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I may not have a choice in the long run, as the injuries sustained on the job over the years are taking thier toll, and the discomfort is constant, and the pain is coming more often as time goes on, and more sharply, so I'm trying to prepare for an early out.....Wife says "deal with it till 65". I can understand her, and most everyone's views on waiting till medicare. I'm just using 80 as a random number, if I live further, I'll probably be wearing diapers and drooling over myself.
This appears to be a dramatic example of someone with a huge benefit. The average is close to $1,400/month. Obviously with a $2,941 benefit at age 65 that example is clearly higher than average, so equally obviously with a higher benefit they will be hit harder and skew the break even point because their penalty for early filing will he higher no? A 5% reduction per year from a $2,900 benefit is clearly larger than a 5% reduction of say $1,800 or whatever the average benefit is for someone 65
I am taking my ss at 62. My benefit is low because I have some zero years when I stayed home with my chlld and zeros for a couple of years with a local government that did not pay into ss. The dollar difference in delaying is just not worth it to me. I know that I will allow myself to live better on a cash flow vs. drawing down on my savings, since I have such a "saver" mentality. I will be able to fill the 3-year health insurance gap from my employer at the employee rate. I do plan to move to another state, but BCBS has a reciprocal agreement in the two states involved.
Meanwhile, those of you sitting around waiting to maximize every dollar are just getting older and good retirement years are just passing you by.
I am living on less, enjoying every day, and I am FREE!
You all assume too much...health and longevity plus financial security is not guaranteed. Take it while you can, is my recommendation to anyone who can swing it NOW. Life is too short to waste any more of it on working for others.
Last edited by HappyDogToday; 03-17-2017 at 11:10 AM..
Meanwhile, those of you sitting around waiting to maximize every dollar are just getting older and good retirement years are just passing you by.
I am living on less, enjoying every day, and I am FREE!
You all assume too much...health and longevity plus financial security is not guaranteed. Take it while you can, is my recommendation to anyone who can swing it NOW. Life is too short to waste any more of on working for others.
Seriously? There must be over a 100 posts in various threads that state that people that are "sitting around" to maximize their benefit are spending MORE and enjoying life with less worry about the future, at the same early age, because they DON'T have to worry about running out of money later in life. No one THAT CAN AFFORD to delay filing is waiting around and spending less, waiting for the larger SS to come in at an older age so that they will have more to spend. That WOULD be stupid. What would be the point of that?
I will be able to spend at least $6000 more a year by delaying filing until age 70, while retiring at 62, than if I retired at the exact same age, and filed at 62. Because I can afford it, I am able to spend down my tIRA funds from 62 to 70, because when I reach age 70, my SS AT 70, will be about $48000/yr. If I filed at 62, my SS at 70 would only be $28000 at most. So that's $20000 a year (which increases based on COLA) every year, mostly or entirely tax free, MORE that I have to do nothing investment wise to get, that is entirely transferred to my spouse if I die. I will have to draw nothing from savings for many years to have that same COLA income.
There is little logical sense in delaying until 70 by suffering with a lower income during the delay. That simply means you can't afford to delay.
I may not have a choice in the long run, as the injuries sustained on the job over the years are taking thier toll, and the discomfort is constant, and the pain is coming more often as time goes on, and more sharply, so I'm trying to prepare for an early out.....Wife says "deal with it till 65". I can understand her, and most everyone's views on waiting till medicare. I'm just using 80 as a random number, if I live further, I'll probably be wearing diapers and drooling over myself.
Are your job injuries significant enough to lead to lower life expectancy? How much in SS will you get from your wife's work history? Is she going to keep working 65/67? Do you have young children at home?
Why does your wife want you to keep working and accumulating more injuries?
Meanwhile, those of you sitting around waiting to maximize every dollar are just getting older and good retirement years are just passing you by.
I am living on less, enjoying every day, and I am FREE!
You all assume too much...health and longevity plus financial security is not guaranteed. Take it while you can, is my recommendation to anyone who can swing it NOW. Life is too short to waste any more of it on working for others.
you actually have that backward . those of us that retired before fra are actually able to spend more day 1 of retirement , even though we are delaying collecting . .
ss has zero sequence and inflation risk so less powder has to be kept dry through retirement .
you just lay the money out up front and put it back later on when the bigger ss check kicks in and your portfolio needs fall off .
anyone who can't do that really can't afford to delay so they have no real choice . unless the ss kicking in is fun money it makes little sense to live 8 years on less than budget because you are delaying .
the whole idea is to live the life you plan to live day 1 of retirement not 8 years later . when the checks kick in is secondary .
those with pensions or other income they live on can delay and look at the ss as extra fun money .
Last edited by mathjak107; 03-17-2017 at 01:28 PM..
I may not have a choice in the long run, as the injuries sustained on the job over the years are taking thier toll, and the discomfort is constant, and the pain is coming more often as time goes on, and more sharply, so I'm trying to prepare for an early out.....Wife says "deal with it till 65". I can understand her, and most everyone's views on waiting till medicare. I'm just using 80 as a random number, if I live further, I'll probably be wearing diapers and drooling over myself.
Yikes,,,,,,I hope you don't have to end up that way.
I say do what is right for you....life is too short man.........
Meanwhile, those of you sitting around waiting to maximize every dollar are just getting older and good retirement years are just passing you by.
I am living on less, enjoying every day, and I am FREE!
You all assume too much...health and longevity plus financial security is not guaranteed. Take it while you can, is my recommendation to anyone who can swing it NOW. Life is too short to waste any more of it on working for others.
Totally with you on that one FeelinLow!!
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