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Old 03-27-2016, 07:55 AM
 
Location: Close to an earthquake
890 posts, read 676,616 times
Reputation: 2390

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Quote:
Originally Posted by mathjak107 View Post
when you know enough about the pro and cons thoroughly enough you should be able to argue with yourself just as well either for against it .
Agreed. Like a dog chasing his tail in a paralysis by analysis mindscape.
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Old 03-27-2016, 07:57 AM
 
71,495 posts, read 71,674,131 times
Reputation: 49074
yep , that is the biggest mistake people make . they only learn one side of things from those who support their view but never sleep with the enemy to learn the opposing view well enough to really make an informed choice .

instead they parrot what other folks with a skewed view of things say since they only know what they know and don't know a thing about what they don't know .

you see it here all the time especially in the economics forum . those with a particular view go searching for every opinion and article that supports their view while high fiving and supporting others who support their view .

most folks have their knowledge of ss begin and end with what if i die .

the entire other side of things is missing from their opinion with all the details they have no knowledge of . .

Last edited by mathjak107; 03-27-2016 at 08:20 AM..
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Old 03-27-2016, 08:23 AM
 
Location: Idaho
1,451 posts, read 1,153,447 times
Reputation: 5472
Quote:
Originally Posted by Perryinva View Post
If you can afford to delay, especially if its relatively easy to, and need the years of lower income to manage the tax consequences of your IRA/401k, then it makes sense as a longevity annuity. It is never about "breaking even".
Agree 100%.

Both my husband and myself are delaying collecting SS until we are 70 for the following reasons:

1. We can afford to delay.

2. Delaying is tax efficient. My husband is 5 years older. If he had collected SS earlier while I was working, his SS payment would have pushed us up to higher tax brackets. Now that I am retired, we are trying to squeeze the most tax benefit from our current no-earned-income years by converting 401K/IRA to Roth IRA to reduce future RMDs.

3. Delaying gives us higher payments. When I turn 66, I can collect 1/2 of my husband SS benefit (which will be his max at 70) and collect my own max SS benefit at 70.

4. Although collecting 'more' total SS benefits has never been our goal, I had done some spreadsheet calculation which showed we would definitely come out ahead given our expected longevity (family history and our own good or excellent health condition).

It's interesting to see that higher levels of education correspond to further delays of collecting SS benefit. This is likely due to the fact that higher education can lead to higher income/saving (and for some: higher pensions) thus allowing people like us to delay collecting SS benefits.

The data is shown in the attached chart: Percentage distributions of nondisabled beneficiaries, by education and claim age, 2014 from this website

https://www.ssa.gov/policy/docs/ssb/...21.html#chart4
Attached Thumbnails
How many here delayed collecting or retiring to FRA or later and are very glad they did?-percentage-distributions-nondisabled-beneficiaries-education-claim  
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Old 03-27-2016, 08:34 AM
 
Location: The South
5,214 posts, read 3,630,568 times
Reputation: 7896
At age 55 I was offered a buyout to leave. I turned it down and was offered it again at age 57 and accepted. So I delayed my retirement. However I started SS at age 62. I made my bet to collect early cause everybody knows you will die shortly after. Here I am at age 78, so I guess I should have waited to start SS. But I haven't left any of my SS contributions in the pot.
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Old 03-27-2016, 09:10 AM
 
Location: Grove City, Ohio
10,129 posts, read 12,378,690 times
Reputation: 13947
Quote:
Originally Posted by Perryinva View Post
So many threads about people not waiting until it's "too late"? How about some more anecdotal in the opposite arena? Not JUST delaying SS, but even retirement in general, especially if you now find you actually COULD have retired earlier, and been okay. Still feel it was the better decision?

Obviously, we will get the usual peanut gallery of people exclaiming how happy they are that they retired early, and doing just fine, thank you very much. Don't need your input here, it's already in just about every other thread in this forum. Please restrain yourself from posting such and derailing the thread, so this may become an easy thread to peruse later.
I'm nearly 68, not collecting yet and the plan for me is to wait until age 70.

I consider my job as fun so I am not being forced to do something I don't want to do.

My wife will start collecting her social security in April receiving her first payment the fourth Wednesday in May. Her benefit is 50% of my FRA benefit and we just got under the wire with one week to spare before the higher earner files and suspends so the lower earning spouse can collect at their FRA.

Her benefit is $1,200. It's like found money on the street because we really don't need it but we will certainly take it.

Every six month period I work my benefit goes up by $100/month for the rest of my life. $200/month for every year and that is a lot to me. As I tell my wife "the $100 we get this six months is equivalent to free cell phones the rest of our lives... the $100/month we get by working the next six months means is equivalent to free basic cable television and internet the rest of our lives.." and so on. It isn't that we need the extra money it just means we can enjoy a slightly higher standard of living.

If I put off collecting until 70 my benefit will be $3,100 so our combined benefit is $4,300 which is equivalent to a job giving $1,000 weekly take home pay but I won't have to work. If we were among those retiree couples who rely on social security alone to survive (boo-hoo) I think we will be able to make it.

That extra $800 we will get means a lot to us and goes a long way towards making up for the sin of not saving what I should have saved when I could have saved it but I never said I was perfect. At age 45 I just never saw retirement coming or did I refuse to see it?

I am in excellent health for my age (who among us doesn't have a little problem here and there?) but if I were to die the day after turning 70 I would have no regrets because my increased benefits would be collected by my dear wife who has put up with my crap for over 40 years. The working for four years was like purchasing an annuity paying $800/month for the rest of your life and how much would that cost? Using the 4% rule of withdrawal that $800/month is exactly as if I saved an additional $240,000 which I didn't. That $800 is guaranteed and it comes with COLA's.

If I had to stop working tomorrow I wouldn't collect and we'd make it on her benefit, what little we have coming in on pensions and withdrawing the big items from what IRA savings we do have. We'd have to tighten our belts a little bit but we wouldn't be uncomfortable, we'd be OK.
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Old 03-27-2016, 09:13 AM
 
Location: Eastern UP of Michigan
1,202 posts, read 682,251 times
Reputation: 1271
Quote:
Originally Posted by borninsac View Post
Agreed. Like a dog chasing his tail in a paralysis by analysis mindscape.

Yep, this and the statement by Mathjak describes us perfectly on the matter.


Jim cannot collect a spousal SS on me due to his CSRS pension amount, and I have multiple relatives who are living/have lived into the 90s and 100s.


At present its going to be pull from savings as needed, but do so rather frugally. I have cut back my work hours by 1/2. We are really starting to experience that "sweet spot" in life and even with 42 years together we want to spend as much time together as possible and that is more important than $$.
Thankfully, we have a decent amount stashed aside. Not a huge amount but a 3.5% WR with collecting SS at 63 would give us about 110% of our desired income, based on past expenses.


Gonna punt and look at the overall picture every January beginning with 2017.
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Old 03-27-2016, 10:16 AM
 
Location: In a vehicle.
5,021 posts, read 3,211,192 times
Reputation: 8208
Quote:
Originally Posted by funisart View Post
So why shouldn't we have another thread about it. How does your post help??

I don't understand people who have to denigrate others ideas for posts--if they don't want to read them don't read them and don't comment.

We retired 2 years ago and still have not taken social security -though we are at/past FRA. Our pensions and bonuses from husband's patents have been more than enough.
Because some people have nothing better to do then start threads with the same bent that has been discussed to death. And we really don't need more of the same type of posts. Think original instead..

Of course those who did seem to have had major financial investments, still are able bodied and have few health issues. So that's not part of the equation. You really need people of the SAME financial backgrounds to debate whether or not what they did was right.
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Old 03-27-2016, 10:25 AM
 
4,343 posts, read 6,054,558 times
Reputation: 10428
Quote:
Originally Posted by Disgustedman View Post
Because some people have nothing better to do then start threads with the same bent that has been discussed to death. And we really don't need more of the same type of posts. Think original instead..
The same can be said for just about every thread started. (shrug) I started a thread about mattresses a year or so ago but I enjoy reading a new fresh thread. If you dig up an old topic, you get slammed. If you start a new topic, it's bound to be repetitive. Can't please everyone.
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Old 03-27-2016, 11:19 AM
 
29,772 posts, read 34,856,103 times
Reputation: 11681
Quote:
Originally Posted by Disgustedman View Post
Because some people have nothing better to do then start threads with the same bent that has been discussed to death. And we really don't need more of the same type of posts. Think original instead..

Of course those who did seem to have had major financial investments, still are able bodied and have few health issues. So that's not part of the equation. You really need people of the SAME financial backgrounds to debate whether or not what they did was right.
So are you suggesting a thread titled:

Quote:
If you are retired with a six figure plus retirement income, did delaying SS play a major role and if so are you happy you did? If not what if any negative impact did taking early have?
Does that work?
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Old 03-27-2016, 12:53 PM
 
Location: Central IL
15,201 posts, read 8,513,923 times
Reputation: 35600
Quote:
Originally Posted by mathjak107 View Post
As the saying goes , delaying ss until 70 is a decision no one ever lives to regret
Yes....it is not my goal to screw the government as some early-takers seem to want to do. I'm looking out for myself and if waiting makes the most sense then that's what I'll do. It's a balance - I don't want to deplete my own funds down too low so it'll depend on what the markets do but I'll wait as long as I can.
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