S.S .& the single forum members

[Notmuchlonger]

Poor piglets..

 

[cute fuzzy bunny]

Hey, the bacon could be beef, turkey or chicken. Or some sort of tofu based concoction.

All I can tell you is that you'll get your allocated pound every month, guaranteed.

 

[Notmuchlonger]

But sir why would I trust you with my own bacon? I know how to manage my piglets

 

[cute fuzzy bunny]

Big rock might fall out of the sky and wipe them out.

I actually made and ate tofu bacon once.

Once.

 

[Notmuchlonger]

I have to say I like turkey bacon.

 

[cute fuzzy bunny]

I'm so sorry.

 

[Notmuchlonger]

Sorry for the derail he started it

Wait actually Moemg did. So she derailed her own thread!

 

[unclemick]

Sorry for the derail he started it

Wait actually Moemg did. So she derailed her own thread!

It's ok - I love bacon and my early SS checks - one more year and I'll be a regular bacon/er SS checker or something.

Hey - I thought I was the only guy trying to let most of my trad IRA ride/compound longer toward 701/2!



Fried bacon with sauteed onion and garlic - and SS checks forever.

heh heh heh - who realizes if this were another forum we would be overrun with calc.'s, spreadsheets, tables and graphs? Crossover? don't need no stinking crossover when I got bacon. .

 

[Moemg]

Sorry for the derail he started it

Wait actually Moemg did. So she derailed her own thread!

What fun is a non derailed thread ?

 

[Tykimeister]

I'm not concerned with spending time and effort to make sure I get the most money out of the system.

I might not take SS at all if I don't need it; I'll leave it in the system for those who do need it.

Like my uncle who pretends to have "black outs" and hasn't had a job in 10+ years. But your right, I wouldn't want to take the money when there isn't any there in the first place.

 

[Bikerdude]

Like my uncle who pretends to have "black outs" and hasn't had a job in 10+ years. But your right, I wouldn't want to take the money when there isn't any there in the first place.

The way I see it is you're not saving anybody. If there is not enough money the fed will print it. So there is no way to escape. Take it when you can and give it away.

 

[explanade]

Also under current rules, if you take it at 62 you have the option to re-apply for the higher rate at 70 and simply pay what you had received back without interest. Some are doing that today. I shouldn't say simply as I've read it is a complicated procedure. But it does seem like another pretty good reason to go ahead and take it at 62 and re-evaluate things at 70.

Edit: Didn't see Alan's response. Basically what he said.

Would that be gross? Say you were getting $10k a year (for round number sakes) and you paid whatever taxes on it.

So at age 70, you pay back $80k to the govt. and they recalculate at higher payments?

 

[youbet]

Moemg....

Just as an fyi, having your spouse subject to GPO makes the situation the same or similar to being single as far as SS goes......

That's my situation and I'll be starting SS at 62.

 

[haha]

I like my spendable income to increase every year; it gives me a good feeling. I know I maybe should do the take and pay it back thing, but it is more trouble than I want to go through, and I am afraid that when I came to the window they would say- "Sorry, that is so last year!".

Since I only care what my lifestyle is like, not what I might leave on the table, it seems wise to me to delay all the way to 70 or thereabouts. If the S&P were to fall 50%, I would start it immediately.

But if I am dead I have more than enough money. If I live to be 100, that higher SS might really come in handy.

Regarding the worry that it may become means tested- maybe so, but I think that might be the beginning of the end of the program. They already backdoor a lot of progressivity with taxation of benefits. And of course the whole benefit algorithm is highly progressive. So while this may happen I don't fear it, and I also don't think one would necessarily be grandfathered anyway.

Ha

 

[FinanceDude]

I am extremely lazy.

Direct deposit it to your saving account. Did you go to college? If you did, have your alma mater take the payment out of your account and invest in an endowed scholarship in your name or something.....

 

[Dawg52]

Would that be gross? Say you were getting $10k a year (for round number sakes) and you paid whatever taxes on it.

So at age 70, you pay back $80k to the govt. and they recalculate at higher payments?

That's my understanding and it would be up to you to file tax returns to recoup any taxes paid. But even if you had to hire a CPA to help with that, it would be worth it IMO. Below is some additional info on the subject.

http://www.marketwatch.com/News/Sto...6fa&siteid=nwhpf&sguid=6Lzac1XYyU-JL_q6Uv1wpA

 

[Redbugdave]

One thing to consider about 62 vs 65 or later...If you take it at 62, (at the lower rate), you get an additional 3 years use of the money to enjoy it. I am not sure where the the break even point is, (think around age 69?), where the total dollar amounts paid to you equal each other, (62 vs 65).

Looking at this realistically in my mind, you might as well enjoy yourself while you can. When you get older, you may be "out of it" and won't be able to enjoy that extra money that you could have had between the ages of 62 and 65. The things people can do really changes between ages 60 to 65. Then when you consider what you can do between ages 65 to 70, I think mobility really begins to drop off, (and our brains, too).

I hope this makes sense...some things cannot be calculated, such as pleasure and making the most of what life you have now, (use it now or you may not be able to enjoy it later...because you may be out of it in a nursing home or some place).

 

[FIRE'd@51]

That's my understanding and it would be up to you to file tax returns to recoup any taxes paid.

My understanding from previous threads we have had on this topic, is that alternatively, you can also take a deduction on schedule A of the amount paid back, rather than going through the hassle of amending past returns. Also, it seems to me, that this lump deduction would be a nice way to offset the tax effect of the first RMD.

I think this strategy dominates simply delaying until age 70 for either singles or marrieds, as it removes the "early death" penalty altogether.

 

[guest]

One thing to consider about 62 vs 65 or later...If you take it at 62, (at the lower rate), you get an additional 3 years use of the money to enjoy it. I am not sure where the the break even point is, (think around age 69?), where the total dollar amounts paid to you equal each other, (62 vs 65).

Looking at this realistically in my mind, you might as well enjoy yourself while you can. When you get older, you may be "out of it" and won't be able to enjoy that extra money that you could have had between the ages of 62 and 65. The things people can do really changes between ages 60 to 65. Then when you consider what you can do between ages 65 to 70, I think mobility really begins to drop off, (and our brains, too).

I hope this makes sense...some things cannot be calculated, such as pleasure and making the most of what life you have now, (use it now or you not be able to enjoy it later...because you may be out of it in a nursing home or some place).

What he said! Never been able to figure out the wait till I'm older philosophy....Your prime play time starts now, not when you are 85!!!

The older years are fine for porch sitting, but first......

 

[unclemick]

What he said! Never been able to figure out the wait till I'm older philosophy....Your prime play time starts now, not when you are 85!!!

The older years are fine for porch sitting, but first......

Ah ha! - early SS, bacon and and and Viagra! - like the old pharts on the tv ads.

Whoopeee!

heh heh heh -

 

[DallasGuy]

Single here...I will probably take it at 66 because at this point it looks like I have enough money saved to live comfortably from 62 to 66 without taking it. If I took it at 62 it wouldn't have much of an impact on my standard of living so I'll take it at 66 and hope I live into my 90's and am able to take advantage of the increased amount. I invest fairly conservatively so I doubt I can beat the return I would get by taking it at 62 and investing the money...vs. waiting until 66.

 

[aenlighten]

Besides longevity

it may pay to take some time to convert IRAs from Traditional to Roth before starting it for tax reasons. Have to look at the tax situation then since nothing is certain but change.

 

[W2R]

I'm not single but the reason for a single to not take SS is the same reason someone might buy an annuity. The only difference is that SS is a much better buy than what you can get in the SPIA market. If you really think you'll beat your longevity tables, delaying SS is the way to go even if you are draining other assets. SS goes up about 8.5% every year and its indexed for inflation. Waiting until 70 really increases your SS check.

The key is living beyond the SS actuarial life span. The gov't uses the "overall" numbers so if you have good health and a decent family longevity history it really is a good deal. If you die early, you're dead and won't care.

I like this post, so I quoted it.

I don't know when I will take SS. My financial plan has me taking it at 66, but really I intend to play it by ear. I will re-examine the problem several times a year until I start taking SS. After all, if 66 then why not 70 or 62? Because of SS's annuity-like properties, sometimes it makes more sense to me to put it off, and get more later rather than less earlier. Then again, I might take it early because a bird in the hand is worth two in the bush.

Although it's fun to politely wrangle back and forth about it a little, I suppose that ultimately it doesn't make a great deal of difference one way or the other for most of us. At least, it doesn't to me.

 

[cute fuzzy bunny]

Thats pretty much correct. It matters a lot if you're entering an underfunded retirement, usually because you're suddenly unable to work any longer.

If you're 62 and have only enough money to make it to 70, you'd probably want to hold off on the SS until you're 70, providing you can then live the rest of your life on that amount. Still, it might be smart to take it earlier and try to hold onto at least a nugget of your nest egg.

For someone with a 7 figure portfolio at the age of 62, I doubt the couple of hundred bucks a month one way or the other will matter.

I just hope its still there in 15 years when I get there. I'm going to take it and blow it, each and every month. Pure fun money.

 

[Redbugdave]

Get it at 62...and take your wife/significant other on a cruise to Alaska! Or..."I used to have a drug problem, but now I make enough money to afford it." -- David Lee Roth

I go for the country style bacon...yummmm.