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Where to retire, or not..
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Dan S
·A slight twist: any opinions from our US members when to start Social Security?
And more to the point? Where is Alam's retirement house?!
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M'Bob
·I'm planning on taking mine immediately upon my retirement at which time I'll be 67 and 4 months. My full benefit age is 66 and 8 months.
Many say to wait until 70, but then you have to amortize all the money you didn’t take in the meantime. Can I ask what prompts your inclination vs waiting?
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gbesq
·Many say to wait until 70, but then you have to amortize all the money you didn’t take in the meantime. Can I ask what prompts your inclination vs waiting?
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pdxleaf
·In addition to Social Security, I have a defined benefit pension plan and a sizeable 401(k) account. My projected Social Security and pension benefit will be enough to pay my day to day expenses in retirement provided that I don't go crazy with my spending. My 401(k) account is nearing seven figures. I plan to let that fund continue to compound until I have to begin taking RMDs the year that I turn 73. As the money comes out, I will be adding it to a trust that I've established for my daughter. She is also the benefiicary of the 401(k) account, so if there are any remaining funds in the account when I go to the great beyond she'll have 10 years to withdraw whatever is left under the Secure Act 2.0. Hopefully she'll wisely invest whatever money she receives. I'll probably spend some of the annual 401(k) investment gain and income on luxuries for myself (travel, car, a few more watches), but I have excellent health insurance that I can carry into retirement as well as long term care insurance, so I don't foresee a major financial emergency that would require me to invade the principal.
DIBS!
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BAJJ
·We're all going to check out at some stage, the problem is we don't know when. You can't make more time but you can make more money. With those two thoughts I set myself a figure and said once reached I'd go, and I did, at 55. Apart from busting my leg 7 months in I have not regretted my call. It's freed up my mind to think about what I'd like to do, if anything. I have set myself on the path to 30 days consultant work per year, which I hope to kick off once the leg is fixed.
I am staying where I've lived for the last 30 years, I love it and fortunately health care insurance is cheap. If I was to offer any advice it would be to go early rather than waiting, I understand that this is not possible for everyone but if it is don't hesitate.
I am staying where I've lived for the last 30 years, I love it and fortunately health care insurance is cheap. If I was to offer any advice it would be to go early rather than waiting, I understand that this is not possible for everyone but if it is don't hesitate.
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Evitzee
·A slight twist: any opinions from our US members when to start Social Security?
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gbesq
·There is no one right answer....everyone's situation is different. Whether you take it at 62 or 70, the total benefit is the same if you live to your expected age (about 83.6 years), if you die before that time you are better off claiming at 62, if you live longer then claim at 70. How's your health, family history, investment strategy, etc? It's all personal. The standard mantra of waiting until 70 will automatically be WRONG for 1/2 of the population.
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BlackTalon
··This Space for RentMy mom starting taking SS as soon as she was eligible, and has regretted it since. She spent it as she got it, and what she receives now per month does not cover her housing and utility costs, let alone food, car, etc. I personally will hold out, as my circumstances are different. I have savings, a bit in an IRA, a paid-off house, equity in my company, etc. But I'll be in my mid-60s when my son is in college, and even though we've been putting into a college savings account we'll still be out-of-pocket during those years.
No sense in retiring until my sons is done with school, and at that point I can consult as much or as little as I want to. And my wife's job, although low-paying, is something she can do indefinitely.
I have a single friend that was laid off/ down-sized 7-8 years ago, and he's managed to get along without needing to work again. He doesn't spend money, an he doesn't travel, but he has some good hobbies and volunteer work he enjoys the heck out of doing. He still has a handful of years before he can start SS withdrawals.
3 different people all with completely different circumstances. Anything but a 'one size fits all'
No sense in retiring until my sons is done with school, and at that point I can consult as much or as little as I want to. And my wife's job, although low-paying, is something she can do indefinitely.
I have a single friend that was laid off/ down-sized 7-8 years ago, and he's managed to get along without needing to work again. He doesn't spend money, an he doesn't travel, but he has some good hobbies and volunteer work he enjoys the heck out of doing. He still has a handful of years before he can start SS withdrawals.
3 different people all with completely different circumstances. Anything but a 'one size fits all'
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pdxleaf
·Then there's the guy I met in a bar last night (visiting my brother while my wife is on a business trip.) He's turning 62 in November and going to take social security immediately before it goes bust. Haven't heard that in awhile.
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gbesq
·Then there's the guy I met in a bar last night (visiting my brother while my wife is on a business trip.) He's turning 62 in November and going to take social security immediately before it goes bust. Haven't heard that in awhile.
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BlackTalon
··This Space for RentThen there's the guy I met in a bar last night (visiting my brother while my wife is on a business trip.) He's turning 62 in November and going to take social security immediately before it goes bust. Haven't heard that in awhile.
Congress will be sure to wait until the last minute and then fix it. The last thing they want to do is take on AARP. Senior citizens vote.
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Dan S
·Then there's the guy I met in a bar last night (visiting my brother while my wife is on a business trip.) He's turning 62 in November and going to take social security immediately before it goes bust. Haven't heard that in awhile.
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Dsloan
·There's also a lot of room between 'the SS formula needs to be adjusted' and 'SS has gone bust', but people sure do like to worry about it just totally disappearing overnight.
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Tony C.
··Ωf Jury memberCongress will be sure to wait until the last minute and then fix it. The last thing they want to do is take on AARP. Senior citizens vote.
Sure, it won't "go bust", but short of some kind of productivity miracle (no, I don't thing that AI is it, at least anytime soon), there is good reason to believe that USD will degrade in value, and quite possibly to a significant degree. Not easy to predict or calculate specifically, of course, but whatever the higher SS figure may be for people five or 10 years down the road, those dollars are likely to have significantly less purchasing power than today's.
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alam
·A slight twist: any opinions from our US members when to start Social Security?
Bob, check this out - it helped me in my decision. Good luck!
https://opensocialsecurity.com/
