View Poll Results: When Did You or Are Planning to start Soc Sec?
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Age 62, as early as possible
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103 |
22.20% |
More than 62 but less than FRA
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42 |
9.05% |
Your FRA (65 to 67)
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71 |
15.30% |
More than FRA age but less than 70
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40 |
8.62% |
Age 70, as late as possible
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208 |
44.83% |
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03-19-2021, 11:47 AM
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#61
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 2,351
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Quote:
Originally Posted by Out-to-Lunch
Yup. There are lots and lots of things that would be possible to optimize if only you knew your expiration date. SS is just one of them.
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"I know when I'm going to die. My birth certificate has an expiration date." - Stephen Wright.
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03-19-2021, 11:49 AM
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#62
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Thinks s/he gets paid by the post
Join Date: Sep 2011
Location: Placerville
Posts: 1,788
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I took mine early simply because I find it easier to rationalize spending 'their' money rather than mine. Mine continues to grow and invested much more aggressively because of SS income and not needing the IRA funds. (I have a pension as well)
I also figure I'm younger and would enjoy the dollars more at this time than sometime well after my 70's. For example; bought a rather large pontoon boat that my sons and their families (grand kids) enjoy a lot. Upgrades to the house with a large deck described in 'blow that dough' thread. Next will be my barn / shop. Break-even point based on my calcs is age 78. When I'm then collecting less than I would have otherwise, I'll be sitting in my rocker on the front porch reminiscing on the experiences I enjoyed with taking those dollars sooner rather than later.
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03-19-2021, 01:46 PM
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#63
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Recycles dryer sheets
Join Date: May 2006
Posts: 120
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Quote:
Originally Posted by Alan
70 for me, to maximize DW’s SS ongoing after I die.
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+1
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03-19-2021, 01:48 PM
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#64
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2015
Location: the prairies
Posts: 5,045
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Quote:
Originally Posted by disneysteve
Thanks. That really makes it impossible to know what the right answer is. You could wait until 70, die at 80, and have ended up getting just about the same as you would have had you collected at 62. In fact, if you didn't need the money and invested it for 18 years, you might even come out ahead collecting early.
These are the things that make my head spin.
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If your only goal is to get the maximum amount of money then you can overthink things and never be happy. Here's another option: Take it at 70 but don't spend it. Invest it wisely and then at 80 you'll have even more per month. Or wait until 90 and there will be even more per month. Sure, I'm being a little silly but the options are endless and you only find out if you "won" when you die.
My plan is simple. I've been retired for 5 years and can start collecting early CPP next year at 60. In my mind I've already won the game...I'm 59, debt free, healthy, in good shape, in a great relationship, and living a happy and fulfilling life. It can only go downhill from here
So the plan is to get the maximum enjoyment of the money during the youngest and healthiest years left so I'm taking CPP early. If I live beyond the break even point the very worst that will happen is that I "made" a few thousand less. So what?
If it was just about the money I could have just worked longer.
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03-19-2021, 02:46 PM
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#65
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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Quote:
Originally Posted by W2R
But then, Katsmeow and others on this forum explained how I could take divorced spousal SS, equal to 1/2 of the amount he was getting, at age 66. Then at age 70 I could switch over to the full, unreduced amount of my own SS based on my own work record. So I did that. (THANK YOU!!) Don't know if that is still possible but it was then. What a windfall!
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I believe it is still possible. For me (age 51) it looks like it is age 67 that I can start divorced spousal. Like you, I plan to collect that then switch to my own higher benefit at age 70. ETA: Or maybe not. The SS site seems to say that since I'm too young, the option is no longer there for me.
There may also be divorced widow/widower benefits at an earlier age (age 60 for me). This has not been eliminated by the same law that eliminated the divorced spousal benefit (if Investopedia's article on the subject is to be believed).
(As with all things SS, YMMV depending on when you were born, when your spouse was born, your relative SS benefits, how long your marriage lasted, whether you're remarried, and probably a number of other criteria.)
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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03-19-2021, 02:55 PM
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#66
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
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Quote:
Originally Posted by Music Lover
If your only goal is to get the maximum amount of money then you can overthink things and never be happy. Here's another option: Take it at 70 but don't spend it. Invest it wisely and then at 80 you'll have even more per month. Or wait until 90 and there will be even more per month. Sure, I'm being a little silly but the options are endless and you only find out if you "won" when you die.
My plan is simple. I've been retired for 5 years and can start collecting early CPP next year at 60. In my mind I've already won the game...I'm 59, debt free, healthy, in good shape, in a great relationship, and living a happy and fulfilling life. It can only go downhill from here
So the plan is to get the maximum enjoyment of the money during the youngest and healthiest years left so I'm taking CPP early. If I live beyond the break even point the very worst that will happen is that I "made" a few thousand less. So what?
If it was just about the money I could have just worked longer.
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And you are representing the other side of the equation. No other retirement subject has the variety of opinions as this one.
__________________
TGIM
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03-19-2021, 03:01 PM
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#67
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,929
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__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
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03-19-2021, 03:04 PM
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#68
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,929
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I will take it at 70.
My non-cola pension more than covers my expenses. I am single so spousal considerations are not an issue.
On my father's side my great-aunts lived to their late 90's, and one lived to 104-ish. I take after that side of the family, so I am hedging my bets and letting my social security grow.
If I don't make it to the "break even" point big whoop. I'll be dead and won't care at that point.
__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
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03-19-2021, 03:05 PM
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#69
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
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Quote:
Yeah maybe, haha, but think this one is #1, but you might have hit on #2.
__________________
TGIM
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03-19-2021, 03:57 PM
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#70
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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: 21,300
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Quote:
Originally Posted by disneysteve
Thanks. That really makes it impossible to know what the right answer is. You could wait until 70, die at 80, and have ended up getting just about the same as you would have had you collected at 62. In fact, if you didn't need the money and invested it for 18 years, you might even come out ahead collecting early.
These are the things that make my head spin.
Quote:
Originally Posted by Music Lover
If your only goal is to get the maximum amount of money then you can overthink things and never be happy. Here's another option: Take it at 70 but don't spend it. Invest it wisely and then at 80 you'll have even more per month. Or wait until 90 and there will be even more per month. Sure, I'm being a little silly but the options are endless and you only find out if you "won" when you die.
My plan is simple. I've been retired for 5 years and can start collecting early CPP next year at 60. In my mind I've already won the game...I'm 59, debt free, healthy, in good shape, in a great relationship, and living a happy and fulfilling life. It can only go downhill from here
So the plan is to get the maximum enjoyment of the money during the youngest and healthiest years left so I'm taking CPP early. If I live beyond the break even point the very worst that will happen is that I "made" a few thousand less. So what?
If it was just about the money I could have just worked longer.
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You’re more than welcome to your views but there is no “right” answer, noted in post #1...
__________________
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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03-19-2021, 04:04 PM
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#71
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2015
Location: the prairies
Posts: 5,045
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Quote:
Originally Posted by Midpack
You’re more than welcome to your views but there is no “right” answer, noted in post #1...
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I know. But it's the right answer for me.
Funny, no one says "your welcome to your views" to those who want to wait until 70
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03-19-2021, 04:24 PM
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#72
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,227
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Quote:
Originally Posted by disneysteve
Thanks. That really makes it impossible to know what the right answer is. You could wait until 70, die at 80, and have ended up getting just about the same as you would have had you collected at 62. In fact, if you didn't need the money and invested it for 18 years, you might even come out ahead collecting early.
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Break even calculations (should) consider investment return on your social security dollars that you take early. Either you don't spend the SS money or you don't deplete some other investments. It really doesn't matter which way, it's all the same pot of money. The numbers can change based on your rate of return assumption, but there is a return on that money. If you aren't able to invest, it means you need the SS money to live, so there's no option but to take it early.
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03-19-2021, 04:39 PM
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#73
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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My husband is 9.5 years older than me. We were late to marriage and kids... so it was a TOTAL no brainer for him to take it at age 62 - because our kids were under 18 and got dependent benefits. Older son aged off of benefits 2 years ago, younger son will lose benefits in June when he graduates high school. That added benefit made it much more lucrative to take it early - and blew all break even calculations.
For me... at age 59 I have not made any hard decisions. I'm tentatively thinking about starting at 65 for the medicare premium hold harmless issue. (Can't increase medicare b more than SS increases IFF you are collecting SS.) But - I may wait till age 70. Or full retirement age (67).... I'm unlikely to take it sooner than 65... unless I get some terminal disease.
My plan is to be flexible based on circumstances. REwahoo has posted about how when the market collapsed in 2008, he pulled the lever on SS to let him sleep at night and let him leave more $$ in his portfolio. That's an example where being flexible makes sense.
My sister took it at 62. (Reduced) SS and her teachers pension give her a solid floor of income that lets her use her savings for home projects, travel, and future needs. It made sense for her.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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03-19-2021, 04:39 PM
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#74
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,705
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Definitely 70. I've got a pension that covers me so why not?
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03-19-2021, 04:53 PM
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#75
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Recycles dryer sheets
Join Date: Nov 2017
Location: Green Bay
Posts: 226
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70 for me (higher wage earner).
Somewhere between 62 - 66 for DH. We are managing income for ACA subsidies and will both be on Medicare when DH is 66.
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03-19-2021, 05:25 PM
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#76
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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: 21,300
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Quote:
Originally Posted by Music Lover
I know. But it's the right answer for me.
Funny, no one says "your welcome to your views" to those who want to wait until 70
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70 is the right answer for me
__________________
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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03-19-2021, 05:30 PM
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#77
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Full time employment: Posting here.
Join Date: Mar 2019
Posts: 760
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Original plan was to take mine at 70 and my wife at 66.5. Circumstances changed and we both started SS last month (66.5 for me and 63.6 for my wife). Overall, not a big deal.
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03-19-2021, 09:17 PM
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#78
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2015
Location: the prairies
Posts: 5,045
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It's nice to have the ability to pick and choose
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03-19-2021, 09:40 PM
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#79
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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Quote:
Originally Posted by skipro33
I took mine early simply because I find it easier to rationalize spending 'their' money rather than mine. ...
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I hear this rationalization quite often and it seems very silly... but I obviously respect your right to do whatever you want to... but money is fungible... we have enough that what we spend would be no different if we were collecting SS vs not... it was the same with my pension... what we spent before or after starting my pension was unchanged.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-20-2021, 03:46 AM
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#80
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Recycles dryer sheets
Join Date: Mar 2014
Posts: 313
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Quote:
Originally Posted by Brdofpray
I took my SS as early as possible. My wife, a retired teacher, never participated in SS. She is not eligible to receive benefits. And, if I pass before her, she is not eligible for survivor benefits, on my record, due to her pension, and IRS WEP exclusion.
We decided to take my benefit, and funnel it into our portfolio. In this way she will get a greater benefit if I check out first. So far, this plan is working out very well.
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Same here......dh just started his benefits in November after turning 62. He’s about 4 years older than me. He’s currently funneling much of it into savings since I’m still working.
We felt it was the best decision considering all factors.
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