40 years and little evolution in Soc Sec Thinking

[MultiEventer]

When I was 19 years old and in college, my dad was close to 40 and was engrossed with learning everything about personal finance and investing. I discovered at that time I was interested in it as well and read a lot of the newsletters he subscribed to. I remember specifically reading in 80 or 81 about the dire projections of SS solvency and decided then and there, I would be an early retiree, never intending to expect SS. So I used 401k's, IRA's and individual stock's in a trading account to attain that goal. I become FI by age 52 with a SAHW and 3 kids. Waited another 2 years for our youngest to graduate from college and became FIRE'd at age 54. We are just finishing up our 4th year of being retired and traveling the US in our 5th wheel. I'm now 3 1/2 years from age 62. In all my years as I've approached 62, I've assumed I would take early withdrawals as long as I was not mean's tested out of it. Looks like so far, I'm ok. My original decision to take early withdrawals was based on various personal reasons, my wariness that government might drastically change the SS ground rules mid stream and finally, the confidence in my ability to reinvest the SS and make more than the 8% SS increase until age 70. Now that 62 is knocking on the door, we are fortunate enough to not need SS and the wife and I feel like the best use of the SS money would be to help foot the costs of private school for each grandchild as they enter 7th grade. Still going to take payments at 62 but will use the money elsewhere for pretty much the same reasons when I was 20 and mulling it over. A lot can still happen in 3 1/2 years before I turn 62, but it's remarkable how little I've wavered on this since it's been 40 years since my dad gave me those newsletters on SS. BTW, he retired at age 63 and is now 78. Except for some mild BP medication, he takes no meds and is in excellent health. Is a top nationally ranked Pickle Ball player in his age group and probably can still bench press his weight at around 220 lbs.

 

[VanWinkle]

When I was 19 years old and in college, my dad was close to 40 and was engrossed with learning everything about personal finance and investing. I discovered at that time I was interested in it as well and read a lot of the newsletters he subscribed to. I remember specifically reading in 80 or 81 about the dire projections of SS solvency and decided then and there, I would be an early retiree, never intending to expect SS. So I used 401k's, IRA's and individual stock's in a trading account to attain that goal. I become FI by age 52 with a SAHW and 3 kids. Waited another 2 years for our youngest to graduate from college and became FIRE'd at age 54. We are just finishing up our 4th year of being retired and traveling the US in our 5th wheel. I'm now 3 1/2 years from age 62. In all my years as I've approached 62, I've assumed I would take early withdrawals as long as I was not mean's tested out of it. Looks like so far, I'm ok. My original decision to take early withdrawals was based on various personal reasons, my wariness that government might drastically change the SS ground rules mid stream and finally, the confidence in my ability to reinvest the SS and make more than the 8% SS increase until age 70. Now that 62 is knocking on the door, we are fortunate enough to not need SS and the wife and I feel like the best use of the SS money would be to help foot the costs of private school for each grandchild as they enter 7th grade. Still going to take payments at 62 but will use the money elsewhere for pretty much the same reasons when I was 20 and mulling it over. A lot can still happen in 3 1/2 years before I turn 62, but it's remarkable how little I've wavered on this since it's been 40 years since my dad gave me those newsletters on SS. BTW, he retired at age 63 and is now 78. Except for some mild BP medication, he takes no meds and is in excellent health. Is a top nationally ranked Pickle Ball player in his age group and probably can still bench press his weight at around 220 lbs.

Your Dad may be the proof you need to wait a little longer to take your SS, longevity insurance. I am reaching 66 this year and will likely begin SS next year. If my wife had not passed away last year, I would likely wait to 70 to benefit her. You might want to read some recent information from the academic world on SS filing and check https://opensocialsecurity.com/
for a current projection and filing advantage.

 

[ivinsfan]

My favorite line of this post is " a lot can still happen in the next 3 and 1/2 years."

I have no reason to think you won't continue to do well and enjoy your retirement, yet you most liking are jumping the gun on the SS thinking. Let some dust settle first.

What if online home schooling still exists as your GK's enter 7th grade would it still be worth the extra money for private school? The virus and it's aftermath might bring a change in your thinking so it's a good thing you have time to let some dust settle.