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Old 03-25-2016, 07:44 PM
 
Location: Wisconsin
21,542 posts, read 44,060,337 times
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Quote:
Originally Posted by Full Spring Greenery View Post
He had $800K saved but was told by the experts at Fidelity he needed at least a million or more before he should even think about retiring. I told him any times the experts were wrong because he had no mortgage and lived in a low cost small town and would get $5000 a month if he retired at age 62 from a combination of Social Security and a 3 percent withdrawal and a small pension.
With $800k saved, no mortgage, low COL location, and almost $5k annuitized - except for the 3% - working for another $200k was totally unnecessary as you said. Such a shame. So many people retire with so much less - but their income streams are solid - and they do not need millions in retirement accounts to have a comfortable retirement.
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Old 03-25-2016, 08:47 PM
 
6,982 posts, read 3,879,681 times
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Quote:
Originally Posted by Full Spring Greenery View Post
A little bit more information is in order:

He tried hard to quit the job he hated and find another but the experts said don't quit until you find another job. So he stayed at the miserable job and with the long hours he did not have time to really look hard for a new job. With age discrimination he really struggled anyway in the job market.

He had $800K saved but was told by the experts at Fidelity he needed at least a million or more before he should even think about retiring. I told him any times the experts were wrong because he had no mortgage and lived in a low cost small town and would get $5000 a month if he retired at age 62 from a combination of Social Security and a 3 percent withdrawal and a small pension. But he did not believe me and went with the experts at Fidelity and kept working until he was 67 even though it was killing him.

I think they (the experts) are self serving and want people to work until they drop so they can put more and more money in their investment accounts.

You haven't mentioned it but are we to assume that he took all advice from all "experts" as diligently? Did he do things to keep his weight, cholesterol and blood pressure under control? Did he eliminate smoking and minimize drinking? Did he regularly exercise, eat a healthy diet and do things to reduce the stress you say he had?


The tough thing about "experts" is that they give advice but leave it up to the recipient of that advice to choose how to act on it.
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Old 03-25-2016, 08:50 PM
 
Location: The Berk in Denver, CO USA
14,046 posts, read 20,382,028 times
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Default Think

Anecdotal stories are worthless for planning purposes.
Data are your friends.
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Old 03-25-2016, 10:04 PM
 
Location: Seattle/Dahlonega
547 posts, read 388,790 times
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Quote:
Originally Posted by marino760 View Post
This is why I'm planning on retiring at 62, buying an inexpensive house in a nice small town and collect SS but continue to work just a few hours a week in order to get health insurance.
The government wants everyone now to retire as late as possible stating that chances are we will live into our mid to late 80s. I'm not falling for that.
Exactly
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Old 03-25-2016, 10:35 PM
 
Location: So. of Rosarito, Baja, Mexico
6,654 posts, read 18,693,708 times
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At age 60 and a small business owner was working 10-12 hrs a day.

New a person (age 55) who was also in the same trade as myself who had a stroke and within 6 months passed away.

This made me to cut down on my work and at 62 took my SS early and fully retired at 65.

Today I am 84 and pushing at 85 this summer if I'm lucky.

Did have a small heart attack and three TIA's a year ago and things have been iffy off and on since then.

Best to collect at 62......I did.
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Old 03-25-2016, 10:37 PM
 
Location: Idaho
1,455 posts, read 1,157,295 times
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Quote:
Originally Posted by davebarnes View Post
Anecdotal stories are worthless for planning purposes.
Data are your friends.
Interesting data from this study

https://www.ssa.gov/policy/docs/ssb/v74n4/v74n4p21.html

Quote:
the average death age for beneficiaries who claim benefits at age 62 is only 1 year lower than it is for those who claim at their FRA or later. This means that, on average, those beneficiaries who chose to have permanently reduced benefits will still need those benefits at fairly old ages, when health costs may be at their highest and personal savings may be depleted. As the table shows, beneficiaries who claimed benefits at age 62 will receive about $500 less per month, on average, than those who waited until at least their FRA to claim.
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Old 03-26-2016, 02:33 AM
 
4,446 posts, read 2,619,895 times
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Quote:
Originally Posted by Full Spring Greenery View Post
My brother hated his job but followed the financial experts who said he should wait until he was 67 before he retired and collect social security. The experts said he needed at least a million in investment and retirement accounts or he could not retire. He was just short of that figure so he decided to wait and collect more money.


The years between his 62nd and 67th birthday were tough. He hated working and his employer was always trying to get him to quit. It was tough on his mind body and spirit. Finally he reached age 67 and formally retired. A few months later he died suddenly of a massive heart attack.


If only he did not follow those silly experts, maybe he would still be alive today or at least his last five years would have been better!
Sorry for your loss.

WE are all going to do things....ALL of us....1} aging and get older and 2} DIE.


Number one happens all the time, Number 2 is a crap shoot.

Heck, at 32 I DIED already. I was clinically dead for 7 mins 40 seconds, most of it waiting for the EMTs to show up to shock my heart back to life {anaphylactic shock-allergic reaction to medication-resulting in my death}. HAD I NOT gone to work with walking pneumonia and been home alone I would NOT be here now. The manager saw me collapse and called 911 immediately knowing I was ill.
So, I NEVER would have gotten to retire if not revived, and I am now fair to middling 50s, and don't know when it will happen again. I MAY STILL not get to "retire"!

The last five years of anyone's life are often "tough". Your brother could have as easily lived to age 94, OR Died ANYWAY.
Circumstances MAY NOT have changed his time of death.
But MAYBE SO, who knows? only the man upstairs IF you believe.

SO dont despair.

it ALSO does NOT behoove one to retire early and not work if one cannot afford to live in retirement....you DON'T KNOW he would have died 5 years after retiring at 62, HE might Have lived to 94 broke and on welfare drooling on himself in a nursing home. Would that really have been better?

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Old 03-26-2016, 02:40 AM
 
71,736 posts, read 71,853,273 times
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Quote:
Originally Posted by BellaDL View Post
plus that study is skewed because sickly folks rarely will delay taking ss voluntarily .

it is like study's show those who own annuity products live longer .

but the reason is those who feel their longevity sucks don't buy annuity products .

so the fact that those that take ss early only have 1 year of life on average less then those who delay and are a healthier group is quite interesting .

even those who think their longevity sucks end up living much longer it seems

Last edited by mathjak107; 03-26-2016 at 03:07 AM..
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Old 03-26-2016, 03:02 AM
 
Location: R.I.
980 posts, read 607,104 times
Reputation: 4258
Quote:
Originally Posted by Full Spring Greenery View Post
My brother hated his job but followed the financial experts who said he should wait until he was 67 before he retired and collect social security. The experts said he needed at least a million in investment and retirement accounts or he could not retire. He was just short of that figure so he decided to wait and collect more money.


The years between his 62nd and 67th birthday were tough. He hated working and his employer was always trying to get him to quit. It was tough on his mind body and spirit. Finally he reached age 67 and formally retired. A few months later he died suddenly of a massive heart attack.


If only he did not follow those silly experts, maybe he would still be alive today or at least his last five years would have been better!
Very sorry about the loss of your brother. My late husband also died of a massive heart attack 18 years younger than your brother at age 49. My husband loved his job, ate a clean diet, worked out daily, did not smoke, and had a beer or two maybe at Christmas, but despite all those positives he died young anyway.

Going through the grief process I too hit an angry stage and blamed genes, God, anything or anyone I could as the cause of my husband's early death because I just could not accept the reality that he died. Anger became a very exhausting emotion for me to continue to carry, and one day I came to the realization that anger and all the other if onlys would not bring my husband back but only negatively impact my own health.

Experiencing the death of a loved one is the most difficult experience to go through in this life. But when we allow ourselves to process each stage of our grief which sometimes it feels like for every step forward we take two back, we will emerge from it one day and the anger will be replaced by feeling very blessed that we had that loved one in our lives even though that time may have been much shorter than we ever expected.

Again, very sorry for your loss.
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Old 03-26-2016, 04:04 AM
 
Location: Mount Airy, Maryland
10,470 posts, read 5,939,796 times
Reputation: 16170
Quote:
Originally Posted by ShakenStirred View Post
A very sad story indeed, and you have my sincerest condolences. That being said, there is a lesson to be learned here, which is do NOT rely on the US Federal government to secure your retirement needs. Max out your 401k's, IRA's and every possible savings vehicle you can afford.


Plan ahead....way ahead.


SS
He had saved $800,000 and was told to keep working until he had a million by his financial advisor, not the government. What does the Federal Government have to do with this story?
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