SS and retirement question

[smstonypoint]

If you enjoy financial economics (and who doesn't?), here's an interesting article that treats the option to start SS benefits before age 70 (age of maximum benefits) as a real call option: Delaying Social Security benefits: A real options perspective - Glenn Daily.

Steve

 

[22rimfire]

Great info guys, I'm seven years away from 62, and that's when I, and the wife will retire from our "other" jobs I'm fortunate to have worked long term for a large company that will pay me a pension. Wife used to work for a company that payed a pension, but she was laid off with 13 years of vested service. Good for about $500 a month, but hey, every little bit helps. We also have a pretty good amount in our 401k accounts, so all that, plus what we get from SS should set us up pretty good. Oh yeah, and we will be completely debt free, house and all which any retirement planner will tell you is important. Thanks be to the good Lord I'm still healthy, so want to start as early as I can. I can't wait!!

 

[smstonypoint]

Oh, y'all boys who take at 62, wha' ye do for health insurance? Ye wife still working and ye on hers?

Medical insurance is an important issue that has received too little attention in this thread.

I retired at age 60 and continued to receive coverage (for me and my wife) through my former employer's medical insurance plan for the same monthly premium that I paid while employed. At age 65, Medicare became my primary insurer and my former employer's plan became my secondary insurer for the same monthly premium.

Medical insurance was not a factor in my decision to start drawing SS at age 62, but it may be a major factor for some (many?).

Steve

 

[MacLawn]

Yep, I'm sure the medical insurance issue is why many have to wait until at least 65. I'm already 65 and on Medicare and have great insurance too, so that's not an issue for me.

Funny timing, but just yesterday I attended a colleague's retirement banquet! He's 66, and actually retired December he said. Unless he had a big inheritance, we're about in the same financial boat since his income, etc. was same as mine. Well, I reckon if he can do it, I can too. Only thing is my work is so much at my own pace, and me wife loves what she does so much, it's no problem for us to keep on a while longer!

 

[ovrszd]

I got a lot of satisfaction out of my work as well. Took me about 3 months to get over that. 30 months in I cannot imagine getting up tomorrow morning and going to work. The absolute best part of my day is when I first get up each morning and realize I will do today exactly what I want to do today. And that plan is always subject to change.

 

[JDgreen227]

I got a lot of satisfaction out of my work as well. Took me about 3 months to get over that. 30 months in I cannot imagine getting up tomorrow morning and going to work. The absolute best part of my day is when I first get up each morning and realize I will do today exactly what I want to do today. And that plan is always subject to change.

I was fortunate, VERY fortunate, to have the opportunity to retire at age 51 with a full pension and medical benefits. After nearly 11 1/2 years of doing what I want to do when I want to do it, although I have had to cut corners financially at times, I know I made the right choice. And yes, I began collecting SS last fall at age 62, my grandfather and my dad and my great-grandfather passed away before age 70, and that was a big factor in my decision to retire and collect SS as soon as I could.

 

[ovrszd]

I was fortunate, VERY fortunate, to have the opportunity to retire at age 51 with a full pension and medical benefits. After nearly 11 1/2 years of doing what I want to do when I want to do it, although I have had to cut corners financially at times, I know I made the right choice. And yes, I began collecting SS last fall at age 62, my grandfather and my dad and my great-grandfather passed away before age 70, and that was a big factor in my decision to retire and collect SS as soon as I could.

As I settled in to retirement I noticed it changed my attitude. I had to concentrate on that change being a positive rather than a negative. I felt so independent that I thought I can do anything I want anytime I want with no regard to whomever else it affects. I had to reel that feeling in and adjust it to include the feelings of those around me. Now I always consider the affect on others when I choose a path. Must be working out because family and friends seem very happy that I'm retired. So I must have become a better person thru it. Very easy to go the other way....

 

[MacLawn]

ovr, man, that is a great point! Ye retirement attitude! I sometimes find myself just saying wha' I want to say as I get older, but also know that ain't so wise! So I hold back and don't open me mouth so much. Retirement is not ALL about ye lucres.

Boys, do ye research before ye take SS, because it's not so easy to reverse once ye start. I think that IF ye want to wait until 66, ye can start at 65 and 10 months and be considered full age, i.e., 66. So, I've got about 5 more months to go, then I'll apply. Just hope I don't kick off in 6 months.

 

[Citydude]

As I settled in to retirement I noticed it changed my attitude. I had to concentrate on that change being a positive rather than a negative. I felt so independent that I thought I can do anything I want anytime I want with no regard to whomever else it affects. I had to reel that feeling in and adjust it to include the feelings of those around me. Now I always consider the affect on others when I choose a path. Must be working out because family and friends seem very happy that I'm retired. So I must have become a better person thru it. Very easy to go the other way....

I struggled with the same types of things tying to fill the void of daily deadlines and production stats. It took over a year for me to feel comfortable just letting life happen and not be in control of everything around me.

 

[ovrszd]

I struggled with the same types of things tying to fill the void of daily deadlines and production stats. It took over a year for me to feel comfortable just letting life happen and not be in control of everything around me.

I spent 40 years in the military with 20 years as a First Sergeant. I was expected to be in control of everything around me. I still tend to be the one in the group that takes charge rather than the one that stands back. But I'm working on it.