RetireBy90
Thinks s/he gets paid by the post
Hi I'm new to the forum. I've been planning on an early retirement for many years but life gets in the way sometimes. Now I'm just hoping to be able to retire.
I'm 52 and DW (I hope that means Da Wife or Da Woman or something like that) is 55. We hope to be able to retire in 5-7 years but much will depend on the returns on our savings, 201K and other investments.
I had a question hoping someone here can shed some light for me. While I hope not to rely on SS for my retirement, it is an asset and would be foolish not to manage/plan like any other asset, IMHO. If I were to quit working say at 57-58 and not draw till I'm 66.4 what impact would that have on my monthly draw? The SSA says the monthly draw is based on "your average earnings over your working lifetime". Taking 10 years of my highest earnings out of the average equation would impact that average. Another unknown is what about inflation from the time I quit working to when I start the draw. I believe that we are going to see a return to serious inflation in the mid term. Right about the time I would like to retire. So if I were to qualify for say $1000/month then we had 10% inflation for several years what impact would that have on my draw when I start at 66.4 ?
So I guess I'm interested in the impact of inflation from the time I quit working to the time I start a SS draw.
Looking forward to the experiences of all the folks here. Tks
I'm 52 and DW (I hope that means Da Wife or Da Woman or something like that) is 55. We hope to be able to retire in 5-7 years but much will depend on the returns on our savings, 201K and other investments.
I had a question hoping someone here can shed some light for me. While I hope not to rely on SS for my retirement, it is an asset and would be foolish not to manage/plan like any other asset, IMHO. If I were to quit working say at 57-58 and not draw till I'm 66.4 what impact would that have on my monthly draw? The SSA says the monthly draw is based on "your average earnings over your working lifetime". Taking 10 years of my highest earnings out of the average equation would impact that average. Another unknown is what about inflation from the time I quit working to when I start the draw. I believe that we are going to see a return to serious inflation in the mid term. Right about the time I would like to retire. So if I were to qualify for say $1000/month then we had 10% inflation for several years what impact would that have on my draw when I start at 66.4 ?
So I guess I'm interested in the impact of inflation from the time I quit working to the time I start a SS draw.
Looking forward to the experiences of all the folks here. Tks