: 19351
Quote:
Originally Posted by Willistonite View Post
The key is when to retire and take SS or not, depends on your debt. Best to work until debt is paid off.
Double benefit as every month you work your debt goes down and your SS payment will go up. When
debt all paid for then look at your finances and if you will have more money coming in then going out
retire no matter what some advisor tells you. Unless you love your job and want to keep working.
That's what I'm looking at. At 65 and no house payment or debt to credit cards I should be far better off than I am now even starting SS at 62. I don't love my job and can't wait until I can quit.
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Old 03-29-2016, 10:28 AM
 
3,034 posts, read 1,229,685 times
Reputation: 1961
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.
Exactly, from a SSA booklet.
Quote:
If you live to the average life expectancy for someone your age, you’ll receive about the same amount in lifetime benefits. It doesn’t matter if you choose to start receiving benefits at age 62, full retirement age, age 70, or any age between.
There is an exception because when you take SS before your full retirement age and continue working wages can lower your SS check.
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Old 03-29-2016, 10:29 AM
 
Location: Lakewood OH
21,698 posts, read 23,744,769 times
Reputation: 35465
Quote:
Originally Posted by fluffythewondercat View Post
The OP has been known by many names in the past. Each of his accounts are shut down within a few weeks of creation. He tells fanciful tales about his relatives and often exaggerates wildly.

Odds are this story about his 67 year old brother is no more true than the one he told about his 300 lb sister who moved into his house and won't leave.
Oh, I wasn't aware. Thanks for the heads up. I won't bother with this thread again. Although some of the responses have been interesting.
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Old 03-29-2016, 10:33 AM
 
12,145 posts, read 5,213,177 times
Reputation: 19351
Quote:
Originally Posted by Eeyore1954 View Post
Exactly, from a SSA booklet.


There is an exception because when you take SS before your full retirement age and continue working wages can lower your SS check.
But you are allowed to take your SS at 62 and earn a minimal amount without it lowering your SS.
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Old 03-29-2016, 01:00 PM
 
6,940 posts, read 7,338,710 times
Reputation: 9853
Quote:
But you are allowed to take your SS at 62 and earn a minimal amount without it lowering your SS.
Yeah minimal is right…I think it's something like 25K for a single person.
I know I can't live off of that even with an early SS benefit and early pension added. (Or wouldn't want to, let's put it that way)

But I guess it will work for some people so it's good to know. For example, if a person has earth issues and has to cut back to part-time work…..
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Old 03-29-2016, 01:04 PM
 
72,259 posts, read 72,222,083 times
Reputation: 49802
you start to lose a dollar for every 2 you earn above 15,720.00 . single or married does not matter
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Old 03-29-2016, 01:33 PM
 
Location: Exeter, NH
5,307 posts, read 4,417,367 times
Reputation: 5710
Quote:
Originally Posted by lieqiang View Post
Can you provide a source for this? Not only are terms like "active and healthy" nebulous and impossible to quantify, "very few" is equally useless as a measure. You might be right (I have no idea) but I'd be curious of the source of your claim.
The above is responding to the part of my post that says: "Very few people are still active and healthy at age 67 (the age when my generation qualifies for Social Security)."

While I don't have all day, the World Health Organization defines "Healthy Life Expectancy" as "Average number of years that a person can expect to live in 'full health' by taking into account years lived in less than full health due to disease and/or injury." The problem with HLE tables is that each table must be based on a certain age, and age 65 is used almost all the time (e.g., State-Specific Healthy Life Expectancy at Age 65 Years — United States, 2007–2009). These tables say nothing about the number of people who died, or lost good health, before age 65.

In terms of just survival, data from the federal CDC shows that about 83,251 out of 100,000 Americans survive to age 65, meaning that 16,749 out of 100,000 die before age 65 (Table B, http://www.cdc.gov/nchs/data/nvsr/nvsr58/nvsr58_21.pdf). With the odds of dying before age 65 at around 17.4%, the odds of dying before 67 will be around 20%, or 1 in 5. In a form that is easier to visualize, check out the steep decline that begins right around age 54 in this bar chart for "U.S. Population by Age, July1st, 2013" (The Most Common Age in the US is Far Younger Than You Think | Stevens and Sweet Financial).
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Old 03-29-2016, 01:47 PM
 
72,259 posts, read 72,222,083 times
Reputation: 49802
all that really matters though is you are alive , generating bills and still need to meet your obligations whether in fine health or not .
personally we are delaying because by delaying mathematically you can spend more early on because you will refill later with a 70% bigger check . if you die , well dead is dead .

poor health may end up costing more .
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Old 03-29-2016, 02:01 PM
 
Location: Coastal New Jersey
56,493 posts, read 54,891,239 times
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Quote:
Originally Posted by kokonutty View Post
You can collect in five years; just not full benefits.
Yes, that's correct. I don't intend to collect early if I don't have to.
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