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Old Today, 07:37 AM
 
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Most want to retire at 62 but canít afford to delay since they donít have enough assets to do it safely
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Old Today, 07:50 AM
 
Location: SoCal
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My own sister will not take SS until FRA, 66, she had a few friends who died earlier than SS age, she’s in poor health, but she’s single, she knows she has no backup and so invested wisely, always 100% in stocks, and delay taking SS until FRA. I never said anything to her about when to take it.

Last edited by NewbieHere; Today at 08:16 AM..
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Old Today, 08:02 AM
 
Location: Tennessee
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Quote:
Originally Posted by mathjak107 View Post
Most want to retire at 62 but canít afford to delay since they donít have enough assets to do it safely
The flip side of that is what if they need the additional income later.
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Old Today, 08:13 AM
 
Location: RVA
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I know 6 people off the top of my head that will/have filed at 70, or 69 & a few months. Most because they kept on working, or wanted to maximize for their younger spouse. The majority I know plan to or have filed at FRA as a good compromise to lower the “break even” date but they all have much higher than average SS earnings, and none need it now to live comfortably. There are plenty of valid reasons to take it at any time, and the chart from the article is no surprise to me really.
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Old Today, 08:55 AM
 
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Originally Posted by fallstaff View Post
Only if you need the money to actually pay bills. In my (very fortunate) case I could take it at 62 or wait till 70 or anywhere in between and it won't matter to me. I can stock pile most of the money and spend less of my money & come out ahead by taking it early. I can wait till 70 and have a bigger check but less of my own money in the bank. A few more nominal dollars if I live to be 85 or 90 and beyond affects me, or more to the point enriches me, in exactly no way, and no matter how I run the numbers I can see no point at all in waiting. Teacher terry is right. This whole school of thought vis a vis SS is only for a certain element. What "the numbers say" doesn't matter to those to whom it doesn't matter
I with all due respect must disagree to a certainty point. The situation you describe applies to us. Yes at age 70 it doesnít make a difference but getting there it does and eventually it will. For many of us (not most) it means the difference in paying CCRC/nursing home costs out of monthly fixed income without touching home equity and or investments. This can be critical for a couple who age differently and need additional services at a different time.
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Old Today, 08:58 AM
 
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Originally Posted by Serious Conversation View Post
The flip side of that is what if they need the additional income later.
Then they retired underfunded and to early whether by choice or not .. your expenses don’t differentiate between having to retire or not.

They either need to be able to fund delaying if not working or there is no alternative
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Old Today, 09:11 AM
 
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Originally Posted by nicet4 View Post
Americans' Average Social Security in 2019 -- How Do You Compare?



This chart is what I found most interesting...



I didn't know I was that far ahead of the pack at $3,000/month but to get it I had to wait until 70 to collect benefits. The good part was between what I get and my wife receives we can retire comfortably on social security alone.
I suppose by the chart I compare OK even if I took it now at 62, but for me it is a matter of doing the math and deciding whether taking SS offsets investment gains. And, how long my my DW outlive me
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Old Today, 09:29 AM
 
Location: Arizona
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Quote:
Originally Posted by athena53 View Post
The 10-year requirement really limits the number of people with multiple ex-spouses collecting.
Exactly! The example of someone having 3-4 wives, each receiving spousal benefits would be the exception, not the norm based on information from the US Cencus Bureau.
https://www.census.gov/prod/2011pubs/p70-125.pdf

.....First marriages which ended in divorce lasted a median of 8 years for men and women overall. The median duration of second marriages that ended in divorce did not differ from that for first marriages.....
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Old Today, 09:38 AM
 
Location: Ypsilanti, MI
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Quote:
Originally Posted by mathjak107 View Post
Then they retired underfunded and to early whether by choice or not .. your expenses donít differentiate between having to retire or not.

They either need to be able to fund delaying if not working or there is no alternative

Bingo!


Although I/we will be retiring before FRA, we have saved for decades to develop an income stream and investment assets that allow us that luxury. Far too many never consider their required income, only that they now qualify for SS and they are retiring as soon as possible to get their money.
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Old Today, 09:44 AM
 
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Quote:
Originally Posted by MI-Roger View Post
Bingo!


Although I/we will be retiring before FRA, we have saved for decades to develop an income stream and investment assets that allow us that luxury. Far too many never consider their required income, only that they now qualify for SS and they are retiring as soon as possible to get their money.
Unfortunately I have seen that with folks who have pensions. All they see is they can get their full pension at thirty years and should be able to retire regardless of how much they actually need. They then think they should be good to go at 62/65 when they realize 30 years and pension weren't enough. When ever they realize it isn't/wasn't enough for the life they wanted they blame the pension for not being big enough.

On the other hand there are the many who say wow a three legged stool of pension, SS and investments. Awesome now how long do I need the legs to be!
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