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Old 04-08-2016, 12:35 PM
 
5,825 posts, read 13,335,810 times
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As you implied, it is up to each personal situation when to collect SS. My father started collecting at age 62 and said the 10 years following were the best years. He and my mother traveled and were on the go constantly. At 72 my mom was limited with rheumatoid arthritis. She and dad moved to an independent living facility, where she passed away at 82. Dad lived until 94. We retired at 62 and have enjoyed every minute, traveling, kayaking, dancing, etc. My spouse was recently diagnosed with RA, so our lives will change. IMO take the money and GO! I know too many people who never lived until 70 nor once they were 70 were physically able to do the things they wanted. Why work your entire life to save for retirement when you'll spend it in a chair?
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Old 04-08-2016, 12:39 PM
 
71,934 posts, read 71,971,035 times
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Quote:
Originally Posted by ChuteTheMall View Post
I'd rather enjoy 16 years of retirement than only 8.....(62 vs 70, and until 78).


Assuming in both cases I die at 78 (older than my parents and siblings did)
I could retire modestly at 62 or waste the best of my golden years seeking more gold until 70.


My Dad retired from the military early at 46, and died before 64, enjoying 18 years retired in Florida.
I'll follow his example and get it while I can.


Life is too short to worry about leaving someone a bigger inheritance.
not the same case as being discussed
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Old 04-08-2016, 12:41 PM
 
71,934 posts, read 71,971,035 times
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Quote:
Originally Posted by Ellwood View Post
As you implied, it is up to each personal situation when to collect SS. My father started collecting at age 62 and said the 10 years following were the best years. He and my mother traveled and were on the go constantly. At 72 my mom was limited with rheumatoid arthritis. She and dad moved to an independent living facility, where she passed away at 82. Dad lived until 94. We retired at 62 and have enjoyed every minute, traveling, kayaking, dancing, etc. My spouse was recently diagnosed with RA, so our lives will change. IMO take the money and GO! I know too many people who never lived until 70 nor once they were 70 were physically able to do the things they wanted. Why work your entire life to save for retirement when you'll spend it in a chair?
perhaps though for some that extra money can go in to modifying the house , so one day a nursing home may not be needed . no money , no option , and off you go to some home somewhere
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Old 04-08-2016, 12:57 PM
 
14,005 posts, read 7,465,102 times
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Quote:
Originally Posted by Ellwood View Post
As you implied, it is up to each personal situation when to collect SS. My father started collecting at age 62 and said the 10 years following were the best years. He and my mother traveled and were on the go constantly. At 72 my mom was limited with rheumatoid arthritis. She and dad moved to an independent living facility, where she passed away at 82. Dad lived until 94. We retired at 62 and have enjoyed every minute, traveling, kayaking, dancing, etc. My spouse was recently diagnosed with RA, so our lives will change. IMO take the money and GO! I know too many people who never lived until 70 nor once they were 70 were physically able to do the things they wanted. Why work your entire life to save for retirement when you'll spend it in a chair?
It really depends on what you have for net worth, whether you have any kind of pension coming, and what your lifetime earnings were like. Most people I know who bailed out on work at 62 either had public sector jobs with pensions, had created a huge pile of wealth on their own, or inherited buckets of money from parents. If you've accumulated no wealth and don't have a pension, you're not going to be traveling the world on a $15K to $24K Social Security check as your only income. I'm describing the financial circumstances of about half of the people who hit 62.
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Old 04-08-2016, 01:02 PM
 
Location: The Berk in Denver, CO USA
14,059 posts, read 20,411,363 times
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I found 2 very useful tools to help with this decision.

https://maximizemysocialsecurity.com - $40/yr and well worth it, in my opinion

Crowdsourced Financial Independence and Early Retirement Simulator/Calculator - $free

And, in my case with my parents still alive at 94, I used the "die at 95" scenario.
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Old 04-08-2016, 01:18 PM
 
Location: SoCal
13,371 posts, read 6,390,348 times
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Interestingly enough, the maximum social security told me to take mine at 65 and not at FRA.
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Old 04-08-2016, 01:44 PM
 
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why ? what was its criteria for judging ?

it is like fidelity's criteria is bottom line dollars by average life expectancy .

but that does not look at other parameters like taxes , rmds, surcharges , etc
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Old 04-08-2016, 01:47 PM
 
Location: Mount Airy, Maryland
10,488 posts, read 5,952,316 times
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Quote:
Originally Posted by GeoffD View Post
It really depends on what you have for net worth, whether you have any kind of pension coming, and what your lifetime earnings were like. Most people I know who bailed out on work at 62 either had public sector jobs with pensions, had created a huge pile of wealth on their own, or inherited buckets of money from parents. If you've accumulated no wealth and don't have a pension, you're not going to be traveling the world on a $15K to $24K Social Security check as your only income. I'm describing the financial circumstances of about half of the people who hit 62.
Bingo. I was about to post the same thing. I'd love to take the advice of the other poster and retire at 62 but it's just not possible.
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Old 04-08-2016, 02:24 PM
 
Location: San Francisco, CA
88,121 posts, read 3,674,590 times
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Quote:
Originally Posted by GeoffD View Post
It really depends on what you have for net worth, whether you have any kind of pension coming, and what your lifetime earnings were like. Most people I know who bailed out on work at 62 either had public sector jobs with pensions, had created a huge pile of wealth on their own, or inherited buckets of money from parents. If you've accumulated no wealth and don't have a pension, you're not going to be traveling the world on a $15K to $24K Social Security check as your only income. I'm describing the financial circumstances of about half of the people who hit 62.
I've known several retirees who traveled the world on that income.
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Old 04-08-2016, 02:26 PM
 
71,934 posts, read 71,971,035 times
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they must have been exhausted from rowing . it reminds me of when i was a teenager doing europe on 10 bucks a day and a back pack .
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