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Old 09-03-2012, 11:57 AM   #41
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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 you did 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 not I may not be able to physically do the things I could at the age of 62.
if the amount ss gives you is the only way you can do those things than you should take it.

If however you can afford to wait it is a better plan
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Old 09-03-2012, 12:10 PM   #42
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My expectation is that I will still want to do these tings (including traveling, driving, etc) but if I'm less physically able then I will likely want to hire a driver, do less on-my-own and more guided travel, stay at nicer places or travel in more comfort. That would mean I don't expect my expenses to go down as I age. I won't know for certain until it is too late to do anything about it, so I am just going with my best guess.
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Old 09-03-2012, 12:34 PM   #43
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My expectation is that I will still want to do these tings (including traveling, driving, etc) but if I'm less physically able then I will likely want to hire a driver, do less on-my-own and more guided travel, stay at nicer places or travel in more comfort. That would mean I don't expect my expenses to go down as I age. I won't know for certain until it is too late to do anything about it, so I am just going with my best guess.

fly to bus tours-i find to be most cost effective
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Old 09-03-2012, 12:47 PM   #44
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fly to bus tours-i find to be most cost effective
Good luck to everyone planning to do so many things in their late 70's. I mean it, I hope it works. I think running out of life or phyiscal ability is the larger worry.

Of my father and three uncles they died at 71, 73, 79 and one is approaching 83. 71 went from Cancer, 73 from Parkinsons, 79 from Dementia, 83 yr old uncle no longer drives and has home care, his memory is not what it once was and he is not steady on his feet. The three who died between 71 - 79, their lives were compromised for several years prior to death.

My father retired at 62, he had 3 good years between 62 and 65 and traveled. His last two years was spent in home care, then assisted living, then nursing home. He made a good decision at 62.

This is not comedy, it's reality:

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Old 09-03-2012, 01:06 PM   #45
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Good luck to everyone planning to do so many things in their late 70's. I mean it, I hope it works. I think running out of life or phyiscal ability is the larger worry.

Of my father and three uncles they died at 71, 73, 79 and one is approaching 83. 71 went from Cancer, 73 from Parkinsons, 79 from Dementia, 83 yr old uncle no longer drives and has home care, his memory is not what it once was and he is not steady on his feet. The three who died between 71 - 79, their lives were compromised for several years prior to death.

My father retired at 62, he had 3 good years between 62 and 65 and traveled. His last two years was spent in home care, then assisted living, then nursing home. He made a good decision at 62.

This is not comedy, it's reality:

Very true. The unknowns are there. My brother retired at 50 thinking he had 25 good years ahead of him. Got cancer at 53 and died at 56.
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Old 09-03-2012, 01:10 PM   #46
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You know this thread is going in a surprising direction.

No one is not advocating retiring and doing stuff as early as possible.

the only thing that has been advocated is if you have the money than take it from lower earning accounts and take ss later for a higher rate of return.


No one in general can know when they will die.

since i have the money and I like to think my wife and i will live long lives i'm opting for the 62/66/70 plan.
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Old 09-03-2012, 01:13 PM   #47
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Good points. My mother is 94, father deceased at 82. At 62 I still play competitive senior softball as well a playing with the young boys. I'm hoping I can continue this activity for a few more years.
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Old 09-03-2012, 01:22 PM   #48
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the only thing that has been advocated is if you have the money than take it from lower earning accounts and take ss later for a higher rate of return.
In my case I am single, what I deplete from my portfolio between 62 and 66.5 will not be there for my daughter, there is no survivor benefit for her from SS if I delay.
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Old 09-03-2012, 01:27 PM   #49
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In my case I am single, what I deplete from my portfolio between 62 and 66.5 will not be there for my daughter, there is no survivor benefit for her from SS if I delay.

nothing changes but my plan is for the wife and i to spend the money on US.Neither my wife nor I got an inheritance . If money is left they are welcome to it.

the best thing I can do is have enough money so THEY don't have to take care of us.
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Old 09-03-2012, 01:34 PM   #50
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I had two of my grandparents die at the age of 73. The other two are still kicking. Grandmom, on my Mom's side of the family, is 88. Granddad, on my Dad's side, is going to be 98 in October.

Thankfully, they all retired somewhat early, so even the ones who kicked off early got to enjoy it. Granddad jokes that he's been retired now longer than he was working! He worked for the railroad from 1939-74, 35 years, and has now been retired for 38! However, if you count his time in the Marines, and work before that, he was working longer.

Still, Grandmom started losing her vision, from Macular degeneration, when she was 74. She couldn't pass the eye test, so when she turned 75 she couldn't get her license renewed. And it's been all downhill since then. And, for the past 2 1/2 years, pretty much all she does is sleep and eat. I check on her in the mornings and lunch, and my uncle tends to her in the evenings. She's to the point that she usually doesn't know what day it is when I wake her up, and she can't remember if it's breakfast time or lunch time. Although I was impressed...today she actually realized it was Labor Day.

She's actually pretty healthy, and could go another 5-10 years. But, I don't know how much of a quality of life she really has at this point. Between retirement and SS, she brings in a lot more than she spends in any given month, and is pretty well off financially. But at this point, she could have $1 in her bank account, or several million $...wouldn't really mean anything to her either way.

On the other hand, Granddad gave up driving, voluntarily, at the age of 90. And mainly because he thought the car insurance was too expensive for as little as he drove! My Dad lives with him, so he's looked after, at least. He still gets around pretty good, and I'd say his quality of life is fairly decent. Although he does say sometimes that it doesn't feel right that he's lived as long as he has. I think he's the last one alive, of all his siblings.

So basically, I guess what I'm trying to say is get out there and enjoy it while you can! Don't go so hog wild that you're destitute by the time the first SS check rolls in. But, don't think that having an active, exciting lifestyle in old age is a given.
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Old 09-03-2012, 01:44 PM   #51
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But, don't think that having an active, exciting lifestyle in old age is a given.
No, but let me tell you about the folks that we've met in their 90's during our travels around the world.

We don't have a need to plan for when we are no longer around (money is for the living, not the dead).

However, with DW's passion for travel and her family's extended lifespan, we plan as if we (if not me) are still traveling - but realizing that what we do now is probably going to be assisted by "hired help" in the future.

Those that fail to plan, plan to fail...
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Old 09-03-2012, 08:16 PM   #52
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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.
79 is like the new 59 for many people. We have had the good fortune to travel with very active seniors in their middle to late 70s -80s. One of the most energetic seniors was 82 at the time and could literally run circles around some much younger members of our group. Recently I was surprised to find out on facebook that one of my "drinking buddies" from several cruises just celebrated her 83rd birthday. I had thought she was in her late 60s. Personally, I think one should plan continuing to spend on travel or other hobbies/activities right up to your planned expiration date.
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Old 09-04-2012, 03:40 AM   #53
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This was my statment when I retired last year.

Stop working at 57:
$1,713.00 - 62
$2,265.00 - 66
$2,990.00 - 70

Mom is a relatively healthy 86 and Dad died 'early' at 78 from cancer. His dad lived to about 100 and his big brother is going strong at 95. I still plan to collect at 62 - in just over 4 years.
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Old 09-04-2012, 06:42 AM   #54
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So true about it all depending on your individual condition.
I'll never forget a guy we met on a Grand Canyon rafting trip a few years ago. He was 82 or 83, and easily kept up with everyone, including hikes up the steep canyon walls on side trips. There were others on the trip in their early 50s who never even considered the side trips but spent the whole week basically sitting down. A higher level of activity probably contributes to longevity as well as quality of life.
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Old 09-04-2012, 02:16 PM   #55
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We are also on the 62/66/70 plan. My numbers are $1865/$2487/$3343.
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Old 09-04-2012, 02:43 PM   #56
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SS Payments at 62 (What will/do you get?)

Just checked and I am in line to get:

at 62 $1,560
at 66.2 $2,098
at 70 $2,743

Current thinking is to do the 62/66/70. (note that DW is 9 months younger than me and only eligible for 50% survivor benefits on my pension.)
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Old 09-04-2012, 03:38 PM   #57
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Complicating my decision is that, with the WEP provisions, monthly benefit at my current age (63) is only $345, waiting to 66 would give me a whopping $432. Not a very big difference. But with my minor boys, they could each get a little over $100 a month for about 4.5 years. My wife is 10 years younger and would be entitled to way more SS on her own record than from me. So conventional thinking does not fit our situation at all.
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Old 09-05-2012, 08:34 AM   #58
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FWIW:

Me:
$2201/mo. a/o today (I'm past age 62).
$2416/mo. at FRA (16 months from now).
$3189/mo. at age 70 (when I actually expect to claim).

DW:
$1531/mo. a/o today (she's also past 62).
$1742/mo. at FRA (20 months from now; I'll claim 50% - $871/mo at that time).
$2340/mo. at age 70 - but she will be drawing earlier than that, either at FRA or claim against me assuming I die tomorrow.

We're doing the FRA (DW) SS claim, with the 50% spousal claim at at that time by me, followed by age 70 (me) with the primary intent to maximize current income for DW assuming I pass first. In addition, by drawing down our respective TIRA's at this time we're limiting the total amount subject to "excess RMD's" (IOW, withdrawls from TIRA's not needed for current income) in the future.
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Old 09-05-2012, 10:15 AM   #59
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Just to clarify - all of the quotes provided by the SSA (and used in these posts) regarding estimated future benefits are in TODAY'S dollars and don't include any annual SS COLA between now and then. Correct?
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Old 09-05-2012, 10:21 AM   #60
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Correct.
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