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Old 10-15-2018, 02:37 PM
 
1,973 posts, read 1,304,292 times
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Quote:
Originally Posted by lifexponential View Post
Hi folks. I had been on disability but recently got a job. I'm 62 and change almost 63 and when I told Social Security about my new job, well now I'm not going to get the disability I had been getting for awhile and that's fine, I was geared for that. But once I stop getting those benefits, I can have the option of filing for retirement, but it's not going to be the full retirement age.
They sure ding you for that.
I for one feel it's not fair because why wait until you're so old you cant even enjoy the benefits you get!
So with that said, anyone here file for retirement early?
Whats unfair? You take it early, you get less. You wait, you get more. The break even point is about 78 years old. Should you get as much as the guy who waited?
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Old 10-15-2018, 02:57 PM
 
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the break even is only 78 if you don't retire at 62 and live on invested assets or not get spousal while you delay . that extends break even way out .

most people do not have enough assets to delay and stop working at 62 . it is only a sensible choice if you can take the same budget to live on day 1 . all that happens at 70 is it goes from more your money funding it to more of ss money but the amount should stay the same in either case .

there is little reason i see to live on a lower budget just so you can delay and not enjoy the full budget day 1 and to be able to set your retirement life style in place . .
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Old 10-15-2018, 03:32 PM
 
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As it has been posted many times. If you retire at 62 and wait for FRA you must use savings to get there for most people. The break even point is not 78 but usually in the 80s if you assume that you would have kept your money invested rather than using it to wait for FRA.

As I have stated earlier I plan on retiring at 62 and will weigh my options then. I have done many calculations both talking it early at 62 or 63 or waiting into FRA 66-8 months.

The numbers are clear either I use my savings to get me there or use early SS to keep my savings growing.
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Old 10-15-2018, 03:59 PM
 
Location: Northern VA
511 posts, read 630,658 times
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I plan on retiring at 62 but hold off on taking SS for as long as possible. Thankfully I have a military pension and once we move to a lower cost area I expect to love comfortably on that alone. At 62 I'll also get a small federal pension as will my wife. The federal pensions and eventually SS are just bonus money to me.
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Old 10-15-2018, 03:59 PM
 
Location: Ft. Myers
17,628 posts, read 11,158,662 times
Reputation: 37671
Quote:
Originally Posted by lifexponential View Post
Hi folks. I had been on disability but recently got a job. I'm 62 and change almost 63 and when I told Social Security about my new job, well now I'm not going to get the disability I had been getting for awhile and that's fine, I was geared for that. But once I stop getting those benefits, I can have the option of filing for retirement, but it's not going to be the full retirement age.
They sure ding you for that.
I for one feel it's not fair because why wait until you're so old you cant even enjoy the benefits you get!
So with that said, anyone here file for retirement early?

I took early retirement at 62.5......I think I was off that time for 3 years before I went back to work. Then I retired for another 1.5 years, and , 5 years ago, I got bored and went back to work again. Still working. I've been off for 8 weeks from surgery, and, THANK GOD, I have been released to go back to work again !


While it was nice at first, at that young age I found myself stagnating , both physically and mentally. Your results may vary, but that was my own experience.
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Old 10-15-2018, 04:06 PM
 
71,461 posts, read 71,629,249 times
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Quote:
Originally Posted by Beach Sportsfan View Post
As it has been posted many times. If you retire at 62 and wait for FRA you must use savings to get there for most people. The break even point is not 78 but usually in the 80s if you assume that you would have kept your money invested rather than using it to wait for FRA.

As I have stated earlier I plan on retiring at 62 and will weigh my options then. I have done many calculations both talking it early at 62 or 63 or waiting into FRA 66-8 months.

The numbers are clear either I use my savings to get me there or use early SS to keep my savings growing.
Assuming you figure a 5% real return from a balanced portfolio ,one in a couple has to live to 90 to break even delaying ss until 70.

The only question is do you want to bet more on markets giving you the 5% real return or on seeing 90. Both have the capability to give you a higher balance . It all depends on outcomes
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Old 10-15-2018, 04:08 PM
 
2,744 posts, read 987,380 times
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Quote:
Originally Posted by mathjak107 View Post
Assuming you figure a 5% real return from a balanced portfolio ,one in a couple has to live to 90 to break even delaying ss until 70.

The only question is do you want to bet more on markets giving you the 5% real return or on seeing 90. Both have the capability to give you a higher balance . It all depends on outcomes
Exactly so at the end is where do you feel more comfortable.
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Old 10-15-2018, 04:11 PM
 
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I went towards the middle at 65. We were giving up 4500 a year in spousal forcevery year I delayed
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Old 10-15-2018, 04:11 PM
 
823 posts, read 563,296 times
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If the ACA still exists for health coverage when I turn 62, then I will definitely retire at that age. If the ACA no longer exists, then I will keep working until age 63.5, at which time I can sign up for COBRA and rely on that for health coverage during the 18 months before I turn 65.

I won't apply for SS in any case until I turn 70.

If it weren't for the health insurance predicament, I would retire now, or at least in two years when I will be fully vested in my pension.
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Old 10-15-2018, 04:31 PM
 
71,461 posts, read 71,629,249 times
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in new york cobra runs 3 years so i planned on retiring at 62 and using cobra. well we ended up shifting companies at work and since the new company was headquartered out of ny they don't have to follow the 36 months .

so i ended up grabbing a crappy siver plan to get me over the hump . thankfully that crap is gone and i now have medicare
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