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monkey44

Cape Cod, MA and Central Fla

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Posted: 05/27/21 02:16pm Link  |  Quote  |  Print  |  Notify Moderator

If/when you outlive the SS break-even number, generally in your eighties, it's likely you will be stable somewhere and not care much about that $100 or $200, or even $500 a month extra. Wherever you live will probably take all of it anyway, the more you collect, the more they take.


Monkey44
Cape Cod Ma & Central Fla
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Gdetrailer

PA

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Posted: 05/27/21 02:23pm Link  |  Quote  |  Print  |  Notify Moderator

wing_zealot wrote:

dave54 wrote:

...Took SS at age 62. Ran the numbers and it was to my benefit.
Never regretted it.
The only way it could be to your benefit is if you don't plan on living much past 80.


The real way to look at SS is no one should expect to live past 80 since 80 is above the "average" life expectancy. Sure, some folks will live longer but some folks will not.. My Dad lived to 93, I have no expectations that I will live to 93, be nice to live longer than 80 but will take it day by day.

But you should also plan to not depend on living solely off of SS by saving some money in a retirement vehicle.. Plenty of retirement saving vehicles now days to work with so there is zero excuses.

Start young, take advantage of employer sponsored 401K plans by maxing out the company match (it is free money the employer throws at you just for setting aside a couple of percent of your wage into their 401K), start a Roth IRA, if you change jobs, roll the 401K from previous job(s) to the new company 401K or roll into a IRA. Resist the temptation to cash out the 401Ks before retirement age or taking loans against the 401Ks..

I have worked with a lot of people that never put one cent into a company sponsored 401K, then they complain that they will have to work past their 70s.. Companies are offering 100% tax free 401K money contribution matches and people turn it down [emoticon] ..

One company I worked for offered their 401K match in company stock, $18 per share back then, today that stock is worth $200 per share.. Risky, sure but could not have retired early without maxing out that match..

wing_zealot

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Posted: 05/27/21 05:53pm Link  |  Quote  |  Print  |  Notify Moderator

colliehauler wrote:

wing_zealot wrote:

dave54 wrote:

...Took SS at age 62. Ran the numbers and it was to my benefit.
Never regretted it.
The only way it could be to your benefit is if you don't plan on living much past 80.
I beleive the current life expectancy of a US male is 78.54 years.

To borrow a line from Clint Eastwood (do you feel lucky)
Actually the life expectancy of a 62 year old male is 82 Clicky. and if you make it to 80, it goes up to 88 (that’s the little known secret about actuaries).
And, if like me your wife is younger then you, then she can collect the larger benefit amount for several more years.

* This post was edited 05/27/21 06:01pm by wing_zealot *

nickthehunter

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Posted: 05/29/21 08:02pm Link  |  Quote  |  Print  |  Notify Moderator

monkey44 wrote:

If/when you outlive the SS break-even number, generally in your eighties, it's likely you will be stable somewhere and not care much about that $100 or $200, or even $500 a month extra. Wherever you live will probably take all of it anyway, the more you collect, the more they take.
When I read this the other day it didn’t sound right to me. So I had some extra time today (it was raining) so I looked it up.

When I was 62 if I would have started collecting SS my benefit would have been $1845 per month. (My benefit at age 70 at that time was predicted to be $3308)

I am now 67, my current benefit would be (if I would have chose to start collecting) $2928 / mo.

At age 70 my benefit is currently predicted to be $3637; almost double the benefit at 62 and a hell of a lot more than $500 / mo. extra.

The break even point is 8.23 years or when I am 78 and 3 months old.

All of these numbers are from my statements I get every year from SSA (use to get them automatically, now you have to download them yourself from SSA).

That’s just how it works out for me. I would encourage anyone contemplating collecting SS benefits to get “their” statement from SSA and see how it works out.

* This post was edited 05/29/21 08:12pm by nickthehunter *

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Posted: 05/29/21 08:07pm Link  |  Quote  |  Print  |  Notify Moderator

Thank you for the research.

monkey44

Cape Cod, MA and Central Fla

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Posted: 05/29/21 09:39pm Link  |  Quote  |  Print  |  Notify Moderator

Nicklethehunter: QUOTE When I was 62 if I would have started collecting SS my benefit would have been $1845 per month - My benefit at age 70 at that time was predicted to be $3308.

Did you add the $1845 times the months you would have drawn it ... 8 years from age 62 to 70. That's $177,122. Bank it, plus interest and see if it still matches. It's not the so much the difference between $1845 and $3637, it's also how much you collect between age 62 and age 70 to get that extra. Don't forget, you also pay higher taxes on higher SS as well.

We know it's always a personal choice affected by life situations. But, when I look at collecting more at age 83, rather then less at age 62, I'd rather be age 62 >>> 83 and spending it in better health than at age 83 and beginning that final slide. In fact, some never get there at all. Just things to ponder and figure out what is best for yourself. [emoticon]

For some people, SS is much less of the total retirement package. That will make a difference in what choices you might make at age 62 as well.

colliehauler

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Posted: 05/29/21 10:40pm Link  |  Quote  |  Print  |  Notify Moderator

monkey44 I agree with you about taking SS at 62 while your young enough to enjoy it and just what I did. My SS is a part of my retirement along with pension and 401k plan. Several of my friends never made it to retirement. My Dad retired at 65 and was dead by 75, if he had waited until 70 he would have had 5 years of retirement. Jeff a friend I had known since high school passed at 61 from esophageal cancer 2 years ago. What your health going to be at 70? I don't have a crystal ball. I'm doing the things I enjoy now while I'm able to. So far my SS and pension cover my needs with a surplus.

It's personal choice and I feel I made the correct decision for me. I have a BIL that is still working at 76. He had to draw his SS at 70 and now pays most of it back in taxes.

nickthehunter

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Posted: 05/30/21 06:32pm Link  |  Quote  |  Print  |  Notify Moderator

I’m glad you both are satisfied with your choices. No one said one size fits all. Your choices don’t work for me - to each their own. That's why I said everyone should get their statement from SSA and make their decisions with the real numbers.

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