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Old 03-27-2016, 01:18 PM
 
Location: Ohio
19,953 posts, read 14,260,675 times
Reputation: 16133

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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?
How about you just admit that retirement is not a cookie-cutter process based on some magic formula?
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Old 03-27-2016, 01:26 PM
 
536 posts, read 632,740 times
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I was tempted at 62 being in the middle of a very difficult financial year. I resisted til FRA and am glad. I am still working--still haven't retired and have no plan of doing so soon.

But I did wait to file until full retirement age. I should say that I was advised well by people on here who advised me to wait. It was an uncomfortable wait, but I did it.
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Old 03-27-2016, 09:08 PM
 
Location: RVA
2,172 posts, read 1,270,926 times
Reputation: 4492
Quote:
Originally Posted by Mircea View Post
How about you just admit that retirement is not a cookie-cutter process based on some magic formula?
And your point is what exactly? Retirement is OBVIOUSLY not a cookie cutter formula, or as I clearly stated, this forum would be empty. I really thought this was a simple question for reasonable input, and for most that responded, it was. Until Matt mentioned that there was another poll that the number one regret for those that took SS Early and lived long, was not delaying, I'd never heard that. It MAY be a self fulfilling prophecy, like "how many people that died at 65 and did not collect at 62 wish they did?" The answer is none of them, because they are dead. And if they had wished to change their minds 6 months before they died, then why didn't they? Because they didn't think they were going to die. My point of this thread, and one I haven't in the year or so I've been on here, is to stop this useless reasoning of "breaking even in case you die"! How futile!
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Old 03-27-2016, 10:25 PM
 
Location: Saint Johns, FL
1,193 posts, read 944,320 times
Reputation: 1267
Quote:
Originally Posted by NYJoe View Post
Just curious here. If you started at 62, you would collect 148,128 by age 70. With the difference between 62 and 70 being 14, 484, it would take over ten years to get to the break even point.
Here's my take......My goal is NOT to maximize the money we collect over our lifetimes. My goal is to ensure my surviving spouse has the most government insured income for the rest of her life after I die. Too much of our retirement is tied to me being alive. So having $33K versus 18.5K the rest of her life from SS is very important to me (and her).

So I'm not trying to ensure "break even", I'm ensuring maximum guaranteed income the rest of her life whether that is one year or 25.

In the meantime, I'm taking advantage of the lower income to move money (up to the 15% tax bracket limit) from my Traditional IRA's to my Roth IRA's every year.

Last edited by Newporttom; 03-27-2016 at 10:37 PM..
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Old 03-28-2016, 02:39 AM
 
71,779 posts, read 71,896,917 times
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many of our wives do not want to have a pile of investments dropped in their lap if you croak and are the big family investor .

some husbands may feel that way too but usually it is women who want security while men strive for more gains .

but while 80% of married men die married , 80% of married women die alone .

that bigger ss check may be very important to your spouse as well as potentially some spia payments .

those in to investing forget their spouse may not be and they much prefer that guaranteed check . once again what if i live is a bigger problem .
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Old 03-28-2016, 08:22 AM
 
29,809 posts, read 34,900,894 times
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Quote:
Originally Posted by Newporttom View Post
Here's my take......My goal is NOT to maximize the money we collect over our lifetimes. My goal is to ensure my surviving spouse has the most government insured income for the rest of her life after I die. Too much of our retirement is tied to me being alive. So having $33K versus 18.5K the rest of her life from SS is very important to me (and her).

So I'm not trying to ensure "break even", I'm ensuring maximum guaranteed income the rest of her life whether that is one year or 25.

In the meantime, I'm taking advantage of the lower income to move money (up to the 15% tax bracket limit) from my Traditional IRA's to my Roth IRA's every year.
Bada Bing!
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Old 03-28-2016, 08:27 AM
 
29,809 posts, read 34,900,894 times
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Quote:
Originally Posted by mathjak107 View Post
many of our wives do not want to have a pile of investments dropped in their lap if you croak and are the big family investor .

some husbands may feel that way too but usually it is women who want security while men strive for more gains .

but while 80% of married men die married , 80% of married women die alone .

that bigger ss check may be very important to your spouse as well as potentially some spia payments .

those in to investing forget their spouse may not be and they much prefer that guaranteed check . once again what if i live is a bigger problem .
Very true and that can influence the types of investment and whether dividends and interest are reinvested or distributed. Vanguard has a new actively managed Core Bond Fund that we bought that is officially open for business today. Previously it was just taking deposits.
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Old 03-28-2016, 08:30 AM
JRR
 
Location: Middle Tennessee
3,686 posts, read 2,232,463 times
Reputation: 5240
Quote:
Originally Posted by Newporttom View Post
Here's my take......My goal is NOT to maximize the money we collect over our lifetimes. My goal is to ensure my surviving spouse has the most government insured income for the rest of her life after I die. Too much of our retirement is tied to me being alive. So having $33K versus 18.5K the rest of her life from SS is very important to me (and her).

So I'm not trying to ensure "break even", I'm ensuring maximum guaranteed income the rest of her life whether that is one year or 25.

In the meantime, I'm taking advantage of the lower income to move money (up to the 15% tax bracket limit) from my Traditional IRA's to my Roth IRA's every year.
That is the reason we are delaying my social security until 70. My wife started hers at the age of 64 and gets $1700 per month. Mine was $2000 at 66 and will be about $2700 at 70, so once I hit 70, whenever one of us passes away, there will still be the $2700 coming in. And since I filed a restricted application for spousal benefits, I get paid $1000 a month for waiting. Seemed like a logical choice to us; trade $1000 a month for 4 years for $700 a month for as long as either of us will live.
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Old 03-28-2016, 10:45 AM
 
Location: Albuquerque NM
1,662 posts, read 1,529,751 times
Reputation: 3650
Quote:
Originally Posted by borninsac View Post
Agreed. Like a dog chasing his tail in a paralysis by analysis mindscape.
The OP also asked to hear from those who delayed retirement. I was eligible to retire at 60 but am delaying to 62 to increase my pension. The increase is about the same as delaying SS to 67. I think it is the best decision but I do have problems staying motivated at work so time will tell.

I feel your pain of analysis paralysis. Trying to get a handle on when to take SS, whether to do Roth conversions, and impact of RMDs is not easy. For some it is obvious. In my case being single, I am in the 25% tax bracket based on pension alone and will pay higher Medicare Part B premiums. Roth conversions would be taxed 28%. Calculated RMDs don’t seem to be more higher than what I plan to spend unless my TSP returns are greater than 6% after inflation and leaving an inheritance is not important to me. Per Firecalc and i-ORP the benefits of my deferring SS are only an extra $1K a year in income living to age 95 and upcoming predictions are for a big drop in the market in 2017/2018 which favors taking SS vs using investments. So none of the traditional approaches to minimize taxes, etc. seem to be clearly worth the effort in my case but I have 18 more months to play around with my numbers before retirement.
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Old 03-28-2016, 12:59 PM
 
Location: Gilbert, AZ
3,194 posts, read 1,966,450 times
Reputation: 3333
Quote:
Originally Posted by mathjak107 View Post
that bigger ss check may be very important to your spouse as well as potentially some spia payments .
And probably myself as well, assuming I live long enough. I can certainly envision getting to the age where I don't want to be bothered with investment decisions any longer.
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