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06-13-2021, 10:48 AM
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#21
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Recycles dryer sheets
Join Date: Dec 2017
Posts: 247
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It would be interesting to see what the SS payout at 62 with a 7% annual compounding return would be worth @90
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06-13-2021, 11:21 AM
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#22
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Full time employment: Posting here.
Join Date: Aug 2015
Posts: 987
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In other words, if you don’t need your SS, and just let it grow as an investment? That’s been done, (maybe not 7%, but the numbers would still work) and IIRC it showed that if you delayed till 70, and then put that same amount that age 62 filed became at 70, and compounded it till 90 and then added the extra income from delaying, that delaying was still the greater “ROI”. What I don’t recall is where the break even fell, though it did delay it some.
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06-13-2021, 12:30 PM
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#23
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Full time employment: Posting here.
Join Date: Aug 2015
Posts: 987
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@Andre1969: All valid points. I have no horse in the race. If you need it, you need it. It would be stupid to insist delaying is always better. It absolutely is not.
My step sons grandmother is 92. She worked as a secretary until she was 65, then collected her SS. Divorced when the son was 2, & her ex went to prison for 15 years. Drugs. Never remarried. Between her small pension and SS, her income is about $28k/yr. She literally lives on $600 month in FL in her paid off home bought in 1962. Minimal RE taxes & utilities, she is stupid cheap/frugal. Whatever.
She was a huge ultra conservative saver with CDs and savings accounts. Her son (step sons biological father) lived with her from the day DW & he were divorced in 1991, until he ODed on drugs in 2013 at age 52. While she would never have AC in her house (too expensive!!!) in Miami (!), she had no trouble doting on her very troubled loser son, and he drained every cent from her (about $200k according to DW) and he was draining her SS & pension check the day they came in.
We actually had to set up gift cards @ Publix with a no cigarettes, beer or liquour stipulation so they could eat. That only lasted about 10 months before he died.
The house was a shambles, barely livable, plumbing & electric issues, leaking roof etc, etc. We paid to bring the house up to a nice condition and she gave us control of her expenses and income, so all bills are paid and we were paid back in about 5 years.
We have her food delivered, she never drove and lives on the bus line, which she can’t use on her own anymore. She gifts whatever money is not earmarked for living, to her only grandson and insists on paying for his car.
Bottom line, a higher than age 62 SS was of great benefit to her. Any extra saved money would have been wasted, had she filed early. If she had lived off her savings and delayed until 70, she would be much better off, especially if she ever ends up in a CCR facility.
You never know.
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06-25-2021, 09:12 PM
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#24
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Dryer sheet wannabe
Join Date: Mar 2020
Location: New York City
Posts: 17
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and .... What is DW
Deutsche Welle or DW is a German ....
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06-25-2021, 10:29 PM
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#25
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Recycles dryer sheets
Join Date: Aug 2018
Posts: 265
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@Midpack, thanks for posting. Very good info all in one place.
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06-26-2021, 03:19 AM
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#26
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Switzerland
Posts: 1,047
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Wow, these charts (and the ones in the full report) are "fully packed" with interesting, thought provoking information. Thanks Midpack!!!!!
-BB
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
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06-26-2021, 05:16 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Nov 2014
Location: Austin
Posts: 1,384
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Quote:
Originally Posted by Parfumeur
and .... What is DW
Deutsche Welle or DW is a German ....
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DW= "Dear Wife"
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06-26-2021, 05:31 AM
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#28
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Recycles dryer sheets
Join Date: Mar 2010
Location: Southern UT
Posts: 374
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Hmm...chart #7 on Average Spending by Age & Category doesn’t list Taxes as a spending category?
It’s our largest one (Fed, State, Property)
__________________
"Not knowing when the dawn will come, I open every door." Emily Dickinson
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06-26-2021, 08:07 AM
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#29
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Full time employment: Posting here.
Join Date: Oct 2020
Posts: 952
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Quote:
Originally Posted by hopefullyoneday
It would be interesting to see what the SS payout at 62 with a 7% annual compounding return would be worth @90
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For my situation, MFJ with wife filing spousal at 67, this is my year by year result of waiting at different discount rates, all $ are inflation adjusted. I hit the maximum contribution nearly every year and the graphs are specific to my retirement RMDs, Roth conversions, so YMMV, but the trend will be roughly the same.
Generally, if one of us will make it to age 81, I should wait until my FRA to claim and each year after 81 adds about a year to the optimum, so by age 84, it's a slight benefit to wait to age 70 (at discount rates I tested between 0-7%). For married folks, the statistics are that one of you is likely to live a long time. So the person with the bigger benefit should wait if they can.
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06-26-2021, 01:22 PM
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#30
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Thinks s/he gets paid by the post
Join Date: Jul 2020
Posts: 1,505
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Great collection of info... printed and in my retirement notebook.
__________________
Went from EMS to PDN
Earn Money Sleeping/ Paid Doing Nothing
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06-26-2021, 04:10 PM
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#31
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Dryer sheet wannabe
Join Date: Jan 2018
Posts: 14
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Quote:
Originally Posted by FANOFJESUS
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Thank you!
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06-26-2021, 04:11 PM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,303
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Quote:
Originally Posted by Parfumeur
and .... What is DW
Deutsche Welle or DW is a German ....
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Darling Wife
https://www.early-retirement.org/for...rum-34884.html
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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