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Post by dickt on Oct 31, 2014 6:17:58 GMT -5
First off full retirement under SS is not 65. For me it is 66 and for Todd I believe it is raised to 67. So at 62 you will get more than 25 percent less than at full retirement. But you will collect five years longer. Let's just say you would get $20k at 67 and $15k at 62. So five years times 15k is 75k. To make up that 75k it would take 15 years making you 82 when you broke even which is about how it comes out for any calculation. I am taking mine nine months before I reach full retirement age
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Post by PaulKay on Oct 31, 2014 11:08:03 GMT -5
I still plan to retire at 62 1/2, but won't take SS until 65. The main reason is simply that I want the higher per month amount and I don't care if I get less total over time. The main thing is that I can take less income from my 401K once the higher SS income kicks in. That will allow me to grow my 401K by reinvesting some of it at 65. If I take it early to maximize the total collected, then I'll need to supplement the lower payment with 401K income. At the end of the day, the important thing is how much per month can you get to pay your bills. Playing it the other way would require saving the early payment and then supplementing the monthly checks with the deferred saving later on. A hassle I don't want to deal with.
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Post by Doug on Oct 31, 2014 18:50:58 GMT -5
First off full retirement under SS is not 65. For me it is 66 and for Todd I believe it is raised to 67. So at 62 you will get more than 25 percent less than at full retirement. But you will collect five years longer. Let's just say you would get $20k at 67 and $15k at 62. So five years times 15k is 75k. To make up that 75k it would take 15 years making you 82 when you broke even which is about how it comes out for any calculation. I am taking mine nine months before I reach full retirement age Chris' worked out to 87 before she broke even. Mine didn't count as I got it by being disabled.
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Post by Cornflake on Oct 31, 2014 19:13:14 GMT -5
You guys are way ahead of me on when to take SS. These questions will be addressed early next year, unless I procastinate.
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Post by Doug on Oct 31, 2014 20:18:58 GMT -5
At best it's a guessing game Flake. Common sense says if men in your family live into their 90s then it's best to stall as long as possible, or if they all die at 50 then get while the getting is good. Oldest males in my family in reverse order. Me, my father (barely 62) my grandfather(54) my great grandfather (51) and so in in descending order. So it would have been a no brainer for me. Even though my mother kept telling me some of them might have lived a lot longer if they hadn't been hung, shot or stabbed.
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Post by Cornflake on Oct 31, 2014 20:33:41 GMT -5
I agree, Doug, but.... The men in my family were almost all dead before 60. That suggests taking it early. But I was told that my wife will inherit my benefits, and her antecedents were very long lived. That suggests the reverse. I'll sort this out eventually.
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Post by Village Idiot on Oct 31, 2014 21:17:20 GMT -5
First off full retirement under SS is not 65. For me it is 66 and for Todd I believe it is raised to 67. So at 62 you will get more than 25 percent less than at full retirement. But you will collect five years longer. Let's just say you would get $20k at 67 and $15k at 62. So five years times 15k is 75k. To make up that 75k it would take 15 years making you 82 when you broke even which is about how it comes out for any calculation. I am taking mine nine months before I reach full retirement age Hmmm.... I'm sure glad (and assuming) Kim will be around to figure this all out for me.
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Post by dickt on Nov 1, 2014 10:07:07 GMT -5
Todd, They used to send those SS estimates every year. Now you can setup an account on My SS and see estimates for different retirement dates.
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Post by dickt on Nov 1, 2014 10:11:56 GMT -5
Todd, They used to send those SS estimates every year. Now you can setup an account on My SS and see estimates for different retirement dates.
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Post by Cornflake on Nov 1, 2014 13:12:41 GMT -5
Thanks for the idea, Dick. I just set up an account. I pretty much knew the answers already but the account is handy.
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Post by epaul on Nov 1, 2014 20:06:11 GMT -5
I tried set up a "My Social Security" account, but they kicked me off because I didn't correctly identify the license plate number of a car I had sold to a junkyard (out of a list of five license plates) so they didn't believe I was me.
Fortunately, Gus the pack rat collects license plates (along with rusted bolts, beer bottle caps, and assorted parts and pieces from various motors, appliances, and computers he has disassembled over the years) and he had pulled the plates off the Subaru before I junked it out. Once they allow me to try set up an account again, I will be prepared.
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Post by AlanC on Nov 3, 2014 7:52:05 GMT -5
I turned 62 on Friday. Retirement is not on my radar or in my vocabulary. Since this place is kinda private amoung friends (not like FB), I don't mind revealing personal information. What pittance we had managed to put back had to be taken out and put into the company to keep us afloat till things turn around. I wouldn't have done it if I didn't weren't reasonably sure that things will get better. We recently started working in Orlando as I hooked up with a Florida PLS that my son worked with for several years. We got all the legalities worked out just as his employer pulled the plug and went back to work for someone else and we inherited a couple of his clients one of them being NBC Universal Orlando. The NDA I signed precludes me from telling what we will be doing for them but it should last for several years. Those invoices won't start coming in till right before Christmas but when they do, it should put is back in the black (but barely). The other upside is a coin flip waiting to land. We shortlisted for a very lucrative Corps of Engineers contract out of the New Orleans District. We had a phone interview on August 25 that went well. They said we will know in 30 days. Well it's been 70 days and not a peep- but that is the way they roll. If we land that, I might be able to retire as it is a 5 year contract with a cap of 6 million over the life of the contract. What I would really like is for someone to buy us out if we get it. Right now we are squeaking along on retirement money hanging on to the last knot in the rope. Hopefully relief will come soon.
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Post by Rob Hanesworth on Nov 3, 2014 22:02:14 GMT -5
Per my financial adviser, Social Security figures they will pay the same amount regardless of when you take it. They will either pay you less money for longer or more money for fewer years.
I chose to take mine at 66, my full retirement age per SS. At full age you can take SS but still work with no income limit/penalty. I worked another 14 months and used the SS to pay off a couple of bills and jack up the emergency fund to cover car repairs or appliance breakdowns that are sure to come.
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Post by dickt on Nov 3, 2014 22:10:06 GMT -5
Per my financial adviser, Social Security figures they will pay the same amount regardless of when you take it. They will either pay you less money for longer or more money for fewer years. I chose to take mine at 66, my full retirement age per SS. At full age you can take SS but still work with no income limit/penalty. I worked another 14 months and used the SS to pay off a couple of bills and jack up the emergency fund to cover car repairs or appliance breakdowns that are sure to come. That's fine if you don't have a severely reduced life expectancy.
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Post by Village Idiot on Nov 3, 2014 22:24:48 GMT -5
Todd, They used to send those SS estimates every year. Now you can setup an account on My SS and see estimates for different retirement dates. I think Kim does that, as she was spewing numbers at me the other night. I know discalculia is an exuse with me, but what she was saying was just words and numbers.
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Post by Rob Hanesworth on Nov 4, 2014 17:16:46 GMT -5
Per my financial adviser, Social Security figures they will pay the same amount regardless of when you take it. They will either pay you less money for longer or more money for fewer years. I chose to take mine at 66, my full retirement age per SS. At full age you can take SS but still work with no income limit/penalty. I worked another 14 months and used the SS to pay off a couple of bills and jack up the emergency fund to cover car repairs or appliance breakdowns that are sure to come. That's fine if you don't have a severely reduced life expectancy. Absolutely agree with you, Dick. Each person's circumstances factor into their decision on when to take SS. I was just reporting my thought process for myself, not suggesting it was best or would even work for someone else.
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Post by dickt on Nov 4, 2014 17:45:49 GMT -5
That's fine if you don't have a severely reduced life expectancy. Absolutely agree with you, Dick. Each person's circumstances factor into their decision on when to take SS. I was just reporting my thought process for myself, not suggesting it was best or would even work for someone else. Just feeling sorry for myself, Rob. Shouldn't have posted that and I didn't mean anything contrary to your post
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Post by Rob Hanesworth on Nov 4, 2014 20:49:07 GMT -5
Considering what you're going through, you are pretty damn upbeat! Hang in.
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Post by Cornflake on Nov 4, 2014 21:10:29 GMT -5
What Rob said.
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Post by Village Idiot on Nov 4, 2014 21:27:32 GMT -5
Yes.
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