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Old 06-13-2019, 07:19 PM
 
1,915 posts, read 4,601,535 times
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Quote:
Originally Posted by athena53 View Post
I agree. I'm getting a nice bump at age 70 when I go from Survivor Benefits to my own record but I'm figuring most of it will go to pay taxes on RMDs. That may change now, too, of course, but regardless of whether the RMD age changes or the % withdrawal requirement changes, I know I'm gonna owe more taxes. In the happy event that I actually have money left over I'll figure out what to do with it then.
From what I've read, the changes will favor retirees (later required age means longer to accumulate funds, for example). Don't know about any withdrawal changes being proposed at this point. Will be interesting to see what happens.
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Old 06-13-2019, 07:23 PM
 
Location: SoCal
13,188 posts, read 6,301,958 times
Reputation: 9808
Forbes has an article on this, no more stretch IRAs for non-spouse heirs.
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Old 06-13-2019, 07:59 PM
 
1,915 posts, read 4,601,535 times
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Quote:
Originally Posted by mathjak107 View Post
There are way to many other parameters involved then what they look at so like most simple calculators it is pretty useless
Simply providing a suggestion for a simple way to calculate the break-even point which the poster ysr_racer was asking about:

"What does that mean? Draw rate?

At 62 I get $1,700, at 66.8 I get $2,357, at 70 I get $2,986.

When's my break even point?"

Agree that the calculators are overly simple mechanisms given all the other variables involved such as taxes, as one example. Perhaps you know of a more accurate way to calculate a break-even point for SS benefits that takes into account other variables.
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Old 06-13-2019, 08:06 PM
 
1,915 posts, read 4,601,535 times
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Quote:
Originally Posted by NewbieHere View Post
Forbes has an article on this, no more stretch IRAs for non-spouse heirs.
Yes, I posted that link earlier in this thread. They mention that they will do a separate column on the change for non-spouse heirs.

https://www.forbes.com/sites/leonlab.../#63384814d3eb
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Old 06-13-2019, 08:27 PM
 
2,052 posts, read 594,159 times
Reputation: 2905
Given life expectancies are dropping again due to environmental toxins, my Grandfather passed at 67, my other one at age 50 (we'll see how long Dad lasts) and at age 70 I won't be doing as much vs. at age 62 I will be taking it as early as possible. Besides I will be retiring abroad where cost of living is lower so coming out ahead either way. Plus with age discrimination in USA there is no way I will be working past age 60 let alone 65....

They actually need to lower SS age because a lot of people in my generation will be unemployed starting age 55 soon.
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Old 06-13-2019, 08:35 PM
 
431 posts, read 104,127 times
Reputation: 1027
Quote:
Originally Posted by xz2y View Post
Simply providing a suggestion for a simple way to calculate the break-even point which the poster ysr_racer was asking about:

"What does that mean? Draw rate?

At 62 I get $1,700, at 66.8 I get $2,357, at 70 I get $2,986.

When's my break even point?"

Agree that the calculators are overly simple mechanisms given all the other variables involved such as taxes, as one example. Perhaps you know of a more accurate way to calculate a break-even point for SS benefits that takes into account other variables.
This calculator only has 66 or 67 for age. I put in 67
Intesting..your break even is about 80 for all 3 scenarios..you take early, you take at FRA, you take at 70.
Break even means that by 80 you received the same amount of money from any of the 3 ages.
By 81 you get more money by waiting til FRA.
By 82 you get more money by waiting til 70.



Just a rough approx calculator.


https://www.standard.com/individual/...ven-calculator
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Old 06-13-2019, 09:25 PM
 
Location: Rust'n in Tustin
2,165 posts, read 2,362,842 times
Reputation: 3771
I found this. My break even point is 80.

My numbers are

62: $1,700
66/8 months: $2,357
70: $2,986

https://www.forefieldkt.com/webresou...62275F9D72F0F8
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Old 06-13-2019, 09:29 PM
 
Location: Midwest
4,252 posts, read 7,140,357 times
Reputation: 7149
Quote:
Originally Posted by luv4horses View Post
There’s a crossover point when you’ve earned the same amount total no matter which route you took. After that the 70 yr start earns you more. So if you live beyond that point you have done better to have waited. And that’s when things are getting more expensive so nice to have more resources. I think that age is 78 and a half.
I ran the numbers some years back and for me the crossover point was 80.

If you save all the money, it's gravy. If SS goes toward living expenses, take it at 70. IF you come from a reasonably long-lived line. In other words, if you're likely to make it to 80 or older.

Things cost more as you get older. Medical care, drugs, in our case a herd of four or five or sometimes seven stray cats has adopted us and we feed them and have had a few to the fix-it shop. Food runs about five bucks a day, that's $150 a month. Not a budget-buster but 150 is 150. Unforeseen stuff like this is easier to handle when you have more disposable income.
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Old 06-14-2019, 01:42 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
Quote:
Originally Posted by xz2y View Post
Simply providing a suggestion for a simple way to calculate the break-even point which the poster ysr_racer was asking about:

"What does that mean? Draw rate?

At 62 I get $1,700, at 66.8 I get $2,357, at 70 I get $2,986.

When's my break even point?"

Agree that the calculators are overly simple mechanisms given all the other variables involved such as taxes, as one example. Perhaps you know of a more accurate way to calculate a break-even point for SS benefits that takes into account other variables.
it takes very sophisticated software to incorporate all the other parameters . there are companies like social security solution that do it for a fee .. the more you want to pay the greater the detail they will get in to.

micheal kitces did a lot of numbers crunching on this .. he found if you are delaying taking ss to 70 and spending money to live on from a balanced portfolio or money that could be invested if you took early ss then you need 22 years to get even . but that does not count tax ramifications , spousal benefits not received and uncapped medicare increases while delaying .. it can stretch out as far as 24 years just to get even ...

that is way way longer then just counting up checks you did not get ... so looking at just the checks really is only a piece of the puzzle and tells you little .
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Old 06-14-2019, 04:21 AM
 
Location: Vermont
1,017 posts, read 1,418,090 times
Reputation: 1989
My wife and I are taking SS at 62. Not for any other reason than to solidify another piece of our retirement plan. Is it the best move? Don't know and don't care. There are too many variables for ANYONE to tell you the right move and you won't know truly until you're on your deathbed. I prefer to spend my time on living.
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