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Old 07-22-2019, 11:14 AM
 
26,096 posts, read 33,097,844 times
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Quote:
Originally Posted by mathjak107 View Post
We retired at 62 .... I simply laid out the ss we were not collecting from our portfolio until 65
Iím not doing that. You had a much fatter portfolio than most, certainly more than I. Iím filing at FRA.
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Old 07-22-2019, 11:16 AM
 
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Originally Posted by NewbieHere View Post
You fall in the category, you must take SS to retire. It’s not the same as you have a choice to take SS at 62 or 70.
Well yes, that’s what I said.
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Old 07-22-2019, 11:34 AM
 
Location: Tennessee
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Originally Posted by TuborgP View Post
Think of the people you work with who had pensions especially couples with pensions. If they retire after thirty years as many do and it is prior to age SS eligibility they are retiring without SS benefits.
My sense is that option occurs more with higher income workers and not as much those with more moderate salaries.
In many cases, those pension benefits will be worth far more than their SS would be.

A girl I went to high school with married a cop in an affluent Bay Area suburb. He's not a captain or police chief, but a regular beat officer. She went back to work with the state of California in a pink-collar position. His total pay was well over $200,000 each year going back to 2012. Let's assume she makes $70,000. They can easily be pushing $300,000 in annual income on what are truthfully low to mid skill positions, with the pensions to match.

Two pharmacy directors in my neck of the woods wouldn't make anywhere close to that, nor would they have pensions.
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Old 07-22-2019, 11:43 AM
 
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Quote:
Originally Posted by ChessieMom View Post
For me personally, I would have to work, or file. I clarified that in my post. I am guessing most people are not able to delay filing after they retire, unless they have a spouseís income to rely on.

For 75% or so of 60-somethings, that's true. They don't have the wealth and/or pension income to do anything but start collecting Social Security the minute they stop working. If you're up in the 90th percentile, the whole conversation is moot since the Social Security check will be chump change. It's the people in between where this is a big deal.


If you're in that group, it kind of depends on how conservative you are. My spread between age 62 and age 70 is about $20K. The way I look at it, a $20K COLA-protected annuity with tax advantages costs me $205K spread over 8 years. That has a cash value of about $500K if I were to buy a deferred annuity at age 62 with those parameters.
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Old 07-22-2019, 11:59 AM
 
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Originally Posted by GeoffD View Post
For 75% or so of 60-somethings, that's true. They don't have the wealth and/or pension income to do anything but start collecting Social Security the minute they stop working. If you're up in the 90th percentile, the whole conversation is moot since the Social Security check will be chump change. It's the people in between where this is a big deal.


If you're in that group, it kind of depends on how conservative you are. My spread between age 62 and age 70 is about $20K. The way I look at it, a $20K COLA-protected annuity with tax advantages costs me $205K spread over 8 years. That has a cash value of about $500K if I were to buy a deferred annuity at age 62 with those parameters.
I have a pension that will start upon my retirement. But that won’t be enough. I don’t want to live THAT frugally for the next 4 years until I turn 70. That would be a tough living, where I live. I don’t have to, and I don’t want to even try.
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Old 07-22-2019, 12:12 PM
 
Location: Columbia SC
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Originally Posted by mathjak107 View Post
Donít forget the numbers are skewed downward too ..many get a WEP REDUCTION so they get a small ss check and and a nice pension instead... others only get spousal with no work history of their-own so they drag down the average check for those who do have a record .

In the end who cares what some average is ....even that average means different purchasing power in different locations
My wife was WEPed...but her state retirement check and retirement benefits were awesome.
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Old 07-22-2019, 12:14 PM
 
26,096 posts, read 33,097,844 times
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Quote:
Originally Posted by Serious Conversation View Post
In many cases, those pension benefits will be worth far more than their SS would be.

A girl I went to high school with married a cop in an affluent Bay Area suburb. He's not a captain or police chief, but a regular beat officer. She went back to work with the state of California in a pink-collar position. His total pay was well over $200,000 each year going back to 2012. Let's assume she makes $70,000. They can easily be pushing $300,000 in annual income on what are truthfully low to mid skill positions, with the pensions to match.

Two pharmacy directors in my neck of the woods wouldn't make anywhere close to that, nor would they have pensions.
In many cases, I agree. My own pension will be based on a decent salary, but only 20 years service, so not a huge amount more, but it will be a higher number. Many of the long timers here will get a lot more than those who have not been here as long, but obviously salaries are a big factor.

Last edited by ChessieMom; 07-22-2019 at 12:28 PM..
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Old 07-22-2019, 12:16 PM
 
29,884 posts, read 34,936,573 times
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Quote:
Originally Posted by Serious Conversation View Post
In many cases, those pension benefits will be worth far more than their SS would be.

A girl I went to high school with married a cop in an affluent Bay Area suburb. He's not a captain or police chief, but a regular beat officer. She went back to work with the state of California in a pink-collar position. His total pay was well over $200,000 each year going back to 2012. Let's assume she makes $70,000. They can easily be pushing $300,000 in annual income on what are truthfully low to mid skill positions, with the pensions to match.

Two pharmacy directors in my neck of the woods wouldn't make anywhere close to that, nor would they have pensions.
Very true and thus the expression: Career choices and living choices have consequences.
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Old 07-22-2019, 12:19 PM
 
Location: Tennessee
23,734 posts, read 17,677,734 times
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Quote:
Originally Posted by ChessieMom View Post
In many cases, I agree. My own pension is based on a decent salary, but only 20 years service. Many of the long timers here will get a lot more than those who have not been here as long, but obviously salaries are a big factor.
I'll be 34 next spring. My goal is to find a government job by 35 and try and punch out 25-30 years of service.

I've had ten jobs since I graduated college in various sized companies and industries. All were in the private sector. The biggest similarity and theme is that you're never truly "safe" in the private sector. I've been fired with no notice or warning that anything was wrong. I've seen it happen to many other people. I can never relax because of the inherent instability of private sector work. It's much more difficult to can someone in the public sector.
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Old 07-22-2019, 12:33 PM
 
26,096 posts, read 33,097,844 times
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Quote:
Originally Posted by Serious Conversation View Post
I'll be 34 next spring. My goal is to find a government job by 35 and try and punch out 25-30 years of service.

I've had ten jobs since I graduated college in various sized companies and industries. All were in the private sector. The biggest similarity and theme is that you're never truly "safe" in the private sector. I've been fired with no notice or warning that anything was wrong. I've seen it happen to many other people. I can never relax because of the inherent instability of private sector work. It's much more difficult to can someone in the public sector.
Well you’re preaching to the choir here. LOL. My previous three jobs ended with bankruptcy and/or take-overs. My current public sector job was a choice based on many factors, but security was a very VERY big one. I honestly feel very lucky that it came along when it did. I never thought retiring (certainly not with a pension) would be something I would be able to do, comfortably. I’m pretty happy about that.
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