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I’m retired now a full week, 61 & 4 months. No chance I will take SS @ 62 through 68 unless I find out I am terminal. I saved & invested my adult life to USE the money, not make it grow to leave to heirs. By actually using the equal of what I will get at say 68, I will not have to worry about income at all once SS kicks in. And there will still be more than enough left invested in he market if I need even more later in life. I’m waiting till that SS check is $4k/month at least.
I am with you in waiting until 68-70, but you must be a rare bird (or have paid in at the max for 40 years). If so, good on you! Almost no one is receiving the max benefit (currently $3770 at age 70), and most are receiving $700-1800 per month....
I would prefer not to as I've seen some reactions from posters over talking too much about money.
As you get older your body slows down even if you remain healthy. So maybe there's some things I want to do at 62 vs waiting until 70 and then not be able to do them.
I would prefer not to as I've seen some reactions from posters over talking too much about money.
As you get older your body slows down even if you remain healthy. So maybe there's some things I want to do at 62 vs waiting until 70 and then not be able to do them.
Firecalc can account for any extra spending like trips ,weddings , cars ,etc
Thanks. Most of these posts are taking a spouse into account. Some of us don't have one.
I am almost 61, retired three years ago, and collect a sufficient pension. My plan is to wait until at least the 66.8 age.
My pension also goes poof when I'm dead because it was the full single allowance.
Similar to me- and I’m a Passaic County girl (haven’t been there in decades tho) to boot.
Back to the poster who mentioned coworkers being shocked at retirement components.
I’m a Fed and some of my coworkers still don’t get that TSP is a big chunk of their retirement under FERS.
Who knows if the gov will eliminate the bridge payment that allows them to retire at 55.
I’m under CSRS offset . I have more than enough SS credits but I won’t be getting much. Probably will cover my Medicare.
I have well over a year of sick leave saved up. Coworkers love to mock those who save their sick leave.
The general wisdom here is to get a medical excuse and burn the sick leave at full salary before retirement.
They laugh at me when I tell them it’s like an investment to me. I was fortunate enough not to need it. My saved sick leave will add another $110. a month to my pension. They laugh at that.
But hey- I may need that money to keep the lights on one day, or buy meds... whatever...that’s my logic.
Firecalc can account for any extra spending like trips ,weddings , cars ,etc
Thank you. I've played with it a bit as well as some monte carlo simulators to see what random produces. I'm a numbers person and love to play with them.
At the end you should do what you think it’s best for you and enjoy your retirement.
I have debated it the decision and looked at Firecalc done my own spreadsheets. I would have to live past 82 to collect same amount than if I started at 62. I will take it at 62 and have other assets so if I’m still kicking after 82 I would still be ok with my decision.
Common comment here from some posters, if you don’t take it at 62, you don’t enjoy your life, what’s with that?
There may be some conflation between the question of continuing to work past 62... and the question of taking SS at 62. These are different questions and, as others have noted, one does not (necessarily) equate to the other. My sense is that many of those commenting on "enjoying life" were focused on the work aspect, and on social security per se.
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Quote:
Originally Posted by NewbieHere
Common comment here from some posters, if you don’t take it at 62, you don’t enjoy your life, what’s with that?
Quote:
Originally Posted by HeelaMonster
There may be some conflation between the question of continuing to work past 62... ...
W-O-R-K till SSI?
I was done with 'wage-income' at age 49 (My 3rd retirement).
Should have quit 20 yrs sooner, there is little value in being a 'wage-slave'. (Except growing SSI )
If you have adequate cash flows and reserves _ inclination to live to age 82+.. I can see delaying SSI... & SPENDING (qualified $$) at age 59.5 (while healthy), and paying back the previous spend (age 60 - age 70) ... (refilling retirement savings) with increased SSI amounts post age 70. Spend now, die later.
Or... collect at age 62 and be a very good investor and make more than 5-8% on your SSI early payments.
Life is a crapshoot.
Play to win.
You will not always be right, but some formula will be right for you and your family.
Way too many friends have already 'checked-out' (Pre-age 60)
Yep. I view Social Security as my hedge against outliving my savings. If I delay until age 70, it’s a COLA-protected $45k per year. I won’t be poor if I outlive my savings. My father made it to 85 and my mother is 87. I kind of have to contingency plan to live to 90+. I’d collect $205k between age 62 and age 70. I have the $205k to fund the hedge that I might live into my 90s.
If I had 5x my net worth, it wouldn’t matter other than as an academic exercise. Social Security would be insignificant relative to my cash flow. If I had half my net worth, I’d have no choice but to start collecting well before age 70.
Not disagreeing with you. Another benefit of waiting till max age to collect SS is that during the intervening years, you are contributing to a Roth with employer match. Given my Roth dividends (currently re-invested), by age 70 SS I will prospectively have the option of getting tax-free dividend income of $1.5K/mo. As a realist, I know I should re-invest 50% of that as an inflation/tax increase cushion.
We all know that "man plans, God laughs"! I can think of any number of scenarios where Roth dividends, reinvested, won't yield the desired result.
Regardless, I looovvve me some tax-free income.
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