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Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,514
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Congrats Pete! I filed for Medicare couple of months ago. I'm going to wait to draw SS until I've at least hit full-retirement age (in 2019), but hopefully I'll file for it closer to age 70. We'll see...
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Jim R. |
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Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,514
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One of my staff and I found the guy in the next office to mine in this condition. Our attempt to revive him with CPR was unsuccessful. Sucks.
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Jim R. |
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Registered
Join Date: Oct 2006
Location: FL - USA
Posts: 3,540
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That had to be horrible to see Jim. And the worst possible way to die ... at your desk working!
![]() RE: SS - the average male lifespan in the USA is only 78. If u think you're going to live past that, you're bucking the odds ![]() |
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Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,514
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Yeah, it shakes you up a bit.
My thinking is that my wife will probably make it into her 90s like both her folks did, but I'm probably going to only be average. Since my SS is more than hers, especially if I wait to 70 to draw it, she can take my larger benefit instead of hers when I croak. It'll give her more to live on in her old age. Well, at least that's the plan.
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Jim R. |
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Registered User
Join Date: Jan 2002
Location: I'm out there.
Posts: 13,085
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By not drawing at age 62 you’ve already left more than $100,000 on the table. If you start drawing st age 70 it will take you about 14 years to break even. . The 8% erodes pretty rapidly with inflation as well.
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Used User
Join Date: Jan 2002
Location: Long Beach CA, the sewer by the sea.
Posts: 32,972
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Quote:
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My FB page: www.facebook.com/oddjobfix Antique and Collectibles Repair and Restoration On YouTube at "oddjobfix" |
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Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,514
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Yep. Whether or not it makes sense to wait boils down to "just how long you expect to live." Also, the 8% adder, per year waited, erodes with inflation just as fast as the full retirement age (66 for me) amount. At least the inflation hit is slowed a bit by any COLAs that might be provided, not that that's a guaranteed thing.
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Jim R. |
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We Were Always Free
Join Date: Jul 2004
Location: Maryland
Posts: 21,471
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https://www.ssa.gov/planners/retire/whileworking.html https://www.ssa.gov/pubs/EN-05-10069.pdf Here is the specific wording: Will you receive higher monthly benefits later if benefits are withheld because of work? Yes. If some of your retirement benefits are withheld because of your earnings, your monthly benefit will increase starting at your full retirement age to take into account those months in which benefits were withheld. As an example, let’s say you claim retirement benefits upon turning 62 in 2018, and your payment is $953 per month. Then, you return to work and have 12 months of benefits withheld. We would recalculate your benefit at your full retirement age of 66 and 4 months and pay you $1018 per month (in today’s dollars). Or, maybe you earn so much between the ages of 62 and 66 and 4 months that all benefits in those years are withheld. In that case, we would pay you $1,300 a month starting at age 66 and 4 months But yes, even if you start early and exceed the amount of income and earn zero SS, they make it up later. It is all so confusing...one more: https://www.ssa.gov/pubs/EN-05-10147.pdf
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1996 FJ80 “He has all the virtues I dislike and none of the vices I admire." – Winston Churchill Last edited by Seahawk; 12-12-2018 at 12:52 PM.. |
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Just signed up today. Should be rolling in cash soon
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Pete 79 911SC RoW "Tornadoes come out of frikkin nowhere. One minute everything is all sunshine and puppies the next thing you know you've got flying cows".- Stomachmonkey |
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The Mighty Pieholio
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How old? I pulled the trigger this year at 62. Apply, birthday month, waiting month then pay month.
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1981 911SC Targa |
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G'day!
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Come on in boys....the water's fine...... ![]()
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Old dog....new tricks..... |
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Registered User
Join Date: Jan 2002
Location: I'm out there.
Posts: 13,085
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I ran some numbers of my own and made a few assumptions.
![]() I'm going to compare drawing at 62 vs.70. By drawing early, I will have reclaimed $196,800.00 by the time I'm 70 years old. If I save it and invest it at 5% I will tack on another $20,000. If I wait till I'm 70 to draw Social Security, I will be 91 years old before I start to get ahead of the game. But this isn't the BIG issue! Social Security is a big investment. And you have a partner who manages your savings for you. And your investment partner is a psychotic, crack addict with big spending problems! How long do I want Uncle Sam holding onto my money?
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My work here is nearly finished.
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Information Overloader
Join Date: Mar 2003
Location: NW Lower Michigan
Posts: 19,475
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Moses gets it.
But why even invest (at age 62+) unless it’s for the kids’ futures there’s no reason to. One kid needs new gutters for the house-done! Another kid needs $ to care for a special needs child-done. Then die. Eventually. As eventually as possible. |
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The Mighty Pieholio
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Feels pretty good.
I must say. ![]()
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1981 911SC Targa |
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Turned 65 Nov. 9th. Was self employed for 36 years so could write off lots. The down fall to that is my SS checks are going to be pretty wimpy.
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Pete 79 911SC RoW "Tornadoes come out of frikkin nowhere. One minute everything is all sunshine and puppies the next thing you know you've got flying cows".- Stomachmonkey |
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Information Overloader
Join Date: Mar 2003
Location: NW Lower Michigan
Posts: 19,475
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There’s a reason SSA keeps telling people how much their benefit PER MONTH at various ages is without telling us the bottom line over various retirement life-spans. If enough people wait long enough to croak before they collect, SSA numbers look sustainable.
I bong understand why most bean counters advise to wait. Last edited by Crowbob; 12-12-2018 at 04:47 PM.. Reason: Spell-check is hilarious bong=don’t |
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Registered
Join Date: Dec 2007
Posts: 5,886
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Just remember Uncle Sam can change the rules they already tax up to 85% of your SS if your other income ie. pensions, investment income, or working pass FRA.
You also pay a higher Medicare part B. And your heirs (other than your wife) can't inherit your SS |
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