Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
S.S .& the single forum members
Old 08-24-2008, 02:01 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
S.S .& the single forum members

I 'm sorry for bringing up the dreaded Social Security word but I just do not understand why single forum members delay SS . For couples I understand it is so the survivor rate is higher but for us single members our SS dies with us so why not take it at 62 ? Sure you get more by waiting but aren't you are also playing the odds that you'll live long enough to come out even .
__________________

__________________
Moemg 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 08-24-2008, 02:14 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Currently single, and I intend to start at 62 (eight years), though I'm not glued to that. Stuff happens.
__________________

__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 08-24-2008, 03:03 PM   #3
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Quote:
Originally Posted by Moemg View Post
I 'm sorry for bringing up the dreaded Social Security word but I just do not understand why single forum members delay SS . For couples I understand it is so the survivor rate is higher but for us single members our SS dies with us so why not take it at 62 ? Sure you get more by waiting but aren't you are also playing the odds that you'll live long enough to come out even .
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.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 08-24-2008, 03:12 PM   #4
Full time employment: Posting here.
Lakedog's Avatar
 
Join Date: May 2007
Posts: 654
I'm also single and plan to start at 62 (or earliest age possible if that changes before I reach 62) -- seems like the best decision due to lifespan uncertainty.
__________________
Lakedog is online now   Reply With Quote
Old 08-24-2008, 03:37 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
Quote:
Originally Posted by Khan View Post
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.

Khan , why not take it and donate it to one of your charities ?
__________________
Moemg is offline   Reply With Quote
Old 08-24-2008, 03:58 PM   #6
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
I'm single and plan on draining drawing SS at age 62 in 10.5 years. I don't know what I'll spend all of that new found money on, but I'm sure I'll find some new widget or whatchamacallit that I surely won't be able to live without....at least according to their manufacturer's ads.
__________________
Goonie is offline   Reply With Quote
Old 08-24-2008, 03:59 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,972
I may wait until "full retirement age" because I may be living off just S.S. if I live into my 70's. However, with my genetics it's fairly likely I won't live into my 70's so it's a tough choice.
__________________
aaronc879 is offline   Reply With Quote
Old 08-24-2008, 04:03 PM   #8
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
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.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 08-24-2008, 04:28 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
The other key if you delay is hoping the govt doesnt start doing means testing, cuts the payout, drops the inflation adjustment, increases the taxation or some other method of pumping the bilge before the ship sinks.

If you take the money and invest it rationally, you'll be in your early to mid 80's before the delay strategy starts getting the upper hand. Having that bird in the hand may let you be a little freer with your spending between 62 and 85.

I'm guessing that the money is going to be more fun to spend at 62 than 85.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 08-24-2008, 04:39 PM   #10
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,113
Quote:
Originally Posted by Khan View Post
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.
Wow, that's very altruistic of you. I'm suitably impressed. As suggested, why not consider drawing and donating to charity?
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Old 08-24-2008, 04:43 PM   #11
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,113
Quote:
Originally Posted by Moemg View Post
I 'm sorry for bringing up the dreaded Social Security word but I just do not understand why single forum members delay SS . For couples I understand it is so the survivor rate is higher but for us single members our SS dies with us so why not take it at 62 ? Sure you get more by waiting but aren't you are also playing the odds that you'll live long enough to come out even .
If you have a choice (don't actually need it at 62) then draw it, save it and pay it back to get the higher payout and keep the interest.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Old 08-24-2008, 04:50 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,438
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.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 08-24-2008, 04:52 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,409
Hmmm - Single in a household of three women each contributing SS/pension to household expenses. I planned to let SS build up.

Happy 62nd birthday/Katrina. Moved 1000 miles inland. Three deaths within a year.

I became mortal and took early SS. If I get back to living forever by age 70 - I may do the form/pay the money/reset the clock - if the option is still available.

Life happens. Have a plan but remember the difference between precision and accuracy.



heh heh heh -
__________________
unclemick is offline   Reply With Quote
Old 08-24-2008, 05:03 PM   #14
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
i've so many family members who live well into their 80s and 90s that it seems to make practical sense, from a longevity standpoint, to wait.

from a silly superstitious standpoint, i'd rather bet on long life than count on an early death to reward my greed.

assuming the current status quo remains intact, from a karmic standpoint, waiting will give more money to whichever very young indigent lesbian i marry right before i die so that the system that screwed me over during my life might help another of my kind throughout hers.
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Old 08-24-2008, 05:06 PM   #15
Thinks s/he gets paid by the post
Bikerdude's Avatar
 
Join Date: Jul 2006
Posts: 1,901
Quote:
Originally Posted by cute fuzzy bunny View Post
The other key if you delay is hoping the govt doesnt start doing means testing, cuts the payout, drops the inflation adjustment, increases the taxation or some other method of pumping the bilge before the ship sinks.

If you take the money and invest it rationally, you'll be in your early to mid 80's before the delay strategy starts getting the upper hand. Having that bird in the hand may let you be a little freer with your spending between 62 and 85.

I'm guessing that the money is going to be more fun to spend at 62 than 85.
This makes sense to me. I've run the numbers for my situation and I'm taking SS at 62. One of the easy 'fixes' for SS is to tax 100% of it. Currently, I will make out on both fed and state taxes by starting at 62 (in one year). Everyone should do their own assessment.
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote
Old 08-24-2008, 05:08 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
In my case, I'll probably use it and defer taking money from our IRA's longer.

I'm sincerely hoping to reach RMD age and find myself with huge tax problems due to the enormous required minimum distributions.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 08-24-2008, 05:17 PM   #17
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Quote:
Originally Posted by Moemg View Post
Khan , why not take it and donate it to one of your charities ?
I am extremely lazy.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 08-24-2008, 05:20 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Take it and sign the checks over to me. I'll supply you with a suitable rubber stamp, a lifetime supply of self-addressed stamped envelopes, and I'll even mail you a cheesecake and some of my infamous home made rum soaked fruitcake ever christmas.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 08-24-2008, 05:22 PM   #19
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Quote:
Originally Posted by cute fuzzy bunny View Post
Take it and sign the checks over to me. I'll supply you with a suitable rubber stamp, a lifetime supply of self-addressed stamped envelopes, and I'll even mail you a cheesecake and some of my infamous home made rum soaked fruitcake ever christmas.
Your avatar needs to be renamed.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 08-24-2008, 05:24 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Eh, I was planning on leaving it that way and seeing which internet addict was going to notice first.

DING DING DING! You're a winner! You get to send me your social security checks!!!

Good avatar though, dontcha think? Pretty much sums it up...
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
ER Forum Members Unite -- We can get rich 2B FIRE and Money 13 07-15-2008 10:54 AM
My Klipsch Speaker Forum has over 25,000 members vs. less than 4,000 ER members. Cut-Throat FIRE and Money 47 06-05-2007 06:15 PM
Try this ER Forum Members Map TromboneAl Other topics 22 02-23-2007 02:13 PM
Polls about forum members JB Other topics 39 08-07-2006 11:13 AM

 

 
All times are GMT -6. The time now is 07:11 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.