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Old 07-05-2016, 03:13 PM   #41
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Also - the poll is skewed by people still alive.
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Not if it was done in Chicago.
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I assume you meant that dead Chicagoans could vote.

But then, perhaps you meant that they kept getting their SS too.
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Old 07-05-2016, 07:41 PM   #42
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I assume you meant that dead Chicagoans could vote.

But then, perhaps you meant that they kept getting their SS too.
Yes, both!

-ERD50
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Old 07-05-2016, 07:45 PM   #43
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All right!

I have visited Chicago twice, but perhaps should give relocation to Windy City some thoughts for the fabulous benefits for my wife when I croak.

Lemme rerun FIRECalc with the new parameter...

PS. Oops. Better check with my wife if she cares about the chance of being put in the slammer for SS fraud. How sure are you of this that it is safe?
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Old 07-05-2016, 07:52 PM   #44
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From a personal perspective, this is "our" rational for SS withdrawal time ~65 (1 year prior to FRA. SS is based on my allotment. DW is too Young to consider yet, and simply easier not to.
......
All by itself, doesn't this tell you to take it at 70, so you maximize the survivor SS for your young wife, since once you are gone she will need to live many many more years.... ?

Perhaps this is not an issue for you as her SS will be higher than yours ?
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Old 07-05-2016, 08:41 PM   #45
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I was bound and determined at a young age that Alpo wasn't going to be in my diet.
Its not bad if you put some hot sauce on it.
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Old 07-05-2016, 11:56 PM   #46
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Also - the poll is skewed by people still alive.
Not a single dead person now regrets taking it early . . . or late. They are dead.

Sounds flippant, but that's one rational argument for waiting to start--if you die early and therefor might have "better off" to start early, there's no opportunity for regret. But going the other way and knowing you'd have more money coming in every month if you'd waited--well, there's a good chance to stew in that pot for decades.
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Old 07-06-2016, 12:18 AM   #47
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Is that true?

A person who is not well-off eats cat food from 62 to 70, in order to get more later. At 69, he's diagnosed with a terminal disease. Won't he regret not eating better food for the 7 years before his death, or taking those European trips? Not everybody dies instantly. Many have time to reflect.

Maybe he's too saddened with his misfortune, he does not have time to think about not eating those steaks.
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Old 07-06-2016, 04:05 AM   #48
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If he were still alive when polled he gets to state his regret.
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Old 07-06-2016, 08:12 AM   #49
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... if he did not kill the pollster.
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Old 07-06-2016, 08:31 AM   #50
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A lot of people on this site left money on the table to retire early, and very few of them seem to have regrets.

So, it's not surprising to me that there are plenty of others who made the choice for early SS so they can enjoy the extra money now, and those with regrets that they did not take it early when they had the chance.
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Old 07-06-2016, 08:43 AM   #51
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Very apt comparison of ER to early SS! Both are about getting less now, rather than OMY.
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Old 07-06-2016, 09:02 AM   #52
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An interesting question to myself, at age 62, is when I will be taking SS. At 56 the answer is "I will wait".
I've been doing my best to ignore the whole question until the question means something to me as well.

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Also - the poll is skewed by people still alive.
Never a more teachable moment for the term "survivorship bias"
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Old 07-06-2016, 09:15 AM   #53
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60 now, so only 2 more years before the question becomes real.

I may go for somewhere in between. Maybe 65? I dunno. Depends a lot on how the market moves.
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Old 07-06-2016, 09:17 AM   #54
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When a decision becomes irreversible, I don't see much point in whining or regrets.
thanks for that gem - I used an edited version of it in an article I wrote yesterday
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Old 07-06-2016, 09:22 AM   #55
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Except that they used to allow early SS recipients to give back all the money, and not even charge them interest, so as to claim more at 70. With a mulligan allowed like that, there's no reason not to take it early, then change your mind later if you want to.

Son of a gun! The younger people are getting worse and worse deals. My children may have to work till 80. I keep telling them to save for themselves if they do not want to work till they die.
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Old 07-06-2016, 09:37 AM   #56
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I have been running some projections and it has become more difficult to handle SS COLA since, for all I know, all future COLAs will just transfer funds from the SS Trust Fund to cover increases in Medicare. If so, many people will find that, for planning purposes, SS is not COLAed. Has this occurred to anyone else?
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Old 07-06-2016, 09:48 AM   #57
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...

A person who is not well-off eats cat food from 62 to 70, in order to get more later. At 69, he's diagnosed with a terminal disease. Won't he regret not eating better food for the 7 years before his death, or taking those European trips? ...
That ignores the point Cut-Throat has made time and time again.

You can spend more now, with the knowledge that you will be getting more in the future.

-ERD50
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Old 07-06-2016, 10:02 AM   #58
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I have been running some projections and it has become more difficult to handle SS COLA since, for all I know, all future COLAs will just transfer funds from the SS Trust Fund to cover increases in Medicare. If so, many people will find that, for planning purposes, SS is not COLAed. Has this occurred to anyone else?
very doubtful - COLA on your accrued SS benefit is part of the "promise"
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Old 07-06-2016, 03:44 PM   #59
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I have been running some projections and it has become more difficult to handle SS COLA since, for all I know, all future COLAs will just transfer funds from the SS Trust Fund to cover increases in Medicare. If so, many people will find that, for planning purposes, SS is not COLAed. Has this occurred to anyone else?
It's certainly possible that both health care costs and Medicare premiums will go up by more than the CPI-W. Some people here explicitly plan for that, or at least use it for worst case projections.

But, I'm not sure how this would impact the decision on when to start SS. I know there can be years, in fact 2016 is one of them, when paying Medicare out of your SS benefit can be cheaper than paying in cash. But, I view this as and unusual and short-lived situation for people with "normal size" SS benefits.
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Old 07-06-2016, 04:54 PM   #60
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I plan on taking SS at 62 (according to the principle "you've got what you've got" - too many uncertainties about solvency of SS, life expectancy, etc). Alas, if I live past the break-even date, then I will probably regret that decision..... c'est la vie
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