|
Social security timing and health question
03-16-2019, 12:01 PM
|
#1
|
Recycles dryer sheets
Join Date: Dec 2010
Posts: 445
|
Social security timing and health question
Just curious: I have a significant genetic mutation and have had 5 big cancers (1992, 1992, 1995, 2016, 2018. Age 64. Got it from mother, who died at 57. Trying to decide what sort of longevity to guess for myself. What would you? (No panic--I will do what I choose, but am curious.)
|
|
|
|
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!
|
03-16-2019, 12:03 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
I don't think I could *guess* at a number, but with those genetics, and health/family history, I'd start taking it 62, as soon as I was eligible.
Sorry you are having to deal with that.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
03-16-2019, 12:34 PM
|
#3
|
Recycles dryer sheets
Join Date: Jan 2013
Posts: 380
|
I have a mutation for a currently incurable disease which I have already started. It already killed my younger sister. Other relatives have lived to their late 80s though. And genetic research is growing by leaps and bounds
I follow research into my mutation very closely and believe treatment which in phase 1 trials may be able to mitigate symptoms and progression which could lead to an expensive old age if I get there. I don’t need the ss if I am going to die early so am waiting. I will likely lose money so to speak but won’t be here to care
I encourage you to see what is available for research participation for carriers of your mutation
|
|
|
03-16-2019, 01:50 PM
|
#4
|
Recycles dryer sheets
Join Date: Sep 2014
Location: Miami
Posts: 337
|
From the information you provided I believe most people would take SS at 62. Make sure you enjoy some of the money now and save some in case things work out for the best.
__________________
FIRE July 2015
|
|
|
Social security timing and health question
03-16-2019, 02:47 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
|
Social security timing and health question
Think I’d be living my life, within reason, with a rolling couple of year horizon. Adjusting based upon current health status. Thus, with SS, if survivorship issues are not important, 62 would be most likely choice...
|
|
|
03-16-2019, 02:59 PM
|
#6
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,930
|
I would agree that early SS for a SINGLE person may make sense. My thinking is that for MOST SINGLE people, it makes sense - especially men because its all based on actuarial analysis. BUT consider that the survivor of the higher earner gets to take the higher earners benefit upon death and the equation may change - especially if the survivor might be destined for a very long life.
Stuff like "do you need the money" now is probably the most important question to ask, but things DO get complicated when you are married. This might be worth an hour with an expert or the purchase of some software. Doesn't Kotlikoff's ESPlanner do this? I'm sure I've seen some other SS planning software discussed on this forum. In any case, this may not be trivial and there MAY be a BEST way to do it. So, don't take our advice, DO the research and do it thoroughly.
Now, having said all that, God bless you and keep you safe, palomalou
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
|
|
|
03-16-2019, 03:40 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,300
|
Sounds like you should take it now, as age 62 has already passed.
__________________
TGIM
|
|
|
03-18-2019, 05:31 PM
|
#8
|
Recycles dryer sheets
Join Date: Dec 2010
Posts: 445
|
Sarah S, so sorry to hear this!
|
|
|
03-18-2019, 05:41 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
|
Man, this is hard to read. Sorry for both of your conditions. For dollars I'd take it early. For spousal benefits, as late as you can. Good luck to both of you.
__________________
Jump in, the water's warm.
|
|
|
03-18-2019, 07:07 PM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,844
|
Quote:
Originally Posted by palomalou
Just curious: I have a significant genetic mutation and have had 5 big cancers (1992, 1992, 1995, 2016, 2018. Age 64. Got it from mother, who died at 57. Trying to decide what sort of longevity to guess for myself. What would you? (No panic--I will do what I choose, but am curious.)
|
I would consider my spouse if I was married and what her life expectancy was, mine comes from a family that had many live beyond 95 and so I would take that into consideration and defer taking SS if that would be higher for my spouse. Nothing else to me would matter as if I were to die early then I have enough money and it does not effect myself so only thing to consider would be the family.
|
|
|
03-19-2019, 12:56 PM
|
#11
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,519
|
First, I'd make sure that your spouse gets the maximum SS possible if you were to pass away. Whatever that takes.
Secondly, unless you need the SS money to maintain your desired lifestyle, delay till 70. You have no idea how long you're going to live & SS is the best longevity insurance you already own.
|
|
|
03-19-2019, 02:28 PM
|
#12
|
gone traveling
Join Date: Jan 2019
Location: NW Ohio
Posts: 1,156
|
If you are 64 now like you stated originally, I would take SS now, to enjoy more years of earnings rather than waiting for a windfall 6 years from now. There are no gaurantees in life, you may live into your late 80s, or God forbid, pass into the great unknown before you ever have a chance to collect that first big 70 year old SS check.
I have a similar checkered health past Cancer in 1988, 1995, 2000, and 2016, with chemo drug related CHF 3 times in the last 10 years. I'm 54, and fully plan to take SS, and retire fully at 62, not gambling with our (married 30 years) future.
|
|
|
03-19-2019, 02:29 PM
|
#13
|
gone traveling
Join Date: Jan 2019
Location: NW Ohio
Posts: 1,156
|
If you are 64 now like you stated originally, I would take SS now, to enjoy more years of earnings rather than waiting for a windfall 6 years from now. There are no gaurantees in life, you may live into your late 80s, or God forbid, pass into the great unknown before you ever have a chance to collect that first big 70 year old SS check.
I have a similar checkered health past Cancer in 1988, 1995, 2000, and 2016, with chemo drug related CHF 3 times in the last 10 years. I'm 54, and fully plan to take SS, and retire fully at 62, not gambling with our (married 30 years) future.
|
|
|
03-19-2019, 02:36 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,376
|
Quote:
Originally Posted by ziggy29
I don't think I could *guess* at a number, but with those genetics, and health/family history, I'd start taking it 62, as soon as I was eligible.
Sorry you are having to deal with that.
|
+1
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|