Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 02-23-2020, 11:29 PM   #121
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
Quote:
Originally Posted by badatmath View Post
"Counting on?" No. "Expecting". Yes.
Quote:
Originally Posted by ugeauxgirl View Post
+1
+2

More than expecting, my wife is drawing it already. I am delaying mine till 70.

My wife's benefit is a small part of our expenses, but seeing that amount deposited in our account every month is nice. Almost makes me want to get mine too.

PS. Oops, the OP was asking of people mid-50 or younger. Well, obviously I don't belong in that group. Sorry.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-24-2020, 04:34 AM   #122
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
60 y.o. here and still expecting it and is mostly factored into the calculations.
DGF already collecting due to SSDI.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 02-24-2020, 05:26 AM   #123
Thinks s/he gets paid by the post
 
Join Date: Jun 2014
Posts: 1,188
Quote:
Originally Posted by pj.mask View Post
I just read a post of someone who retired on 25k with about 700k assets at this age on reddit.

With a high paying profession saving half, you can have the equivalent of 16 years max earnings for SS and that’s probably more than many people earn in a 40 year career.
Maxing out likely, but they could have way more than 16 years and not all just tiny. I retired at 43 and had 29 years of earning records. My first co-op I was 19, earned $15k (now worth $31k on the earnings record), so not insignificant.
karen1972 is offline   Reply With Quote
Old 03-03-2020, 09:50 AM   #124
Full time employment: Posting here.
Focus's Avatar
 
Join Date: Oct 2009
Posts: 640
Jane Bryant Quinn in this CNBC interview (3/1/20):

Quote:
Can you imagine telling your grandmother that her benefits are going to be cut by 20%? No way. Now, certainly we need either higher taxes or benefit adjustments to keep the system going for five more generations. But it’s going to be done.

Might benefits be adjusted down if you are 20 years old today? Possibly.

So the idea that Social Security will go broke is an idea promulgated by people who want to privatize it, people who want to cut benefits for older people. They are not people who have your best interest in mind when they tell you Social Security is going broke. It won’t go broke. It will be there. It will certainly be there at present rates for older people and people near retirement.
__________________
-
"Wealth consists not in having great possessions, but in having few wants."
--Epictetus
Focus is offline   Reply With Quote
Old 03-03-2020, 10:20 AM   #125
gone traveling
 
Join Date: Sep 2018
Location: Washington, DC
Posts: 575
It's interesting (and I'm amazed) at the number of people that are seemingly mid to late 50's saying "don't plan on SS". I'm curious how that breaks down to income level, ie, i have paid the max for over 20 years now, and I am not only planning to get SS, I expect to get it.

Whether and when I could retire if the US Gov't failed and I didn't get it is a question of when I would retire, and what level of retirement I would have.
Tiger8693 is offline   Reply With Quote
Old 03-03-2020, 10:22 AM   #126
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
I'm 56. Why wouldn't I count on my SS? I paid enough into it - about 12% of pay for 33 years
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Old 03-03-2020, 10:41 AM   #127
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,321
Quote:
Originally Posted by NotYourAverageJones View Post
My parents always reminded me and my sister "don't put all your eggs in one basket".
+1. This is my approach too. At age 56, I'd be pretty surprised if most of what I expect to receive from SS isn't available when I claim. However, I've been surprised before. I like the feeling of autonomy that being able to get by on my investment portfolio alone gives me.

Extra money is always good.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.

Major Tom is offline   Reply With Quote
Old 03-03-2020, 01:59 PM   #128
Recycles dryer sheets
Lienlord's Avatar
 
Join Date: Mar 2018
Location: Oklahoma City
Posts: 154
I'm 55 & DW is 56. Planning to wait until 70 because it makes the most financial sense for us (in a perfect world).
But got to admit there's a part of me that wants to start drawing at the earliest possible moment. Guess the feeling is once you start, you're inside and they can't shut you out.
I imagine this is a common feeling.
Lienlord is offline   Reply With Quote
Old 03-03-2020, 02:16 PM   #129
gone traveling
 
Join Date: Sep 2018
Location: Washington, DC
Posts: 575
Quote:
Originally Posted by Lienlord View Post
I'm 55 & DW is 56. Planning to wait until 70 because it makes the most financial sense for us (in a perfect world).
But got to admit there's a part of me that wants to start drawing at the earliest possible moment. Guess the feeling is once you start, you're inside and they can't shut you out.
I imagine this is a common feeling.
Depending on your and your spouses earnings, it may not make sense for both to wait until 70. Lot's of SS planners to help with that. In my case, DW will start at 62 or shortly after, I will likely wait until 67, or maybe 70 depending on how things are going for me!
Tiger8693 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Does it make sense to delay the younger, lower wage earning spouse Social Security? Camas Lilly FIRE and Money 27 01-30-2019 11:28 AM
Younger folks (less than 45), what are YOU doing? moneymaker FIRE and Money 26 01-24-2016 05:16 AM
Does Really Tough Exercise Make You Feel Younger? TromboneAl Health and Early Retirement 75 08-17-2015 05:42 PM
At least you can look younger RonBoyd Health and Early Retirement 43 10-21-2009 07:28 PM
Looking younger--would you if you could? hakuna matata Other topics 29 04-20-2009 02:48 PM

» Quick Links

 
All times are GMT -6. The time now is 02:08 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.