Any Regrets Filing for Early Social Security

[TuborgP]

Originally Posted by tom1944

At 62 I will have 40 years in a government pension. My pension plus my ss will be significatly more than my net salary. I am not sure it would make sense not to retire and take the ss at that point.

The only consideration is if my pension will not continue to have a COLA benefit. If I continue to work my ss and pension increase 8% a year.

Over the 40 years of working you have received COLA and longevity increases that have helped you keep up with inflation and get ahead of the game. Once you retire, gone will be the longevity increases and the future value of the SS COLA is currently up for debate. So look back on your 40 years working and consider what your current working income would be if pay increases were only based on indexed COLA increases. Project that out over the next 40 years and decide how comfortable you will be. Your initial pension and ss income will only increase based on a COLA decided by a cash strapped government.

[tom1944]

Actually that is incorrect. I am not in a union and despite excellent reviews have no salary increase since 2007.

[TuborgP]

Originally Posted by tom1944

Actually that is incorrect. I am not in a union and despite excellent reviews have no salary increase since 2007.

If you are responding to me please note I said over 40 years you have received increases. If you havent than not getting them over the next 40 years is something you will be use to and it probably won't impact you as much as it might someone else. My comments are related to the impact of inflation on your income stream and that income stream might be impacted by inflation for 40 years or more hopefully. Hey with medical advances it could be another 50 years. We all can look at our SS statement and see our income history and how much it has and or hasn't grown. Will the next 40 years or so reflect that or will it be better or worse?

[texdav]

Also remmebr if you can afford to take it early with reduced amount your likely to enjoy using it more also than waiting too long.Financially and enjoyment wise no one can tell you specfically.

[TuborgP]

Originally Posted by texdav

Also remmebr if you can afford to take it early with reduced amount your likely to enjoy using it more also than waiting too long.Financially and enjoyment wise no one can tell you specfically.

You know one thing that I think folks need to consider is what happens to the trust fund down the road if no changes are made. If there were a say reduction of 25% because the trust fund can't keep up with payments which would a person prefer. It is a personal decision.
75% of a benefit started at 62 or
75% of a benefit started at 70.

Everyone has to decide if the even want to consider something like that or not and if so which do they want maximum total payout or maximum income stream down the road.

[mathjak107]

my opinion is they are coughing up billions out of now where for hurricane sandy damage and assistance. keeping something like ss solvent which is rooted right in the core of american culture ,which will be 75% solvent on its own anyway shouldnt be even a burp.

[Mightyqueen801]

Originally Posted by tom1944

Actually that is incorrect. I am not in a union and despite excellent reviews have no salary increase since 2007.

Same here (2008) except that they don't even bother to give us reviews anymore since they aren't giving us any money!

[Bideshi]

Originally Posted by Mightyqueen801

Same here (2008) except that they don't even bother to give us reviews anymore since they aren't giving us any money!

We didn't get a raise for five years straight and then they dropped a 20% pay cut on us!