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)
 
Old 06-11-2019, 02:36 PM
 
71,653 posts, read 71,801,099 times
Reputation: 49241

Advertisements

when you can equally argue both sides as well and make a convincing argument , then you know enough to make an informed choice
Reply With Quote Quick reply to this message

 
Old 06-11-2019, 02:48 PM
 
13,923 posts, read 7,416,674 times
Reputation: 25432
Quote:
Originally Posted by Beach Sportsfan View Post
Agree but others might think differently. Is whatever one feels more comfortable with.
You guys are saying different things. Mathjack is saying it makes no sense to retire at 62, live like a pauper delaying until 70, and then see a big jump in cash flow at 70. Iím on board with that and I think most would agree.

I think youíre saying somebody has the wealth and Social Security income to support $35k in spending and the math is similar whether they delay or not.

Thatís how my mix works. I plan to spend more per year but my outcome is similar if I have a conservative portfolio which doesnít do much better than track inflation. Iím a financially conservative guy. Iíd rather have the COLA-protected age 70 Social Security income.

Iím well aware that with historical market returns, Iím extremely likely to do better collecting early and leaving everything in the market. We all have our risk tolerance. If I had to live on my age 62 Social Security check, Iím poor. I donít want to run out of money and be poor.
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 02:55 PM
 
2,798 posts, read 1,002,852 times
Reputation: 3259
Quote:
Originally Posted by GeoffD View Post
You guys are saying different things. Mathjack is saying it makes no sense to retire at 62, live like a pauper delaying until 70, and then see a big jump in cash flow at 70. I’m on board with that and I think most would agree.

I think you’re saying somebody has the wealth and Social Security income to support $35k in spending and the math is similar whether they delay or not.

That’s how my mix works. I plan to spend more per year but my outcome is similar if I have a conservative portfolio which doesn’t do much better than track inflation. I’m a financially conservative guy. I’d rather have the COLA-protected age 70 Social Security income.

I’m well aware that with historical market returns, I’m extremely likely to do better collecting early and leaving everything in the market. We all have our risk tolerance. If I had to live on my age 62 Social Security check, I’m poor. I don’t want to run out of money and be poor.
Well as I said everyone is different my point was someone e that didn’t just live off SS.

My point was that someone with enough assets to live a comfortable life with let’s say the same amount of money through out life in which the two options were.

Retiring at 62 taking SS and withdrawing 10k a year from other sources vs retiring at 62 not taking SS until FRA but taking out 35k from those other assets for the 5 years. While many would say taking out the 35k and waiting for FRA is best situation, as a human being it would take a lot of self control to continue that 35k withdrawal more if the market hits a drop. So my point was that even if long term that might be the best plan it would be tough for most to stomach it.
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 02:55 PM
 
71,653 posts, read 71,801,099 times
Reputation: 49241
Default F

Quote:
Originally Posted by GeoffD View Post
You guys are saying different things. Mathjack is saying it makes no sense to retire at 62, live like a pauper delaying until 70, and then see a big jump in cash flow at 70. Iím on board with that and I think most would agree.

I think youíre saying somebody has the wealth and Social Security income to support $35k in spending and the math is similar whether they delay or not.

Thatís how my mix works. I plan to spend more per year but my outcome is similar if I have a conservative portfolio which doesnít do much better than track inflation. Iím a financially conservative guy. Iíd rather have the COLA-protected age 70 Social Security income.

Iím well aware that with historical market returns, Iím extremely likely to do better collecting early and leaving everything in the market. We all have our risk tolerance. If I had to live on my age 62 Social Security check, Iím poor. I donít want to run out of money and be poor.
You need to see the scenario when you get to that point .. I always planned on delaying to 70...but I got to tell you ,spending down 6 figures a year in a bull market that is all my money being spent and none of social security money my brain quickly changed with that ss money banging on the door going spend me instead ....so at 65 I waited long enough
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 03:34 PM
 
79,240 posts, read 33,633,098 times
Reputation: 15853
Quote:
Originally Posted by mathjak107 View Post
i agree , but the problem is most people do not have enough knowledge and understanding to even make an informed decision . what if i die seems to be all the logic used by most instead of what if i live or my spouse does .
I'm here discussing this but all the laws and what not is not my thing. Boring as all get out to me. It's great to have the info that others do and I am certainly not bashing those who study up on this stuff. I think it's a good thing. Just not something I'm interested in doing.

It's why I give someone a small piece to handle it, answer my questions and make suggestions.
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 03:35 PM
 
79,240 posts, read 33,633,098 times
Reputation: 15853
Quote:
Originally Posted by mathjak107 View Post
62 may be the best age for some ,,, but these silly articles that try to push one way or another on everyone as best are just flat out wrong
Most of them are little more than click bait.
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 03:50 PM
 
Location: Podunk, IA
4,034 posts, read 1,819,084 times
Reputation: 4310
Quote:
Originally Posted by Beach Sportsfan View Post
For some taking at 62 might be the best deal for them, for others it might not be.
If you hate your job or it causes you pain, then 62 is an easy choice.
I'm not far from 62 and don't have these issues, so I'll keep on going.
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 03:51 PM
 
15,199 posts, read 31,165,544 times
Reputation: 18364
Quote:
Originally Posted by Nanny Goat View Post
What I've personally seen is at 85 people start to decline more rapidly.
Many do not make it to 85.......
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 03:53 PM
 
71,653 posts, read 71,801,099 times
Reputation: 49241
Quote:
Originally Posted by gypsychic View Post
Many do not make it to 85.......
there is almost a 50% chance a 65 year old couple will have one of them see 90 ....that is pretty high
Reply With Quote Quick reply to this message
 
Old 06-11-2019, 03:55 PM
 
71,653 posts, read 71,801,099 times
Reputation: 49241
Quote:
Originally Posted by eaton53 View Post
If you hate your job or it causes you pain, then 62 is an easy choice.
I'm not far from 62 and don't have these issues, so I'll keep on going.
If you have been following this thread ,it is not about working or not ..it is about RETIRING AT 62 and having the choice to take ss at 62 or delay while not working
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

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