Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 07-05-2016, 02:13 PM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
Quote:
Originally Posted by audreyh1 View Post
Also - the poll is skewed by people still alive.
Quote:
Originally Posted by ERD50 View Post
Not if it was done in Chicago.
-ERD50
I assume you meant that dead Chicagoans could vote.

But then, perhaps you meant that they kept getting their SS too.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-05-2016, 06:41 PM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 26,806
Quote:
Originally Posted by NW-Bound View Post
I assume you meant that dead Chicagoans could vote.

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

-ERD50
ERD50 is offline   Reply With Quote
Old 07-05-2016, 06:45 PM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
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?
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 07-05-2016, 06:52 PM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
Quote:
Originally Posted by ShokWaveRider View Post
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 ?
Sunset is online now   Reply With Quote
Old 07-05-2016, 07:41 PM   #45
Recycles dryer sheets
 
Join Date: Apr 2016
Posts: 284
Quote:
Originally Posted by Bamaman View Post
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.
medved is offline   Reply With Quote
Old 07-05-2016, 10:56 PM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
samclem's Avatar
 
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
Quote:
Originally Posted by audreyh1 View Post
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.
samclem is offline   Reply With Quote
Old 07-05-2016, 11:18 PM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
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.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 07-06-2016, 03:05 AM   #48
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
If he were still alive when polled he gets to state his regret.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 07-06-2016, 07:12 AM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
... if he did not kill the pollster.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 07-06-2016, 07:31 AM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2015
Location: the prairies
Posts: 5,021
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.
Music Lover is offline   Reply With Quote
Old 07-06-2016, 07:43 AM   #51
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
Very apt comparison of ER to early SS! Both are about getting less now, rather than OMY.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 07-06-2016, 08:02 AM   #52
Moderator
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 10,622
Quote:
Originally Posted by Senator View Post
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.

Quote:
Originally Posted by audreyh1 View Post
Also - the poll is skewed by people still alive.
Never a more teachable moment for the term "survivorship bias"
sengsational is offline   Reply With Quote
Old 07-06-2016, 08:15 AM   #53
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
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.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 07-06-2016, 08:17 AM   #54
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
Quote:
Originally Posted by W2R View Post
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
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Old 07-06-2016, 08:22 AM   #55
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
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.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 07-06-2016, 08:37 AM   #56
Thinks s/he gets paid by the post
Tadpole's Avatar
 
Join Date: Jul 2004
Posts: 1,427
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?
Tadpole is offline   Reply With Quote
Old 07-06-2016, 08:48 AM   #57
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 26,806
Quote:
Originally Posted by NW-Bound View Post
...

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
ERD50 is offline   Reply With Quote
Old 07-06-2016, 09:02 AM   #58
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
Quote:
Originally Posted by Tadpole View Post
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"
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Old 07-06-2016, 02:44 PM   #59
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 4,629
Quote:
Originally Posted by Tadpole View Post
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.
Independent is offline   Reply With Quote
Old 07-06-2016, 03:54 PM   #60
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 2,301
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
euro is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any municipal pension recipients working on 'plan Bs'? jon-nyc FIRE and Money 25 10-03-2013 07:38 PM
States Consider Drug Tests for Welfare Recipients samclem FIRE Related Public Policy 46 04-03-2009 07:20 PM
Stimulus for SS Recipients OAG FIRE and Money 2 02-19-2009 04:06 PM
SS recipients get 2.3% raise... Achiever51 FIRE and Money 6 10-18-2007 09:02 AM

» Quick Links

 
All times are GMT -6. The time now is 10:39 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.