Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-02-2012, 10:53 AM   #21
gone traveling
 
Join Date: Mar 2007
Posts: 559
Quote:
Originally Posted by ziggy29 View Post
If you are healthy and longevity is in your genes, I would agree. For me personally, though things can change before I turn 62 in 2027, I'm inclined to take it as soon as I can because the powers that be seem interested in protecting current recipients from the worst takeaways proposed by "reform" and saving the pain for those who are younger and/or not yet getting monthly checks.
because you are so young i don't believe you can make absolute claims. i am 61. when i was your age i was also going to take it at 62.

my wife is 66 and i'm 61. we have saved enough money and can afford for me not to take MY ss until 70.

we are following the 62/66/70 plan.

lowest earning spouse takes at 62(she did). Highest earning spouse(me) will take the spousal benefit(1/2 my wifes) at 66 and and my full benefit at 70.
__________________

__________________
gerrym51 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 09-02-2012, 11:05 AM   #22
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by gerrym51 View Post
because you are so young i don't believe you can make absolute claims. i am 61. when i was your age i was also going to take it at 52.

my wife is 66 and i'm 61. we have saved enough money and can afford for me not to take MY ss until 70.

we are following the 62/66/70 plan.

lowest earning spouse takes at 62(she did). Highest earning spouse(me) will take the spousal benefit(1/2 my wifes) at 66 and and my full benefit at 70.
I agree with your comments and plan. However, since DW did not retire until earlier this year (at age 64) and will get two small pensions in less than a year, she will wait till FRA age (when I will claim 50% of her benefit).

It would be different if we needed the immediate income, but we're fortunate (lucky) that we don't.
__________________

__________________
rescueme is offline   Reply With Quote
Old 09-02-2012, 11:12 AM   #23
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 1,647
Quote:
Originally Posted by gerrym51 View Post
isn't you combined life expentancy because you are young. the older you get the longer the life tables extend. once you reach 65 there is a 50/50 chance one of you will reach 90.
If you consider 60 Young. But I will vote on family history and health before that. Even so my calculations are based on us living to 88. There is no way I will make it to that saving miracles and a lot of Bionic electronics.....
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Old 09-02-2012, 11:21 AM   #24
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,103
Quote:
Originally Posted by ziggy29 View Post
If you are healthy and longevity is in your genes, I would agree. For me personally, though things can change before I turn 62 in 2027, I'm inclined to take it as soon as I can because the powers that be seem interested in protecting current recipients from the worst takeaways proposed by "reform" and saving the pain for those who are younger and/or not yet getting monthly checks.
Quote:
Originally Posted by gerrym51 View Post
isn't you combined life expentancy because you are young. the older you get the longer the life tables extend. once you reach 65 there is a 50/50 chance one of you will reach 90.
Quote:
Originally Posted by ShokWaveRider View Post
If you consider 60 Young. But I will vote on family history and health before that. Even so my calculations are based on us living to 88. There is no way I will make it to that saving miracles and a lot of Bionic electronics.....
I believe gerrym was responding to ziggy's post, where he said that he will be 62 in 2027 (so he is currently 47, which is young from my perspective as well)
__________________
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 09-02-2012, 11:26 AM   #25
Recycles dryer sheets
Jager's Avatar
 
Join Date: Jul 2012
Posts: 103
If it weren't for the political calculus, SS would be a whole lot easier to figure. In that event I'd be very inclined to push taking it to 70.

As it is, I plan on taking it at 62, simply because I believe there's a better than fair chance that those who lived below their means, saved for retirement, and otherwise positioned themselves to have reasonable financial security in their senior years will be means-tested out of the program.

Get what you can, while you can, kind of sums up my view.
__________________
Jeff
Jager is offline   Reply With Quote
Old 09-02-2012, 11:38 AM   #26
gone traveling
 
Join Date: Mar 2007
Posts: 559
Quote:
Originally Posted by Alan View Post
I believe gerrym was responding to ziggy's post, where he said that he will be 62 in 2027 (so he is currently 47, which is young from my perspective as well)

yes i was responding to ziggy.

the strangest thing about this-this is a classic win/lose or lose/ win situation.

if you take it at 62 and die before you break even you win-but your dead.

if you take it at 62 but you exceed break even you lose-but your alive.

talk about a catch 22.
__________________
gerrym51 is offline   Reply With Quote
Old 09-02-2012, 03:25 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
Current age: 54 minus 4 days
FIREd: 2007 at age 48
No spousal benefit possible

SS calculator run done in June 2011:

age 62: $1308
Age 66 yrs 8 months (FRA): $1815
Age 70: $2300

I'm takin' it at age 62 in 2020, so save me some!
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 09-02-2012, 04:00 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,888
For me, it's too close to call as to what I'll be doing. What seems to make sense (at the moment, that is) when I'm around 60, then I'll take stock of my health situation. If it looks like I may live a long remaining life, them I'll probably wait until 70. If I'm not so heathy at that time, then I'll probably take the money and run at 62.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Old 09-02-2012, 04:22 PM   #29
gone traveling
 
Join Date: Mar 2007
Posts: 559
one other thing i have not mentioned. a married couple besides having a longer life expectancy for one of also has the the possibility of the survivor taking over the highers ss payment
__________________
gerrym51 is offline   Reply With Quote
Old 09-02-2012, 05:30 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,433
Quote:
Originally Posted by Jager View Post
If it weren't for the political calculus, SS would be a whole lot easier to figure. In that event I'd be very inclined to push taking it to 70.

As it is, I plan on taking it at 62, simply because I believe there's a better than fair chance that those who lived below their means, saved for retirement, and otherwise positioned themselves to have reasonable financial security in their senior years will be means-tested out of the program.

Get what you can, while you can, kind of sums up my view.
I'm kind of leaning that way myself. It would really torque me off to spend down a portion of my investments only to have the rules change as I approached age 70.
__________________
Retired in 2016. Living off dividends / interest and a mini pension. Freedom.
foxfirev5 is offline   Reply With Quote
Old 09-02-2012, 05:38 PM   #31
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,056
Right now, my plan is to take SS at 62. I'm 42, and don't hit full retirement age until 67. I figure that by taking it early, I can hold off on cashing in other investments. Plus, I figure that once I'm in, if the gov't decides to muff things up, I'm hoping they'll grandfather in those who are already on SS. So, because of that, I figure the sooner the better.

However, I'll re-evaluate as that time gets closer. If I have so much money I don't know what to do with it at 62, I might hold off a bit. A lot can happen in 20 years.
__________________
Andre1969 is offline   Reply With Quote
Old 09-02-2012, 06:13 PM   #32
gone traveling
 
Join Date: Mar 2007
Posts: 559
My opinion is they won't change the 70 rule because-HARDLY ANYBODY DOES IT ANYWAY.


42 percent take it at 62.

by 66 years old 95 percent of people have taken it.

__________________
gerrym51 is offline   Reply With Quote
Old 09-02-2012, 06:16 PM   #33
gone traveling
 
Join Date: Mar 2007
Posts: 559
Quote:
Originally Posted by Andre1969 View Post
Right now, my plan is to take SS at 62. I'm 42, and don't hit full retirement age until 67. I figure that by taking it early, I can hold off on cashing in other investments. Plus, I figure that once I'm in, if the gov't decides to muff things up, I'm hoping they'll grandfather in those who are already on SS. So, because of that, I figure the sooner the better.

However, I'll re-evaluate as that time gets closer. If I have so much money I don't know what to do with it at 62, I might hold off a bit. A lot can happen in 20 years.

Andre,

far be it for me to try to convince you especially since you so young.

however if your investments are yielding 2 percent and delaying SS gives you 8 percent-it bears consideration
__________________
gerrym51 is offline   Reply With Quote
Old 09-02-2012, 06:20 PM   #34
Dryer sheet wannabe
 
Join Date: Aug 2012
Location: San Antonio
Posts: 11
We have been retired for more than 10 years and are comfortable with what out the SS so far. The SS we receive will probably go into savings for the kids or we will do something extravagant with it. Both the wife and I have our own SS. Her family lives long lives while mine does not. I'm thinking that maybe I will take mine at 62 and she can wait till 66 or 70. I'm also concerned about means testing in the future for SS.
__________________
WWDog is offline   Reply With Quote
Old 09-02-2012, 08:26 PM   #35
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,572
Quote:
Originally Posted by easysurfer View Post
For me, it's too close to call as to what I'll be doing. What seems to make sense (at the moment, that is) when I'm around 60, then I'll take stock of my health situation. If it looks like I may live a long remaining life, them I'll probably wait until 70. If I'm not so heathy at that time, then I'll probably take the money and run at 62.
+1

Good plan.
__________________
Rustward is offline   Reply With Quote
Old 09-02-2012, 10:06 PM   #36
Dryer sheet aficionado
 
Join Date: Jan 2012
Location: Marietta
Posts: 43
from my latest statement:
62 $1877
66 $2418
70 $3236

I also like the 62/66,70 plan.
__________________
BruceinGa is offline   Reply With Quote
Old 09-03-2012, 12:20 AM   #37
Recycles dryer sheets
 
Join Date: Dec 2011
Posts: 388
Quote:
Originally Posted by gerrym51 View Post
My opinion is they won't change the 70 rule because-HARDLY ANYBODY DOES IT ANYWAY.


42 percent take it at 62.

by 66 years old 95 percent of people have taken it.

Also, the choice is actuarially neutral from the SSA, at least for unmarried claimants. That means that they wouldn't save (much) money by eliminating the DRCs.
__________________
Khufu is offline   Reply With Quote
Old 09-03-2012, 12:21 AM   #38
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
Quote:
from my latest statement:
62 $1877
66 $2418
70 $3236
That looks very close to the maximum possible: Maximum-taxable benefit examples
__________________
growing_older is offline   Reply With Quote
Old 09-03-2012, 07:02 AM   #39
Dryer sheet aficionado
 
Join Date: Jan 2012
Location: Marietta
Posts: 43
Quote:
Originally Posted by growing_older View Post
That looks very close to the maximum possible: Maximum-taxable benefit examples

I guess working all of that extra overtime in past years may have paid off in my retirement!

BTW growing_older, I'll be 63 Sept 29. I retired 8 months ago.
__________________
BruceinGa is offline   Reply With Quote
Old 09-03-2012, 11:47 AM   #40
Recycles dryer sheets
shotgunner's Avatar
 
Join Date: Jun 2008
Posts: 454
Here is another thought, what will a dollar do for you at 62 and what will a dollar do for you at 79? At 79 will you be traveling as much? Will you still have as many friends to do things with (or even a spouse)? What will you and I be able to do at 79, will we be able to do the same things as at 62, golf, fish, hunt, ride motorcycles, etc. etc? My thoughts are that life is to be lived while you have it, it takes money to do a lot of things, by 79 whether I have the money or I most likely will not be able to physically do the things I could at the age of 62 and that might even include driving.
__________________

__________________
Never surrender what you really want for what you want right now.
shotgunner 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


 

 
All times are GMT -6. The time now is 02:44 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.