U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-06-2017, 11:10 PM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,257 posts, read 1,943,291 times
Reputation: 3265

Advertisements

Took SS at first opportunity @64 on a RIF in 2010 and @62 in 2012 . We needed the cashflow and doubtful that we could find a job at our ages and in the then Economy.
We had 5 years of tax free income with significant increases in disposable income when Medicare kicked-in.

Today with a strong Market recovery, and a recovered retirement portfolio and protected income, we are initiating some IRA & annuities.

Had a prostatectomy in 2012 and will be looking at radiation in 2017. Odds of reaching 85 looks slimmer.

IMO, Use it or lose it.
Reply With Quote Quick reply to this message

 
Old 01-07-2017, 07:39 AM
 
Location: RVA
2,179 posts, read 1,278,314 times
Reputation: 4506
My wishes for a positive result and better health. But, of course, your opinion is use it or lose it. As you stated, you had no choice. So based on you having no choice, you recommend everyone to file as soon as possible? How does that make any sense what so ever? For every "you" there is a "someone else" that is 92 and lost much of their income in the stock market/ponzi scheme/real estate debacle and if they had only used their savings to delay filing SS for that guaranteed COLA annuity, they would have double the income they currently have.

There is no right or wrong, nor even opinion on the subject. It is simply a combination of math and assumptions, coupled with personal abilities to live certain ways. It is risk assessment and sequence of risk. It is not like an opinion of I like Dodge better than Ford, or Italian food over Mexican. It is a sequence of cut and dry answers to questions that are the result of ones life situation at the age of decision. Future income or future savings? Able to or not? Married or not? Lots of savings or little? The fact that many of the answers require assumptions that can not be accurately forecast simply means that there is no absolute. Most of the answers to the whether to delay or not, eliminate the decision to delay. The others only allow you the luxury of making the decision to delay, which STILL allows younto change your mind at any time. And collect a retroactive 6 month lump sum in addition.

I'm not preaching and am not a proponent of delaying for everyone. But basing delaying on a silly "break even" amount, or making sure you "get what's owed by" is counter productive. Additionally, the differences in income in either decision are not gigantic, but the risk or source dependency are.
Reply With Quote Quick reply to this message
 
Old 01-07-2017, 09:39 AM
 
Location: Grove City, Ohio
10,150 posts, read 12,431,281 times
Reputation: 14013
Quote:
Originally Posted by Perryinva View Post
My wishes for a positive result and better health. But, of course, your opinion is use it or lose it. As you stated, you had no choice. So based on you having no choice, you recommend everyone to file as soon as possible? How does that make any sense what so ever? For every "you" there is a "someone else" that is 92 and lost much of their income in the stock market/ponzi scheme/real estate debacle and if they had only used their savings to delay filing SS for that guaranteed COLA annuity, they would have double the income they currently have.
Everyone is different not just in income but likes and preferences.

My personal like isn't money in the bank it's an income stream I can rely on.

I am married so spousal income counts...

Let us assume we will both live to age 86.

Looking at a spread sheet if both of us would have collected starting at age 62 over a 24 year period together our total combined SS benefit would be $745K. Our combined benefit would be around $2,587.

If both of us would have collected starting at age 66 over a 20 year period together our total combined SS benefit would be $828K. Our combined benefit would be around $3,450.

If wife started to collect at 66 (she has already) and I start collecting starting at age 70 over a 16 year period together our total combined SS benefit would be $803K. Our combined benefit would be around $4,186 which would put us in a place where, in my opinion, we could live comfortably on social security alone.

What if we both live to be 90 plus? It happened to my grandparents.

If I started to take benefits at 66 on paper I would "get more back" but you got to figure income taxes... if I have an income of <$12k our benefits are virtually exempt from federal and state taxes but, based upon what my earnings are now, 85% of whatever benefits I did get would be taxed by federal taxes at least.

I am not looking to break even, when I am dead I am dead, I am looking for a pleasant worry free income stream starting at a time I can no longer work like a young man.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top