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Old 04-01-2008, 06:29 PM
 
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Quote:
Originally Posted by Bones View Post
Yup, around 18 - 19 years is the break even point, but don't forget the cost of living raise each year....hehehe
13 yrs-plus s.s. gives a cost of living then takes it with the medicare factor!
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Old 04-01-2008, 06:41 PM
 
Location: On the plateau, TN
15,205 posts, read 10,603,447 times
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Quote:
Originally Posted by maggiekate View Post
however if you get a magic 25 percent wipe out-how bright is that. then for many people at 62-you can only work and earn like 13000-then, pay the health insurance. therefore can most people do this?
Everone has to look at their own circumstances....
62 --->66 = over $70,000 if you start collecting at 62.
65 you can start medicare, plus you still have to pay for more insurance.
Before I started SS shortly after turning 62 I was paying for insurance anyways (employer did not even pay 50%).
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Old 04-01-2008, 06:44 PM
 
Location: On the plateau, TN
15,205 posts, read 10,603,447 times
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Quote:
Originally Posted by maggiekate View Post
13 yrs-plus s.s. gives a cost of living then takes it with the medicare factor!
The cost of living increase was a bit of humor....
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Old 04-03-2008, 09:34 AM
 
1,861 posts, read 3,025,186 times
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I have to wait until at LEAST 66, maybe 70 because I need the monthly income. I don't care how long before I croak - doesn't make any difference to me whether I have more retirement years or less. I just need the higher monthly amount. So, that is that!
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Old 04-10-2008, 03:41 PM
 
Location: Branson Area
880 posts, read 2,586,118 times
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I think the breakeven point depends on each person's individual information. But 13 years probably is a good planning point. Paying back social security sounds like a good idea, but depending on your rate of return, you could probably do better with current investments (plus you don't have to worry about the "if you live long enough" thing).

While I don't NEED to take it early, I plan on doing so. It allows me to keep my IRA growing, tax free, for a few more years. If I don't live then my heirs get the benefit of the increased investments and I've at least gotten back some of my social security "investment" (if you really call it that).

As far as continuing to work...I can earn a little over $13,000 without decreasing my ss payments at 61. This too, allows current IRA (and non-IRA) investments to continue working. So, for me, taking ss at 62 makes sense. My ss payments may be 25% smaller, but I expect to be able to make up for that later with increased investment return. Of course, that is a gamble too, but historically, investments do well in the long run.
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Old 04-10-2008, 07:52 PM
 
Location: Atlanta suburb
4,728 posts, read 9,089,906 times
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This is the same logic that hubby and I relied on, mrschilicook. We are really counting on it working for us.

A lot depends on this doggone housing market since we are in the process of selling our house besides the recent early retirement. Bright, huh?

Sound reasoning, however. Thanks.
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Old 04-13-2008, 09:50 AM
 
29,782 posts, read 34,880,403 times
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Wife and I are both 60 with a government pension and 90% health care paid for. She will take her SS at 62 and I will take mine at a time to be determined. Her SS is for overage needs above pension and continued investments. We have a decent portfolio and no mortgage. If you are able to invest a portion of what you get at 62 you minimize the hit for taking it early. Most importantly you are sure of getting it. If one of us passes the survivor can't get both and mine is the larger of the two.
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Old 05-15-2008, 11:45 AM
 
Location: Northern Arizona
329 posts, read 1,157,741 times
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Do the math. If you are planning to retire at 62 it makes sense to go ahead and take your SS at 62 and not wait.
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Old 05-16-2008, 10:52 AM
 
Location: Boca Raton, FL
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Smile Age 62 or later

My husband has said - no way - until we are 70.

He also said we come from a family of long livers.
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Old 05-16-2008, 02:51 PM
 
13,322 posts, read 25,574,131 times
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I gather that general advice is not to take it at 62 unless you truly need the money for living then.
Remember, you can take it anytime *after* 62- it's not "62 or full retirement time." It's prorated up after 62 until full retirement time (for me, I think it's 66 and a few months).
I have also considered taking my pension early and continuing to work part-time with the pension payments kicking in the difference. However, given the cost of living and my likely long life, it could be imprudent.
Given my exhaustion and readiness to work less or not at all (at only 55...) I might bite at some financial compromise early and possibly less than prudent. Of course, knowing that you CAN do so, might make it easier to slog along a bit longer. I know it would for me.
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