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Another article on delaying SS
06-13-2007, 06:38 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Another article on delaying SS
Biding your time: Why it makes sense to delay your Social Security benefits
Not a very comprehensive piece since it only looks at the income side and ignores possible tax and surviving spouse benefits. One recommendation really caught my eye:
"The best plan is to keep working until age 70. That way, you can both delay taking benefits and avoid tapping into your savings,"
Great idea!
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Numbers is hard
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06-13-2007, 06:45 AM
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#2
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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At the last MegaCorp retirement seminar, two of the people sitting next to me said that working until they die was their plan. According to this, they only need to work until they are 70
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06-13-2007, 07:25 AM
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#3
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 206
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In his example Mary makes more than Peter but Peter gets 8 years more retirement. I'll take that chance!
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06-13-2007, 07:55 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 2,155
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I'm sure you're not being sarcastic. It's too bad that SS benefits stop increasing after age 70, otherwise...
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06-13-2007, 08:21 AM
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#5
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Full time employment: Posting here.
Join Date: Oct 2003
Posts: 961
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This may have been posted in another conversation, but has anyone run the numbers, through Firecalc for example to see if delaying SS to late 60's or 70's improves portfolio survivability?
Thanks,
Alec
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06-13-2007, 08:44 AM
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#6
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 229
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please search on 'delaying s' ... then stand back
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Old Guys Rule
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06-13-2007, 08:47 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 2,433
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Quote:
Originally Posted by Sam
It's too bad that SS benefits stop increasing after age 70, otherwise...
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Yup, especially with all the immortals on this forum who would delay SS even later and end up never collecting - a painless way to fix SS
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06-13-2007, 08:53 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Hey! Who are you calling immoral!!??
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Numbers is hard
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06-13-2007, 08:56 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
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Oh no! What if they change their mind now. You're ruining it for the "few of us".
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06-13-2007, 09:48 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Quote:
Originally Posted by ats5g
This may have been posted in another conversation, but has anyone run the numbers, through Firecalc for example to see if delaying SS to late 60's or 70's improves portfolio survivability?
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Oh yes.
Any income stream injected into a firecalc ER plan helps survivability immensely by reducing withdrawals dollar for dollar. ESRBobs book explores this in great detail, although largely looking at using part time work and other income sources/expense offsets instead of SS income.
It depends on how "old" you are when you do the firecalc run.
If you're in your 40's or 50's, Firecalc indicates that taking SS early causes enough beneficial offset for you to take a higher withdrawal rate starting from your current age, "knowing" you have an income stream coming along that will help some of the runs from going below zero.
If you wait and do the run/decision right at 60-62, the appearance of the income streams is so close that the larger, slightly later one produces better numbers, especially for people with very small portfolios.
So I guess the answer to your question is "it depends".
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