Social Security at 70

Sunset said:
In retirement, it's normally just 2 or even 1 person. So our grocery bill over 5 years normally averages around $3,300
If I shopped at Grocery Outlet and we ate a little less (which could be a good idea for us), we could eat FREE ;) :LOL:
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That sounds like a good inflation fighter! GO in our area is usually half the cost of Safeway. We usually shop at GO once a week and save $100 off the local supermarket prices, so for us it is a big savings, even more than $3.3K a year.
 
What is this Grocery Outlet everyone is talking about? i have never heard of it.
 
daylatedollarshort said:
If you are concerned about running out of money in case you live to be 100, then that plan works for you. But the probability of living that long are less than 1%, so the expected benefit, with life span probability factored in, is much less than $150K. There is a greater than 99% chance you will be dead and not collecting Social Security benefits at age 100.
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Got a source for that?

Like I said, use 90 if you don't like 100, though my odds of living to 100 are 6% according to the calculator in this article https://www.birminghammail.co.uk/news/midlands-news/how-likely-you-live-100-14253732

From that calculator recently posted (https://www.livingto100.com/calculator/age) my expected age is 94, so I have better than 50% of living to 90 and getting that $150K.

I think both of those calculators are overly optimistic but not outrageously so.
 
RunningBum said:
Got a source for that?

Like I said, use 90 if you don't like 100, though my odds of living to 100 are 6% according to the calculator in this article https://www.birminghammail.co.uk/news/midlands-news/how-likely-you-live-100-14253732

From that calculator recently posted (https://www.livingto100.com/calculator/age) my expected age is 94, so I have better than 50% of living to 90 and getting that $150K.

I think both of those calculators are overly optimistic but not outrageously so.
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I was using percent of odds of living to 100 in general. Your personal odds may be higher but most articles still give the odds as pretty low for a 65 year old male, https://www.marketwatch.com/story/should-we-plan-on-living-to-100-2017-08-28, like 3%. It is fine if you are worried about running out of money, but baring some major medical discoveries, most people will never live long enough to collect the age 100 amounts of SS.
 
harllee said:
What is this Grocery Outlet everyone is talking about? i have never heard of it.
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It is a grocery store in the Bay Area (and other locations) that a checkbook.org survey found had the lowest prices of all the grocery stores. It would probably be like the difference in prices between shopping at Kroger's or Aldi's in some other city.
 
daylatedollarshort said:
It is a grocery store in the Bay Area (and other locations) that a checkbook.org survey found had the lowest prices of all the grocery stores. It would probably be like the difference in prices between shopping at Kroger's or Aldi's in some other city.
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Only available in some western states. They save by buying up stuff that closer to sell date. However they also provide good prices on regular fresh stuff as well, in order to become a one stop grocery shop.
 
bmcgonig said:
Only available in some western states. They save by buying up stuff that closer to sell date. However they also provide good prices on regular fresh stuff as well, in order to become a one stop grocery shop.
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Potentially very close to expiration date, a lot of their stuff that isn't fresh is overstock clear out from other chains. Generally perfectly fine, but when I shopped there it was common to buy things that were a month from expiration date on stuff that normally has many months or even years to expire. :p So occasionally I had cookies or whatnot that felt a little like they were nearer their end of lifespan.

But this is a tangent from our usual endless war over when to take SS, so I will just say that I'm on the side of not caring about portfolio size, I care about spending during my life, so I continue to find the discussions on here over the years about how taking at 70 lets you spend more however early you retire convincing and that's my plan, take as late as possible so I can spend as much as possible as early as possible
 
bmcgonig said:
Only available in some western states. They save by buying up stuff that closer to sell date. However they also provide good prices on regular fresh stuff as well, in order to become a one stop grocery shop.
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We have two Grocery Outlets in Panama City Fl and a 3rd one that is being rebuilt after the 2018 Hurricane demolished the building.
 
Our local Grocery Outlet has the best prices on organic food. Like a pound of organic, frozen peas is $1.69, Whole Foods is $2.99. Those kinds of savings on a cart full of goods over a year's time really add up for us.
 
We have a bunch of Grocery Outlets here in greater Portlandia. DW loves to poke around and score deals on high end stuff we'd never pay full price for. There is also a place called Everyday Deals that sells stuff that is almost past sell date or slightly past. That place is ridiculously cheap - like $0.25 for a quart of yogurt or $1 for a 16 oz bag of organic corn chips. Every time we shop, it has a whole different bunch of merchandise so it is an Easter egg hunt.
 
travelover said:
We have a bunch of Grocery Outlets here in greater Portlandia. DW loves to poke around and score deals on high end stuff we'd never pay full price for. There is also a place called Everyday Deals that sells stuff that is almost past sell date or slightly past. That place is ridiculously cheap - like $0.25 for a quart of yogurt or $1 for a 16 oz bag of organic corn chips. Every time we shop, it has a whole different bunch of merchandise so it is an Easter egg hunt.
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The deals are a part of the fun. Last week a pad thai freezer dish we like that costs $10 at Sam's Club was $5, and the expiration was in 8 months. We have a chest freezer so 10 of those alone saved $50.
 
Not sure how we got off on this, but for the past 7-8 years, I joke with the wife every Tues when the Vons/Albertsons adds show up in the mail box. I call it a news letter / weekly menu from my dietitian. I have the phone app. And pick up the sale items. Check out my receipt & it shows how much saved. Typically 50% to 75%. Mainly on main dish items. With the pellet grill / smoker. They pretty much let me know what I am having that week. Salmon, Tri Tip roasts, ribs, Shrimp, Rib Eye steaks, etc. Bought 4 packs of Hoffy premium bacon today. 2 for $5.00 limit 4. Bought 4 for $10.00 saved $20.00. Its a game. But, have to eat so why not. lol lol On the plus side, its 3 block's from the house. (chest freezer also helps)....
 
bmcgonig said:
No. Different stores. Grocery outlet is a public company 3.5B market cap. Ticker symbol GO. Up 30% ytd 🥂
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Ok, our Grocery Outlet is discount store, known for their low prices.
I wonder if they are going to run into name problems with GO at some point?
 
I wonder if the pandemic has changed the calculus for some people.

Most deaths have occurred in people over 65 but there are plenty of anecdotes of people much younger dying or going through a severe case, with damaged lungs or other organs.

Then some studies pointing to bad long-term consequences. One thing often cited is that some patients could suffer loss of brain function equivalent to aging 20 years, even from mild infections.

So waiting to 70 may not work out too well for some unfortunate folks.
 
Nearest Grocery Outlet is just far enough to be inconvenient.

I want a Lidl and an Aldi in my area. Most of the markets are run by Safeway or Kroger. There is very little real competition other than Walmart which is also far enough away that shopping there is not convenient.
 
explanade said:
I wonder if the pandemic has changed the calculus for some people.

Most deaths have occurred in people over 65 but there are plenty of anecdotes of people much younger dying or going through a severe case, with damaged lungs or other organs.

Then some studies pointing to bad long-term consequences. One thing often cited is that some patients could suffer loss of brain function equivalent to aging 20 years, even from mild infections.

So waiting to 70 may not work out too well for some unfortunate folks.
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This weird aspect about loss of brain function of 20 years, doesn't mean a person dies earlier.
It could even mean a 70 yr old (now brain age 90) needs the higher SS, as they are going to make investing mistakes more often, losing money or all the money and need the guaranteed monthly income to be as high as possible.
 
explanade said:
I wonder if the pandemic has changed the calculus for some people.

Most deaths have occurred in people over 65 but there are plenty of anecdotes of people much younger dying or going through a severe case, with damaged lungs or other organs.

Then some studies pointing to bad long-term consequences.
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From what I know about long-term effects, a case of COVID that was still limiting my activities at 60-90 days would lead me to file for Social Security immediately.
 
youbet said:
Actually the idea of taking SS early and investing the money is discussed extensively in all of the many "when to take SS" threads I've been part of over the years. And there has been a ton of 'em!
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I've seen it discussed theoretically but no one claims to have done so.

The ones talking about taking it at age 62 (or who already have) is so they can spend it instead.
 
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