NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 3, 2008
- Messages
- 35,712
Very apt comparison of ER to early SS! Both are about getting less now, rather than OMY.
I've been doing my best to ignore the whole question until the question means something to me as well.An interesting question to myself, at age 62, is when I will be taking SS. At 56 the answer is "I will wait".
Never a more teachable moment for the term "survivorship bias"Also - the poll is skewed by people still alive.
When a decision becomes irreversible, I don't see much point in whining or regrets.
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A person who is not well-off eats cat food from 62 to 70, in order to get more later. At 69, he's diagnosed with a terminal disease. Won't he regret not eating better food for the 7 years before his death, or taking those European trips? ...
I have been running some projections and it has become more difficult to handle SS COLA since, for all I know, all future COLAs will just transfer funds from the SS Trust Fund to cover increases in Medicare. If so, many people will find that, for planning purposes, SS is not COLAed. Has this occurred to anyone else?
It's certainly possible that both health care costs and Medicare premiums will go up by more than the CPI-W. Some people here explicitly plan for that, or at least use it for worst case projections.I have been running some projections and it has become more difficult to handle SS COLA since, for all I know, all future COLAs will just transfer funds from the SS Trust Fund to cover increases in Medicare. If so, many people will find that, for planning purposes, SS is not COLAed. Has this occurred to anyone else?
That article confuses me. It says the study surveyed 1000 people age 50 and older. That means at least some of the people aren't of age to take SS yet. Certainly people who aren't even eligible for SS aren't going to regret a decision they haven't had to commit to or act upon, right? And don't tell me that they didn't include those in the numbers, because they say 77% of those retired 10 years or more would not change and 69% of those recently retired would not change, so it would take a larger number of the pre-retireds not regretting that future decision to bring that number back to 23% regretting their decision.
Odd that the people retired longer, and thus closer to the break even point, seem less regretful of the decision to take SS early.
I have been running some projections and it has become more difficult to handle SS COLA since, for all I know, all future COLAs will just transfer funds from the SS Trust Fund to cover increases in Medicare. If so, many people will find that, for planning purposes, SS is not COLAed. Has this occurred to anyone else?
That ignores the point Cut-Throat has made time and time again.
You can spend more now, with the knowledge that you will be getting more in the future.
-ERD50
While it appears that very few ER members consider the possibility of hyper inflation in the future
If the amount I can spend is the same, why not take it early if the market tanks, or if I fear they may change some laws?
When I ran FIRECalc using my actual stash size and actual SS benefits (not discounting for likely SS reduction in the future), it does not make much difference between me taking at 62 or 70.
If the amount I can spend is the same, why not take it early if the market tanks, or if I fear they may change some laws?
I plan on taking SS at 62 (according to the principle "you've got what you've got" - too many uncertainties about solvency of SS, life expectancy, etc). Alas, if I live past the break-even date, then I will probably regret that decision..... c'est la vie
One reason many people l know take SS early is the belief that SS may be cut-off or severely cut back in the not so distant future. They seem to think they will be grandfathered in to their current SS payment since they are already getting a SS check. No cuts for them! At the same time those who waited for SS full retirement age or beyond will be told to 'take a hike' as there is no money left over. IMHO, they are sadly mistaken.
there should be no hindsight on irrevocable decisions
One reason many people l know take SS early is the belief that SS may be cut-off or severely cut back in the not so distant future. They seem to think they will be grandfathered in to their current SS payment since they are already getting a SS check. No cuts for them! At the same time those who waited for SS full retirement age or beyond will be told to 'take a hike' as there is no money left over. IMHO, they are sadly mistaken.
Alas, if I live past the break-even date, then I will probably regret that decision..... c'est la vie