Social Security at 70

[Sunset]

This is more actuarial than anecdotes, and in fact, may be better than insurance tables because it is actual questions about your lifestyle. It's also entertaining: https://www.livingto100.com/calculator

For me the entertainment is a horror story.... it gave me a short amount of time

 

[Dash man]

For me the entertainment is a horror story.... it gave me a short amount of time

It says I have 14 years to go. That would be 19 years longer than my mother, 8 years longer than my father and 12 years less than my longest living aunt.

 

[Sunset]

It says I have 14 years to go. That would be 19 years longer than my mother, 8 years longer than my father and 12 years less than my longest living aunt.

Same here, and when I think that the last 5 or so will be maybe not so good, it means a really SHORT time to do stuff.

 

[Dtail]

This is more actuarial than anecdotes, and in fact, may be better than insurance tables because it is actual questions about your lifestyle. It's also entertaining: https://www.livingto100.com/calculator

Has me living 31 more years until 93. Could happen. Dad passed at 92 and mom still alive at 89.

 

[Mansderm]

2nd home with ROTH

I want to buy a 2nd property. I am retired. Have the funds but really don't want a taxable event to make the purchase. Thinking of just using ROTH funds. I have also pre-qualified for a mortgage. I'm turning 65, mainly living on SS and dividends from a taxable account of dividend stocks I bought many years ago...the tax consequences of selling those stocks for a cash real estate purchase would be pretty bad. I'm thinking mortgage half, Roth funds for balance and plan to pay off mortgage early. Any thoughts?

 

[almost there]

I would save the Roth. And pay off with taxable stock sales over a given number of years. Rather than one big chunk. Say 20k per year... Or whatever fits your Tax situation. A million ways to go. Just one opinion.

 

[levindb]

Agree that you should save the Roth.

Consider using HELC from your primary home to avoid a taxable event for the down payment, and then mortgage the remainder, while you watch your tax bracket to avoid IRMAA and other little sneaky taxes. (That was a lot of stuff in one sentence)

 

[lucky penny]

This is more actuarial than anecdotes, and in fact, may be better than insurance tables because it is actual questions about your lifestyle. It's also entertaining: https://www.livingto100.com/calculator

His projections are interesting, but I'm most impressed (& motivated) by his discussion of various risk factors & his sharply worded suggestions for improvement; in my case, some are spot-on & sorely needed. E.g., my weight is good (I'm "a lean mean fighting machine!") but I eat way too much sugar (true), which is TERRIBLE. Gonna start cutting back right now!

But I don't want to derail the original topic. I took SS at 70 because I didn't need it earlier & liked the prospect of higher payments later in life that are indexed to inflation; I may never "need" those either (though my pension has no COLA), but they're a comfortable cushion in retirement.

 

[texcurtis]

I want to buy a 2nd property. I am retired. Have the funds but really don't want a taxable event to make the purchase. Thinking of just using ROTH funds. I have also pre-qualified for a mortgage. I'm turning 65, mainly living on SS and dividends from a taxable account of dividend stocks I bought many years ago...the tax consequences of selling those stocks for a cash real estate purchase would be pretty bad. I'm thinking mortgage half, Roth funds for balance and plan to pay off mortgage early. Any thoughts?

I bought a second home. Withdrew funds from retirement savings to pay the 20% down And the rest is a loan. I’m of the life is unpredictable view & if I have the funds I should enjoy them while I can.

 

[pb4uski]

I want to buy a 2nd property. I am retired. Have the funds but really don't want a taxable event to make the purchase. Thinking of just using ROTH funds. I have also pre-qualified for a mortgage. I'm turning 65, mainly living on SS and dividends from a taxable account of dividend stocks I bought many years ago...the tax consequences of selling those stocks for a cash real estate purchase would be pretty bad. I'm thinking mortgage half, Roth funds for balance and plan to pay off mortgage early. Any thoughts?

Right idea, but mortgage 80% and use tax-deferred withdrawals or periodic stock sales to make the mortgage payments. Keep Roth to the fullest extent possible.

 

[Time2]

This is more actuarial than anecdotes, and in fact, may be better than insurance tables because it is actual questions about your lifestyle. It's also entertaining: https://www.livingto100.com/calculator

It tells me 80, I'm wiping this from my memory and just going to show that calculator what's what!

 

[Peter]

Went through all the questions, and then it wanted my email so they could spam me with junk I don't need. No thank you.

 

[Mansderm]

It tells me 80, I'm wiping this from my memory and just going to show that calculator what's what!

I'm going to 92...27 more years.

 

[jebmke]

Went through all the questions, and then it wanted my email so they could spam me with junk I don't need. No thank you.

plus, once it starts with zip code you know they are working from a location-based data set which may well not be relevant. I've moved over 15 times in my adult life. The local demographics of where I live now are irrelevant.

 

[anethum]

The purpose of those questions is mainly to vacuum up personal information. If you give your actual date of birth and actual zip code, there's a good chance that you can be personally identified.

The following website gives a hypothetical example:

https://www.americanscientist.org/article/uniquely-me

"Each zip code has 5,000 male residents and 5,000 females. The question then becomes: If each of 5,000 people has a birth date chosen at random from 36,500 possibilities, how many will wind up with a date not shared by any other member of the group? The mathematically expected number is 4,360, or 87 percent."

 

[almost there]

I bailed out at the zip code.

 

[Music Lover]

The purpose of those questions is mainly to vacuum up personal information. If you give your actual date of birth and actual zip code, there's a good chance that you can be personally identified.

The following website gives a hypothetical example:

https://www.americanscientist.org/article/uniquely-me

"Each zip code has 5,000 male residents and 5,000 females. The question then becomes: If each of 5,000 people has a birth date chosen at random from 36,500 possibilities, how many will wind up with a date not shared by any other member of the group? The mathematically expected number is 4,360, or 87 percent."

They can only identify you if you give them the right information. If/when I do pools like that I fudge my location and birth date. I'll also use the email address that I save for places that are likely to send spam.

 

[Alan]

They can only identify you if you give them the right information. If/when I do pools like that I fudge my location and birth date. I'll also use the email address that I save for places that are likely to send spam.

Exactly what I did with this calculator. I gave a birth date in the same year I was born and an English postcode in the same County I live. I also use my email set aside for sites like this.

Says my life expectancy is 95. I'll report back on progress in 20 years time.

 

[Winemaker]

Exactly what I did with this calculator. I gave a birth date in the same year I was born and an English postcode in the same County I live. I also use my email set aside for sites like this.

Says my life expectancy is 95. I'll report back on progress in 20 years time.

I hope I'm still alive to check your report, I'll be 64 soon.

 

[braumeister]

I gave a birth date in the same year I was born and an English postcode in the same County I live. I also use my email set aside for sites like this.

For things like this, I think it's also worthwhile to simply put in a bogus email (asdf@ghjk.com). I tried it on this one and it was happily accepted. The next step is to show you your results so the email wasn't really needed anyway. I've done this for years with good results. If it really doesn't work then I'll use a throwaway email, but it usually works.

 

[Alan]

For things like this, I think it's also worthwhile to simply put in a bogus email (asdf@ghjk.com). I tried it on this one and it was happily accepted. The next step is to show you your results so the email wasn't really needed anyway. I've done this for years with good results. If it really doesn't work then I'll use a throwaway email, but it usually works.

Good idea, I was expecting to get the results as an email. I haven’t even checked my throwaway email since it displayed the results on screen.

 

[Dreamer]

For things like this, I think it's also worthwhile to simply put in a bogus email (asdf@ghjk.com). I tried it on this one and it was happily accepted. The next step is to show you your results so the email wasn't really needed anyway. I've done this for years with good results. If it really doesn't work then I'll use a throwaway email, but it usually works.

Thanks. I tried it and it works. 92 years for me! I need to start exercising more.

 

[braumeister]

This is funny!
I put in all the information for my BIL, as best as I could, and it gave him a life expectancy of 72. He's currently 76, and I did use his correct birth year.

Not really surprising, since he has a very unhealthy lifestyle, but the fact that the calculator ignored his actual age was amusing.

 

[Dtail]

This is funny!
I put in all the information for my BIL, as best as I could, and it gave him a life expectancy of 72. He's currently 76, and I did use his correct birth year.

Not really surprising, since he has a very unhealthy lifestyle, but the fact that the calculator ignored his actual age was amusing.

Dead man walking concept.

 

[Time2]

Well this puts a different spin on it.

"Which zip code has the highest life expectancy?


Highlights from the study: Life expectancy was longest – 97.0 years – in the 78634 ZIP code in Hutto, Texas (near Austin) and was shortest – 66.7 years – in the 76104 ZIP code in Fort Worth. Feb 27, 2019"


I have lived in 7 different zip codes.