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Old 12-27-2016, 05:34 PM
 
2,446 posts, read 2,076,850 times
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Quote:
Originally Posted by North Beach Person View Post
You said a conversation with a burger flipper would be more interesting. One such, who graduated from college a couple decades ago, has participated in the thread. A lot.
You lost me. There is a college educated burger flipper for 2 decades on here?
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Old 12-27-2016, 11:44 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,876,928 times
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Quote:
Originally Posted by jasperhobbs View Post
You lost me. There is a college educated burger flipper for 2 decades on here?
Longer than that. Has been paying on his student loan for over 35 years.
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Old 12-28-2016, 05:40 AM
 
2,446 posts, read 2,076,850 times
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Quote:
Originally Posted by Weichert View Post
Longer than that. Has been paying on his student loan for over 35 years.
I find it hard to believe with a college degree in any field, he does not have a better job than flipping burgers.
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Old 12-28-2016, 05:47 AM
 
71,769 posts, read 71,875,234 times
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it isn't the degree , it is the person's own , motivation ,drive and creativity that decides how they do.

those that want to succeed will find a way- the rest just find an excuse
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Old 12-30-2016, 04:55 PM
 
30,156 posts, read 47,386,444 times
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Just to return to the topic:
Scott Burns lived in Dallas area and wrote financial column in Dallas News for decades before being forcibly retired--
Column syndicated and he lives in Dripping Springs outside Austin
Social Security reform: If you're under 50, watch out | Personal Finance | Dallas News

He was a Boggle-head supporter long before it was popular w/most financial writers and is not afraid to call foul to Dem or Republican hot air...
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Old 01-01-2017, 01:30 PM
 
Location: Grove City, Ohio
10,138 posts, read 12,400,312 times
Reputation: 13987
Quote:
Originally Posted by mathjak107 View Post
it isn't the degree , it is the person's own , motivation ,drive and creativity that decides how they do.

those that want to succeed will find a way- the rest just find an excuse
College is really nice, I am not knocking it one bit, and it is easy to see how wages increase dramatically with education while at the same time unemployment rates drop dramatically as well.



But it needs to be recognized there are different routes to success that need not include college.

I hated college only to fail/drop out before I finished my first year. Went to San Jose State and what a waste of my time it was. After knocking around a bit I became a flight instructor and charter pilot for a small fixed base operator where I met one of my primary students who owned a fire sprinkler company.

Aviation wasn't paying out. I loved it dearly but trying to get on with an airline was nearly impossible as Vietnam was winding down and pilots were literally a dime a dozen. One job opening and there were a thousand applications.

So looking to get married I needed a job with more income and upon hearing this Fred talked to me about learning how to design/engineer fire sprinkler systems so I changed professions and while I continued to fly most of my life I've been designing fire sprinkler systems for over 40 years now.

With ten years experience most of us earn somewhere around $70k which might not be good in San Francisco but it is well enough in say Alabama, Ohio or Nebraska. With a lot (10 years or better) experience I've seen wages of six figures in some of the more expensive areas of the country so we aren't destitute. According to the Bureau of Labor Statistics $70k comes very close to where the median wage of a masters degree.

Job satisfaction is extremely high, what I do isn't work it's fun, according to payscale.

You know what I did for about three hours this morning? Not because I had to, I am not behind or anything like that, but I worked on designing a system in a 116,250 sq ft warehouse facility that is gong to be used to store plastic and rubber products up to 30' high. To me it's exactly like a puzzle; what size pipe to run, what products to use and it's just pure fun to figure out the least expensive way to meet all the standards and building code criteria. I just like doing it, it's fun and you gotta think which at our age if we don't use our minds we are in danger of losing them.
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Old 01-01-2017, 04:39 PM
 
Location: Ohio
19,949 posts, read 14,256,616 times
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Quote:
Originally Posted by DaveinMtAiry View Post
This does not answer the question which was is the penalty for filing early higher now? As far as I know it is not.
Quote:
Originally Posted by Red On The Noodle View Post
In years past, when people took early SS at age 62, was the reduction of benefits as great a percentage then as it is now?
I don't know why people refuse to use primary sources.

https://www.ssa.gov/oact/quickcalc/earlyretire.html

As you can see from the charts, the original deduction for early retirement was 20%. For many Boomers, the reduction is 25%. If you were born on or after January 1, 1960, then your deduction is 30%.
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Old 01-02-2017, 07:25 AM
 
Location: Mount Airy, Maryland
10,475 posts, read 5,941,871 times
Reputation: 16170
Quote:
Originally Posted by Mircea View Post
I don't know why people refuse to use primary sources.

https://www.ssa.gov/oact/quickcalc/earlyretire.html

As you can see from the charts, the original deduction for early retirement was 20%. For many Boomers, the reduction is 25%. If you were born on or after January 1, 1960, then your deduction is 30%.
But what also must be factored in is the difference between 62 and FRA has increased over time as well. When it was a flat 65 that is only 3 year difference, obviously with FRA at 67 filing early is filing a lot earlier as your chart shows. So naturally the penalty will be larger. What I would like to know is what was the penalty for filing at 62 vs 64 then and now.

I swear if I hear one more person say it's an 8% increase for every year delayed starting at 62 my head will explode. Just heard it again by a financial expert on The Today Show. As discussed here many times the 8% increase does not start until FRA, before that it starts at a little over 5% a year at 62 and goes up gradually from there.

Last edited by DaveinMtAiry; 01-02-2017 at 07:34 AM..
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Old 01-02-2017, 02:17 PM
 
Location: Baltimore, MD
3,745 posts, read 4,222,880 times
Reputation: 6866
Quote:
Originally Posted by DaveinMtAiry View Post
But what also must be factored in is the difference between 62 and FRA has increased over time as well. When it was a flat 65 that is only 3 year difference, obviously with FRA at 67 filing early is filing a lot earlier as your chart shows. So naturally the penalty will be larger. What I would like to know is what was the penalty for filing at 62 vs 64 then and now.

I swear if I hear one more person say it's an 8% increase for every year delayed starting at 62 my head will explode. Just heard it again by a financial expert on The Today Show. As discussed here many times the 8% increase does not start until FRA, before that it starts at a little over 5% a year at 62 and goes up gradually from there.
Click on the year of interest.

https://www.ssa.gov/planners/retire/agereduction.html
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Old 01-02-2017, 03:10 PM
 
Location: Mount Airy, Maryland
10,475 posts, read 5,941,871 times
Reputation: 16170
Quote:
Originally Posted by lenora View Post
Thanks but again these are today's figures. Let me re-phrase my question: Would the 62 year old who filed in 1970 pay the same reduction % from his/her FRA benefit as the 62 year old who files in 2017? I have to believe it was a smaller penalty as it was only 3 years early.
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