Social Security - 62, 66 or 70?

[sixdogs]

Over the years I have seen many illustrations of when to take the money and I recall the point that one exceeded the other was if you lived until age 82. In other words, you had to make it to 82 to gain an edge over drawing at 62 as opposed to 70. I'm not taking that bet.

You can fool with these numbers all sorts of ways and one that works really well is to take the money at 62 and rather than spending it, invest it until age 70. That blows the socks off of the other options.

The only way to do this for yourself is to get a Hewlett Packard financial calculator, learn how to use the present value and future value illustrations and plug in your assumed rates of return. Heck, i'll bet there are present and future value charts on line now.

For me, just give me every penny that I and my employer contributed over the years along with some standard interest rate such as the return on the 10 year Treasury bond and kick me out of the system. I'd be light years ahead of the rest. Now, why won't anyone let me have that as a choice?

 

[cdaigle430]

I think the ealier the better, but, the most important thing is to have your medical taken care of. If you dont have medical costs considered and taken care of then you wont have any money in your retirement no matter how fat your 401k is. I am very fortunate that at age 48 I have my medical already taken care of when I retire so taking a pay cut but collecting earlier is a no brainer-Do it!.


I have a growing 401k, National Guard Retirement, Company pension, Compensation, soicial security and my medical tkaen care of. I am trying to retire at 55 even if I have to move to Brazil (there I have a 7 bedroom house in the country waiting for me for free).

 

[dave1949]

Dave,

Yes I was facetious, you hit it on the head as to the real problem, so we continue live on our little share of the country's largess. Actually because of a lot of due diligence and good I did not come out too bad. The stock market has bailed me out, after the slump I did nothing, 5 years later I was back ahead of the game and still climbing.

Ron

I'm not whining. It is what it is. My experience with the market is the same as yours. Sometimes you have to cover your eyes and have faith that the economy will eventually right itself. If the day comes when it doesn't, I figure that worthless equity paper will be the least of my worries. :laughing:

This quote from the WSJ article:
The big financial risk in retirement isn't dying young. At that point, all your money problems are over.

Could read:
The big financial risk in retirement isn't a global depression. At that point, all your money problems are over.

 

[riptides]

...trying to retire at 55 even if I have to move to Brazil (there I have a 7 bedroom house in the country waiting for me for free).

And thus addth another variable into the equation of retirement, take the money and run overseas.

 

[Travelover]

...........
The only way to do this for yourself is to get a Hewlett Packard financial calculator, learn how to use the present value and future value illustrations and plug in your assumed rates of return. Heck, I'll bet there are present and future value charts on line now.

You're not gonna believe this, but this functionality is build right into MS Excel spreadsheets

For me, just give me every penny that I and my employer contributed over the years along with some standard interest rate such as the return on the 10 year Treasury bond and kick me out of the system. I'd be light years ahead of the rest. Now, why won't anyone let me have that as a choice?

Two reasons I can think of.
1) If you screw up and are left penniless, we as a society still have to save your butt 2) the SS system also acts as disability insurance, so if you fall off a roof and are severely disabled, you don't have to live on the mercy of others for the rest of your life.

 

[wroughtn_harv]

Really? Dad will be 89 in March and is still on his own and sharper than a tack. I have friends in their seventies that still are working at what they love and active all day long. We did have one friend that put away his deer rifle last week because the couldn't see the deer clearly in the scope. His son suggested going for the middle of where he thought it was and the 85 year old explained that he wasn't that kind of hunter. BTW dad is still planning on spending the summer months up on the Mogollon Rim like he has for the last fifteen years this year. He has a dog, his old motorhome, Ranger pickup, but he has moved up to a Kindle over the paper books.

What a howler....why bother to live to be 100 when you cannot do a d**n thing for yourself after age 80? My step-mom's mother died last year at age 99....she had been in an advanced care facility for TWENTY FIVE YEARS suffering from advanced dementia for most of that time. Where is the quality of life? I would rather be dead than be a vegetable kept alive by advanced care. PERIOD !!!!!!

 

[oldpilgrim]

Really? Dad will be 89 in March and is still on his own and sharper than a tack. I have friends in their seventies that still are working at what they love and active all day long. We did have one friend that put away his deer rifle last week because the couldn't see the deer clearly in the scope. His son suggested going for the middle of where he thought it was and the 85 year old explained that he wasn't that kind of hunter. BTW dad is still planning on spending the summer months up on the Mogollon Rim like he has for the last fifteen years this year. He has a dog, his old motorhome, Ranger pickup, but he has moved up to a Kindle over the paper books.

What a howler....why bother to live to be 100 when you cannot do a d**n thing for yourself after age 80? My step-mom's mother died last year at age 99....she had been in an advanced care facility for TWENTY FIVE YEARS suffering from advanced dementia for most of that time. Where is the quality of life? I would rather be dead than be a vegetable kept alive by advanced care. PERIOD !!!!!!

You're both right. Some people have it tough when they get older some people just keep going.

I'm in the middle of both situations. My parents are both 90. My mother is going strong, running the house and caring for my father who is effectively blind and deaf, and is recovered from a stroke as much as he ever will. He's been out of commission for about 4 years. It's been a long hard 4 years for him.

Life can be great for some old people, and suck for others. You play the cards you get.

 

[MacLawn]

Boys, the question has been answered! I got me SS letter today saying I'll be getting me first gubmint check February 11. So I reckon there's a good chance of gubmint going belly up on the 10th.

 

[KennyG]

Boys, the question has been answered! I got me SS letter today saying I'll be getting me first gubmint check February 11. So I reckon there's a good chance of gubmint going belly up on the 10th.

Does that mean you're buying? :drink:

 

[MacLawn]

Kenny, if ye can get ye truck out of that Michigan snow, come on down! I buy!