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Old 12-10-2018, 11:39 AM
 
1,483 posts, read 413,866 times
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Quote:
Originally Posted by jasperhobbs View Post
I would think statistically most that retire at 62 are collecting SS
We retired six years ago at 58 and 63. Will start collecting husbands ss and my pension next year.
Used cobra until my husband started Medicare and I used very, very expensive ACA. We had been saving most of our earnings to save/pay for our kids college and were on a roll living frugally and were able to stop working early.
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Old 12-10-2018, 12:30 PM
 
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Quote:
Originally Posted by NewbieHere View Post
@matjack, The chart seems to indicate more people taking it at 70 then many years ago, I remember it used to be %2 taking at 70.
I think the chart is outdated. An up to date chart would be the majority at 65, higher percentage at 70 and 62 being the lowest. All due to having to wait for Medicare at 65. My opinion anyway. FWIW
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Old 12-10-2018, 12:41 PM
 
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Quote:
Originally Posted by jmp61616 View Post
I have run all the calculators and I plan on taking SS at 62. My break even is out into my 70's. I have no idea how my health will be then. But the non-cash value will be in my ability to retire. Long ago my job became a clock puncher. I have been through several management turnovers, none of them good. Our wages are stagnant, and have been for a number of years. About a year and a half ago, they converted our pension plan into a 401k for younger workers. They also reduced the contribution to the retirement plan, which amounted to a 4% pay cut. Only after the older workers protested (I was one) did the company allow the oldest employees to stay in the pension. Once I hit 62, with the pension and SS I can get by. It will not be a lavish retirement, but it will be one where I can put my working life behind me and begin a new chapter. That is the most important thing to me, and SS at 62 will allow me to do it. That is my non-cash value.
What you have described is happening with a lot of companies. Pensions are going bye bye and the best you can hope for is a 401K with a good match. Even that is not a slam dunk.
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Old 12-10-2018, 12:43 PM
 
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most of us are on the YOYO PLAN . you're on your own .
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Old 12-10-2018, 12:45 PM
 
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Quote:
Originally Posted by jmp61616 View Post
My plan is to COBRA for 18 months, and then ACA the rest of it. Either that, or by that time I will be re-located and maybe I can pick up some work here and there to cover some of the healthcare costs. But I agree it is an issue. I know this is not a political forum but I think the ACA would be working much better if the GOP did not do everything to undermine it. I remember clearly how Trump was on 60 minutes and said everybody would be covered. It would be so easy. Not only did the GOP have no plan, they made what we had worse. I am angry at the political system that has ruined the country for me after a lifetime of working. And yes, I voted for Hillary and am proud of it.
Without getting political, I wish they would just work on making ACA better. Also, it would be nice if you could go on Medicare at 62 when you can collect SS if so desired.
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Old 12-10-2018, 12:50 PM
 
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medicare is struggling now trying to support 65 and up . medicare PART B actually cost 11,000 per person . that does not include PART A which is hospitalization and we paid for that all our lives and is free now . nor does it include a drug plan .

depending on your income you pay up to 80% of that 11k as a premium . otherwise the gov't picks it up at the lower incomes .

not many realize that 134 you pay has uncle sam picking up the other 75% .

when you take a medicare advantage plan medicare forks over 11k to the insurer , who now has to take the good with the bad and cover you on their own for part b .

Last edited by mathjak107; 12-10-2018 at 01:33 PM..
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Old 12-10-2018, 02:05 PM
 
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Quote:
Originally Posted by mathjak107 View Post
can't say what anyone elses total plan should be . you can go to any number of sites with very very good professional people who will work up a total integrated plan for you depending on the level you want to pay for .

i like social security solutions . they seem to have a good reputation. as i posted above , there is so much that goes in to that decision other then what if i die .

It's also not hard to key SSA Pub 05-10070 into a spreadsheet along with your earnings from the SSA web portal. That gives you better information than the SSA web portal which only gives you age 62, FRA, and age 70 estimates based on your last year's earnings. I update that spreadsheet page every year when my earnings are posted and the numbers in the form are inflation-adjusted.



I'm now a year and a half away from 62. I'm not planning to collect until 70 but I have a pretty good handle on what the numbers look like.
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Old 12-10-2018, 02:16 PM
 
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if you want to do a load of calculations and scenarios you can likely get firecalc or fidelity's planner to run a lot of different scenarios . quite frankly i would sooner pay the small fee and get it done right . they have very good software to integrate ss , taxes and your personal investment situation
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Old 12-10-2018, 02:21 PM
 
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Quote:
Originally Posted by txwolfman View Post

(monthly amount at 62) x 12 (months a year)= yearly amount

(yearly amount) x (4 yrs) =
PLUS
(monthly amount) x (4 months) = total both for amount collected before 66.4 age for full.


S.S. at 66.4 (amount)
minus
S.S. at 62 (amount)=$430.00

Take $430.00 (times) 12 months = $5,160.00
Divide the amount that I have collected before 66.4 by $5,160.00

This will give me how many years from 66.4 before I will be back at the early
amount I started with at 62.(Hypothetically)

I am not a math wiz, so my calculations may be off. But, I thought it looked close.

My numbers between age 62 and FRA at 66,8 months is almost $10K extra per year. 62 to 70 is almost $19K extra per year.



If you're born in 1960, you have a bigger penalty for collecting early than someone born in 1954 since FRA bumped from age 66 to age 67. You also have a smaller reward for deferring to age 70 since you have a year less of deferral.



I figure I'll collect at 70 unless my circumstance change. I'm fortunate to have that option.
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Old 12-10-2018, 02:27 PM
 
13,878 posts, read 7,391,112 times
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Quote:
Originally Posted by mathjak107 View Post
if you want to do a load of calculations and scenarios you can likely get firecalc or fidelity's planner to run a lot of different scenarios . quite frankly i would sooner pay the small fee and get it done right . they have very good software to integrate ss , taxes and your personal investment situation

As a software engineer, I inherently distrust software so I prefer to do my own modeling. I have a good handle on the tax implications with spending down my portfolio. I use a spreadsheet instead of TurboTax, too. It forces me to review the tax code and any changes every year. Plugging numbers into software is magic. I need to understand why it's that answer. It's not like this stuff is all that hard.
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