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colliehauler

Mc Pherson KS USA

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Posted: 05/18/21 08:01am Link  |  Quote  |  Print  |  Notify Moderator

monkey44 wrote:

I've been drawing SS since age 62, and working minimally when I feel like it since.
It will take me until age 83 to break even. By then, I won't care and it will still be enough retirement to meet our needs. Genie draws it too, since age 62 - we are in our 70's now. Plenty of time to enjoy the 'smaller SS payment' [emoticon]
I agree with you, take it now while you are able to travel and do fun things that you physical might not be able to do when your 70. The last thing I want to do is save all my life to see it go to some care facility. I worked non-stop from the time I was 12 delevering news papers and cutting yards until I could join the work force. I worked another 39 years of shift work before saying enough. I volunteered for overtime so I could save enough money to retire early putting in many 80 hr weeks. I agree with another poster saying he had more then enough to keep him busy. I don't miss work one bit. It's time for the next generation to make money and pay my SS.

philh

Belleville MI

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Posted: 05/18/21 06:56pm Link  |  Quote  |  Print  |  Notify Moderator

nobody ever laid on their death bed and wished they had worked more hours.

Father in law put well ahead of his wife. She had a life long dream to go to Australia. As her dementia got worse, it became apparent he would need additional help to travel... still he wouldn't spend the money.

On his death bed he told his daughter, do not wait until it's too late, enjoy your twilight years. He came to tears as he regretted not taking his wife to Australia. Our only problem, both of us have had some pretty serious medical issues and I'm working principally for health insurance.

colliehauler

Mc Pherson KS USA

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Posted: 05/18/21 08:23pm Link  |  Quote  |  Print  |  Notify Moderator

philh wrote:

nobody ever laid on their death bed and wished they had worked more hours.

Father in law put well ahead of his wife. She had a life long dream to go to Australia. As her dementia got worse, it became apparent he would need additional help to travel... still he wouldn't spend the money.

On his death bed he told his daughter, do not wait until it's too late, enjoy your twilight years. He came to tears as he regretted not taking his wife to Australia. Our only problem, both of us have had some pretty serious medical issues and I'm working principally for health insurance.
My Dad retired at 65 and had a heart attack the following year. Dad recovered from a quadruple bypass then Mom had heart issues and had to have valves replaced. They had purchased a motor home and planned to travel, it never happened. It,seems one or the other had health issues and from there on out till they passed.

3 tons

NV.

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Posted: 05/19/21 08:58am Link  |  Quote  |  Print  |  Notify Moderator

Took mine at 62 mainly because of poor family genes and longevity.... No regrets, but I would point out that Medicare is mandatory starting at age 65, so had I waited a couple more years the increased amount would have covered my Medicare premium...Just another factor thrown into the mix...

3 tons

Gdetrailer

PA

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Posted: 05/19/21 09:19am Link  |  Quote  |  Print  |  Notify Moderator

3 tons wrote:

Took mine at 62 mainly because of poor family genes and longevity.... No regrets, but I would point out that Medicare is mandatory starting at age 65, so had I waited a couple more years the increased amount would have covered my Medicare premium...Just another factor thrown into the mix...

3 tons


Per HERE

It "depends".

You may or may not "have" to sign up for Medicare at age 65. The rules are complex (like anything else designed by government)so understanding the rules is a good idea.

PawPaw_n_Gram

On the Road Somewhere

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Posted: 05/21/21 10:35am Link  |  Quote  |  Print  |  Notify Moderator

I was "invited to retire" less than a month after my 56th birthday. I was lucky, the rest of my IT section and much of the IT department was simply laid off. Those in Dallas were in a lot of trouble because EDS laid off over 20,000 IT workers less than a month later.

Did some odd jobs, and had to use the 401k to keep the newish house we bought a couple years before.

Finally the market changed enough for us to sell the house and we moved into a TT full time. I was 62 and took Social Security to have enough income to live upon. Alone with my USN pension and my wife's SS.

No regrets.

Yes, I would have more money if I kept working, and a higher SS check.

=================

SS is not in danger of running out of money during our lifetime. There is a very slight possibility that after 2035, SS may need to pay reduced benefits, currently estimated at 79% of promised benefits to new retirees.

The SS Trust Funds has about THREE trillion invested in the safest possible US government securities. The trust fund ran a surplus of a couple billion in 2020 and is expected to run another surplus in 2021.

But the math is that the number of people retiring will increase, and the number of people paying into SS will decrease to the point that the fund will start to run a negative balance soon. Even so, it will be 10 to 15 years with negative growth.

===================

Social Security has money invested in interest bearing bonds equal to about 12% of the total money invested in the New York Stock Exchange. Social Security investments are large enough to totally own the Dow Jones top 30 companies.

By law, Social Security is invested exclusively in US Government first pay bonds. Which means, Social Security gets paid before Savings Bonds, before T-bills, before other bonds purchased by other investors.

Social Security owns more US government debt than ANY country.

When the budget is/ was created, investments is US Government Bonds were treated as 'free' money by Congress. It could be paid back then the bonds are due by future bond purchases.

Well the problem is the SS income from payroll contributions is now less than the amount being redeemed each year. So they money cannot be rolled over into new bonds at current rates. Some of the bonds have to be sold and used to pay benefits.

So far the economy has helped to keep the interest paid on bonds high enough so SS has not needed to actually lower the trust fund reserves, but the number is very close now.


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philh

Belleville MI

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Posted: 05/21/21 12:25pm Link  |  Quote  |  Print  |  Notify Moderator

pawpaw,

One thing missing from your analysis. Federal Govt is spending money like drunken sailors on a 2 day leave after 6 months at sea. They can not cover all the obligations which are estimated to be as high as 200 Trillion dollars.

In addition, inflation is beginning to rear it's ugly head, which is about the only way the fed can even think about managing the debt load.

colliehauler

Mc Pherson KS USA

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Posted: 05/21/21 01:43pm Link  |  Quote  |  Print  |  Notify Moderator

Well covid took 550k off the SS roles. I worry about them raiding SS for other programs.

wing_zealot

East of the Mississippi

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Posted: 05/21/21 02:19pm Link  |  Quote  |  Print  |  Notify Moderator

colliehauler wrote:

Well covid took 550k off the SS roles. I worry about them raiding SS for other programs.
Your about 40 years to late. That money was raided a long time ago.

Lynnmor

Red Lion

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Posted: 05/21/21 02:36pm Link  |  Quote  |  Print  |  Notify Moderator

philh wrote:



In addition, inflation is beginning to rear it's ugly head, which is about the only way the fed can even think about managing the debt load.


And that is exactly the plan, it will be easy to pay what is owed when the dollar is worth squat. Too bad about your retirement savings if you don't have a government plan. I don't believe any of this is accidental, rather it is a well planned takeover of private wealth.





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