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View Poll Results: When Did You or Are Planning to start Soc Sec?
Age 62, as early as possible 103 22.25%
More than 62 but less than FRA 41 8.86%
Your FRA (65 to 67) 71 15.33%
More than FRA age but less than 70 40 8.64%
Age 70, as late as possible 208 44.92%
Voters: 463. You may not vote on this poll

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Old 03-20-2021, 09:10 PM   #101
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What colors that rate of return calculation is the fact that we are nearing the part where we no longer want to play, to do the higher yield investment. I am not looking for growth when I get into SS age, my goals are shifted to security.
I will also qualify that by having no heirs but our favorite charities, so it is BTD all the way baby!
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Old 03-20-2021, 09:33 PM   #102
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Quote:
Originally Posted by Midpack View Post
Iím just guessing this group will poll differently than the mainstream, though there are perfectly legit reasons to start early or late regardless. Iím not asking for anyone to explain, just curious how an ER.org poll pans out.




As a widow, I am eligible to take my husbandís social security at age 60. However I have chosen to take my own smaller ss benefit at 62 (starting April) and allow my husbandís ss to grow until my widows reduced FRA of 66 and 6 months. Once I reach my reduced widows FRA of 66 and 6 months, my husbandís benefit will no longer increase per SSA and therefore there is no benefit to wait until Iím 70.
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Old 03-20-2021, 09:36 PM   #103
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My thoughts were to wait till my FRA 67.
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Old 03-21-2021, 03:38 AM   #104
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It always amazes me how little attention expected rate of return gets in these discussions, but the choice of rate can swing the decision. And the somewhat counter intuitive idea that in many cases, one can get fewer dollars from the treasury while having more money to spend in retirement is hard to grasp. A decent stock allocation and an expected return equal to what happened in the past might yield unexpected results. I'm only now entering the decision zone. The plan has been 62&70, but I plan to think more about that, given now I could actually do something actionable. Sad that I can no longer put it off.
My thinking is that if I get a good rate of return, I'm less reliant on SS. But a combination of a bad return plus living long could be trouble. I'd like to handle this worst case, so the longevity insurance of waiting until 70 seems right to me. But another possibility is high inflation, and I'm not sure that SS bumps will keep up with actual inflation.
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Old 03-21-2021, 05:02 AM   #105
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Then you were fortunate not to have made poor life choices.
Disagree. Since fortunate implies luck. I believe I was smart enough not to make poor life choices early in life. Nothing to do with fortune.
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Old 03-21-2021, 06:56 AM   #106
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My thinking is that if I get a good rate of return, I'm less reliant on SS. But a combination of a bad return plus living long could be trouble. I'd like to handle this worst case, so the longevity insurance of waiting until 70 seems right to me. But another possibility is high inflation, and I'm not sure that SS bumps will keep up with actual inflation.
The inflation multiplier for SS increases is an interesting point which isn't typically discussed in detail.
IIRC, the current multiplier does not really reflect a true inflation rate or even more importantly a senior inflation rate.
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Old 03-21-2021, 07:06 AM   #107
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Disagree. Since fortunate implies luck. I believe I was smart enough not to make poor life choices early in life. Nothing to do with fortune.
Well, then, let's take another step back. You were fortunate to have been born with the intelligence and self discipline that enabled you to avoid poor life choices. But then, I suppose, you might claim that you chose your parents wisely.

The bottom line is that there is some unearned good fortune that contributed, at least in part, to each of our successes. And we should have the humility and grace to accept that. It is not a denial or denigration of our own efforts to do so.
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Old 03-21-2021, 07:36 AM   #108
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Originally Posted by sengsational View Post
It always amazes me how little attention expected rate of return gets in these discussions, but the choice of rate can swing the decision. And the somewhat counter intuitive idea that in many cases, one can get fewer dollars from the treasury while having more money to spend in retirement is hard to grasp. A decent stock allocation and an expected return equal to what happened in the past might yield unexpected results. I'm only now entering the decision zone. The plan has been 62&70, but I plan to think more about that, given now I could actually do something actionable. Sad that I can no longer put it off.
When you include the time value of money into a financial analysis of SS you really need to use a real return since the cash flows... SS benefits increase with inflation.
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Old 03-21-2021, 07:37 AM   #109
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Currently 55. Today's vote is 65. A few reasons: #1 want to start along with medicare so there is a net increase in incoming funds per month at age 65. #2. End of work (soon) until 65 will be ROTH conversions. #3. The value of a dollar (to me)(utility for me) is less over time. A dollar to me at 62-65 has much more utility to me than more dollars at 70 plus. Plan is for higher priced purchases/trips earlier in RE #4. Mutiple pensions so don't need it.

DW-Currently 49. Plans to work until 52-55. Her plan for SS is 70. Reasons: #1. Our earnings are basically equal so no spousal. #2. I have term life which ends at her age 70. At her 70 she will have 2 pensions plus SS which will roughly be 130K/yr. DW waiting until 70 ensures zero reliability on me. House will be paid and her cola pensions will give her a smooth ride when I am taking the dirt nap. Also her TSP will be fully converted to ROTH at that point so easy taxes (we hope).
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Old 03-21-2021, 08:29 AM   #110
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70 for me, to maximize DWís SS ongoing after I die.
This has been my plan also. Plus it gives me a couple years of more room for Roth conversions.
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Old 03-21-2021, 11:39 AM   #111
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Disagree. Since fortunate implies luck. I believe I was smart enough not to make poor life choices early in life. Nothing to do with fortune.
I, on the other hand, was supremely lucky that none of my many poor life choices early in life derailed ER!

But back on topic... we chose 62 for DH because we have young kids, so assuming nothing changes in the next 4 years, will receive a significant benefit because of them for several years. Itís my understanding that this skews the payback window significantly.

Iím not sure what weíll do for me yet, but weíll wait until at least 65 unless thereís a compelling reason not to. My benefit is much less than DHís. We both have longevity in our family, though his is longer.
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Old 03-21-2021, 12:20 PM   #112
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Planning on 70
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Old 03-21-2021, 02:41 PM   #113
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Prior to retiring at 61 had planned to take SS at 68. Then after a few spread sheet studies found we could take SS at 62 which would pay for all living expenses plus some elective spending with a pension. This allowed us not to take a withdrawal from investments which continue to grow faster than SS ever would if we waited until 68.
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Old 03-21-2021, 03:14 PM   #114
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If I delay SS until 70 it will just about cover the tax torpedo heading for me at 72.
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Old 03-22-2021, 10:31 AM   #115
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If I delay SS until 70 it will just about cover the tax torpedo heading for me at 72.
If you levelize your AGI by doing Roth conversions in the years prior to age 72, you will then have a seamless transition when RMDs start
That's what I've been doing...
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Old 03-22-2021, 03:24 PM   #116
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Open SS is recommending DW take at 62 and me and 70 (her FRA benefit is higher but I assume this is because I'm 4 years older).
So that's the plan..... for now. If the market is really high then, we might delay a year or two on her claiming. If it's really low, I might take mine in a little less than 4 years, at my FRA. SS is useful as an option on markets.
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Old 03-22-2021, 06:10 PM   #117
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I was planning on 70, but Open SS says I get better value at 69 and 1 month. I'll check again in 8-9 years (I'm 60 now), and adjust the plan depending on how things change. I'm single, so no spousal considerations at present.
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Old 03-22-2021, 09:04 PM   #118
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I always thought 70 (max forever in case I live long)
If I did early, I may leave money on the table but then again, I won't need it.

And also, this calculator told me so
https://opensocialsecurity.com/

Actually it was helpful figuring out when my wife should claim
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Old 03-23-2021, 06:18 AM   #119
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Currently too much money in TIRA's which are slowly being converted to ROTHs. Keeping an eye out on tax rates to ensure this plan is the most efficient for RMDs. SS at age 68 or so.

Pain today or pain later.
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Old 03-23-2021, 03:41 PM   #120
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62 has the lowest payouts so why not 70?
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