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Unfortunately nearly half of all retirements (the article I read recently said 42% in their survey) are earlier than planned due to health issues or loss of employment and inability to find another job. So it may not be an option but you should have a plan to somehow make it work at pretty much any point. The second scenario is the tough one; some people try to stick it out in a high COL area hoping to get another job and burn through a lot of savings before giving up.
Many will have to downsize and I did my downsizing exactly nine years ago tomorrow. I miss my big house but I don't miss the increased utility costs or the taxes. Between the two I figure we save $300 to $400 every month and that is a big deal.
There's two different worlds; there are those of us here that pretty much understand how the system works but compared to our relatively small number there appears to be a sea of people who collect at the first opportunity who should be the ones waiting.
What I find most shocking is the the high number of people who collect at the first opportunity. Appears to be nearly 44% which I find shocking.
I see reports where the average recipient receives only $1,200 or so and the thought of living on that makes me dizzy.
Over half the population collects at 63 or before? Really?
Take husband and wife team who collects at 62 that will really hurt.
Thank you to the member here that first pointed out this report but most telling is those that tend to collect first are most likely the less educated who most likely earned less and can least afford it.
As I said someone else (I would happily give them credit if my memory wasn't going) here first pointed out this report but here it is again because it explains a lot.
What I find most shocking is the high number of people who collect at the first opportunity. Appears to be nearly 44% which I find shocking.
I don't think it is by coincidence that it is not far off from the number of people reporting they had to retire earlier than they planned due to health or lack of employment in the article I read.
There is also the disclaimer that statistically speaking it is likely that when you start taking benefits won't make a huge difference in total benefits. It can make a big difference but the break even point is generally only slightly below average life expectancy so nearly as many people get less by delaying as get more.
what is the difference between being retired and being out of work/unemployed? If I had lost my job in my fifties, I would have considered myself out of work, or perhaps disabled if I was no longer able to work, but not retired.
I understand being retired from the military and such positions that require you to put in a certain number of years to receive a specified benefit package.
I considered myself retired when I decided I was too old to work enough to make a living.
There's two different worlds; there are those of us here that pretty much understand how the system works but compared to our relatively small number there appears to be a sea of people who collect at the first opportunity who should be the ones waiting.
What I find most shocking is the the high number of people who collect at the first opportunity. Appears to be nearly 44% which I find shocking.
I see reports where the average recipient receives only $1,200 or so and the thought of living on that makes me dizzy.
Over half the population collects at 63 or before? Really?
Some of us who collect early (i.e. Me) do so because the early social security payment plus what I have managed to save/invest provides enough money to live on comfortably. Thankfully I didn't need to wait or stick it out in an unsatisfying job because I did save and invest through the years. I am not one of the less educated.
My husband works with someone who intends to retire and collect SS at 62, which we think is insane. He keeps trying to talk her out of it, explaining the math, but she just won't have it.
But she's never been fiscally savvy that we can tell, so we're not surprised at her intransigence.
what is the difference between being retired and being out of work/unemployed? If I had lost my job in my fifties, I would have considered myself out of work, or perhaps disabled if I was no longer able to work, but not retired.
I understand being retired from the military and such positions that require you to put in a certain number of years to receive a specified benefit package.
I considered myself retired when I decided I was too old to work enough to make a living.
This forum has been a revelation to me.
That is constantly debated; there is no official answer. One article I read recently qualified it as people over 60 who were not working full time and were not looking for full time work, but that's because they used that in their survey and only included answers from those people.
That is constantly debated; there is no official answer. One article I read recently qualified it as people over 60 who were not working full time and were not looking for full time work, but that's because they used that in their survey and only included answers from those people.
You don't have to be over 60 to be retired. Many government jobs, law enforcement, or municipal district jobs, as well as some private employers start paying a pension to folks who retire in their 50's.
My husband works with someone who intends to retire and collect SS at 62, which we think is insane. He keeps trying to talk her out of it, explaining the math, but she just won't have it.
But she's never been fiscally savvy that we can tell, so we're not surprised at her intransigence.
It's definitely not "insane" to collect at 62. Everyone's circumstances are different. You collect a smaller amount at 62, but for a longer period of years, and it breaks even somewhere around your average life expectancy. For folks with health issues, or family health histories indicating they probably aren't going to make it to 80, why should they delay if they don't need to? Also for folks who are comfortable and not worried about receiving the max amount monthly it is sort of a toss-up since you break even anyway, assuming you live that long. For some taking SS at less than FRA allows them to leave their investments alone for a longer period to allow them to grow. Some take it early to make extra principle payments on their house and get it paid off early, saving interest. Not a big deal at today's interest rates, but if they go up again it might make sense. For me, it's not about necessity but I will probably take mine at 62 so that I will have the extra income for more travel money while I am still young enough to enjoy traveling.
You don't have to be over 60 to be retired. Many government jobs, law enforcement, or municipal district jobs, as well as some private employers start paying a pension to folks who retire in their 50's.
I know; as I said there is no official definition. I liked that article because using that qualifier meant it was data from people whose idea of retirement closely resembles mine.
Some of us who collect early (i.e. Me) do so because the early social security payment plus what I have managed to save/invest provides enough money to live on comfortably. Thankfully I didn't need to wait or stick it out in an unsatisfying job because I did save and invest through the years. I am not one of the less educated.
I understand that and some of us certainly could do exactly that and never feel the effects.
According to this snapshot the average retired worker receives $1,344.70 while the spouse receives $693.64 for a total combined benefit of $2,038.38 as a couple.
This is what social security calls an "average" but I would like to know what the median is.
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