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Old 01-09-2019, 10:03 AM   #41
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Well.. maybe... but giving up 17 years of retirement,since age 53, to w*rk for an extra $21K /mo. @ age 83 .. hmmm... I'd have to think about that. Ummm, maybe I could afford that Mercedes.
Huh? You wouldn't have given up anything. All you would've done is withdraw more from your investments from 62 to 70...then less for the rest of your life because your SS benefit is more.

Nothing you can do about it now. Just commenting that you are probably one of the few here who has probably reached the break even point.

Heck, with the extra you'd be getting you probably could afford that Mercedes.

You wouldn't have had to work one extra day, or spend one dime less. Some of the "take at 62" just can't seem to comprehend that. I'm not going to beat my head on that wall anymore. At least not today.
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Old 01-09-2019, 10:12 AM   #42
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However you are counting on SS benefits staying the same. I would rather collect the SS benefits from 62 and less from investments so when the SS benefit cut comes I will have more in my investments at an age where I probably won’t be spending as much.
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Old 01-09-2019, 11:19 AM   #43
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Huh? You wouldn't have given up anything. All you would've done is withdraw more from your investments from 62 to 70...then less for the rest of your life because your SS benefit is more.

Nothing you can do about it now. Just commenting that you are probably one of the few here who has probably reached the break even point.

Heck, with the extra you'd be getting you probably could afford that Mercedes.

You wouldn't have had to work one extra day, or spend one dime less. Some of the "take at 62" just can't seem to comprehend that. I'm not going to beat my head on that wall anymore. At least not today.
I think the implication is that he would not have been able to stay retired without taking ss early.
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Old 01-09-2019, 11:31 AM   #44
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I think the implication is that he would not have been able to stay retired without taking ss early.
Could be. I thought I covered that with "Maybe you didn't have the funds to hold off on SS then" but he came back with "giving up 17 years of retirement" which, I don't know what to make of that, so I'll just drop it.

People seem to look to the guy as a model of someone who's been through what a lot of us will be facing, I thought it interesting that he's made it to the breakeven point and wondered how he viewed it.
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Old 01-11-2019, 07:29 AM   #45
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When I use FIREcalc, I input # of years estimating FI based on how long me/DH might live.

According to SS website, at 62 we'll get 31K (combined) to make it easier and helps me get the big picture. Might be a 25% haircut in SS but we don't know that.
According to SS at 66.5, we'll get 42K per year.
Simple analysis if we live to 90.
31K * 28 years = $868K

42K * 23.5 years = $987K all based on my estimation of lifespan. $119K difference.

Spending in later years is estimated, you may travel less, spend less on daily life, but what about health issues? That extra $119K gets you pretty nice long term care for a year or more.

I don't think of the break even point. Our portfolio has a chance of decline, there are no guarantees with a portfolio, but SS is a guarantee even if they cut it 25%. You're still ahead if you wait. IMHO
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Old 01-11-2019, 09:36 AM   #46
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[QUOTE=RunningBum;2170276]Could be. I thought I covered that with "Maybe you didn't have the funds to hold off on SS then" but he came back with "giving up 17 years of retirement" which, I don't know what to make of that, so I'll just drop it.

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Old 01-11-2019, 09:49 AM   #47
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I always used 60% of our SS estimates when I loaded income into Firecalc or any other tool. Right now, we're in better shape than we planned. If we get a haircut, we'll just have to go back to plan d or g or whichever one it was that calculated that.
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Old 01-12-2019, 06:40 AM   #48
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+2. The liklihood of a major market turmoil either along the way or because of and in addition to, a massive 25% cut in SS benefits is far far greater than the cut itself.For me, it’s the higher guaranteed income that makes the difference at an age where due to physical or mental issues, investments may be destroyed, stolen, or whatever. If everyone gets a 25 % haircut (which I think is extremely unlikely) I’d much rather still get 75% of $75k than of $50k, which is what the calculated amounts are for us at 77 and 83, in 2035, with existing inflation rates. We will be old enough, if still alive by then, that the time period for a minor reduction in that amount will be inconsequential for the most part. It only cost about $180k over 7 years for me to delay until 70, to buy that cola annuity, so it’s sure not going to make a huge difference to anyones portfolio of $1.5M or more. Maybe if you only have $500k, and plan on needing SS to RE, due to health or family history reasons, then file at 62 makes way more sense. I guarantee if I really think age 83 is not a distinct reality, I will file asap. But so far, DF (80) and grands, (died at 96 & 94) were neither paragons of healthy or smart living by any stretch. DF shows no signs of age related health issues that would take him out in the next 5 years. Interesting to note he filed and DM both filed at 62, (we want it now syndrome) and DM, a chain smoker, died of COPD causes at 69, so 62 was the smart move. DF tells me now he wished he had delayed, but he wouldn’t know what to do with the extra money even if he did. Unless he ends up in CCRC, in which case it would have made a huge difference. So far, no relatives have ever been in one of any kind.
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Old 01-12-2019, 10:58 AM   #49
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You're kidding, right?! Note the inability of the current crop of stubborn egotists (on both sides of the aisle) to even keep the government operating. I have ZERO confidence in the ability of our elected officials to agree on how to deal with something as complicated and controversial as overhauling Social Security, even given 15 more years to do it.
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Old 01-12-2019, 11:06 AM   #50
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Originally Posted by Rianne View Post
When I use FIREcalc, I input # of years estimating FI based on how long me/DH might live.

According to SS website, at 62 we'll get 31K (combined) to make it easier and helps me get the big picture. Might be a 25% haircut in SS but we don't know that.
According to SS at 66.5, we'll get 42K per year.
Simple analysis if we live to 90.
31K * 28 years = $868K

42K * 23.5 years = $987K all based on my estimation of lifespan. $119K difference.

Spending in later years is estimated, you may travel less, spend less on daily life, but what about health issues? That extra $119K gets you pretty nice long term care for a year or more.

I don't think of the break even point. Our portfolio has a chance of decline, there are no guarantees with a portfolio, but SS is a guarantee even if they cut it 25%. You're still ahead if you wait. IMHO
I don't have a written contract stating what my guaranteed payout will be. What happens if some future politician decides to means test SS and determine that I have enough and I'm not getting anymore.
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Old 01-12-2019, 11:32 AM   #51
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I don't have a written contract stating what my guaranteed payout will be. What happens if some future politician decides to means test SS and determine that I have enough and I'm not getting anymore.
Can't see it going that way. Someone who spends all their monies receives more than someone who saved and invested doesn't add up.
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Old 01-12-2019, 11:37 AM   #52
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Can't see it going that way. Someone who spends all their monies receives more than someone who saved and invested doesn't add up.
Yes, I don't see it going that way either. My point is nothing is guaranteed.
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