Got an S.S. question, please?

[DrRod]

One other comment on SS. A lot of people and advisors recommend waiting so that you get more each year. But consider that you are getting your benefits over a shorter period. And while some people love their work, there are a lot of stressful jobs that make working past 60 a health hazard.

 

[Will_C]

When I taught Business Math I used my SS projections to make a problem for the class. If I remember correctly, I would have to be around 76 before the total benefits received from retiring at 67 would surpass the total benefits of retiring at 62. Seeing how no male in my immediate family has lived past 64....

Will

 

[dmccarty]

...
I was 16 and working around the dealership and so a few days later I went out to move their trade-ins -- a couple of Chevy's. When I opened the door [hot day] every fly in the county rushed to that car. It was so bad that one of the mechanics asked if I wanted him to move it, he said "I wouldn't blame you if you didn't want to get in that car." But I did it and we took it straight to the scrap yard.

When we were looking to buy rural land, we went to see a house that was almost 100 years old and on a 50 acre parcel. There was another 50 acres next to the house. We met the owner who was at least in his mid to late 80's. The man STUNK to high heaven from chicken scat. :shocked: He and his siblings had been born in the house which had been built by his dad. He was the last one left. He had a couple of big chicken houses and smelled like he lived in them with the birds. As we were standing upwind of him on the front porch, which allowed us to breath because there was a slight breeze, we heard gun shots on the other parcel. We could see a guy running dogs and hunting rabbits even though the land was posted. The old guy asked me if I would go with him to tell the "hunter" to get off the land and I agreed.

We hopped in the chicken farmers truck and I had to roll down the window to hang my head outside like a dog so I could escape the scat smell. :confused2::laughing::laughing: We got over to the "hunter" and the farmer told the guy I was a sheriff. :shocked::laughing::laughing::laughing: The "hunter" was polite and left with his dogs and we had to get back in that smelly truck. Honestly, I would have preferred to walk back to the house. I am sure when it was time to sell that truck it went straight to the junk yard or was parked to rot away outside a barn.

Unfortunately, it was not the worst smelling truck I sat in. I used to work for a large gated community when I was younger and one of the workers was a drunk. A really bad, serious drunk. This was before Mothers Against Drunk Driving and increased DWI penalties. The manager running the community was protecting the drunk and letting him work there even though he was a huge liability and risk. The stories I have. Anywho, the guy owned a cheap, contractor grade truck with a vinyl floor and bench seat. He needed this so he could hose out his puke when he got sick in the truck. :shocked: Which from the smell was quite often. Sometimes I would have to ride in that truck around the property and you HAD to open the window and put your head outside to breath. Twas really sad because that guy was a serious alcoholic and he should not have been driving since he was drunk every hour of the day.

OK, one story. One morning we were tearing down an old wooden privacy fence on the property line. We needed water so we sent the guy to fill up the cooler with ice and water. We would find things for him to do to keep him away from us so we and he would not get hurt. He returned and we sent him further down the fence line to stay out of our way for everyone's safety. After a few hours I noticed that there was not much water coming out of the water cooler even though it was obviously full and he had just filled it up. I took off the top and there was a six pack of beer sitting in the ice. :shocked: I guess he was cooling down his lunch. :shocked: Showed the beer to the boss and he just shrugged, rolled his eyes and we got back to work. The guy really needed help.

I doubt he lived long enough to collect Social Security.

Later,
Dan

 

[dadster4]

Full retirement age is now 67, depending on your year of birth it may be less. For me it is 66 and 10 months. I will be able to draw off my wife's SS as a spouse when SHE is eligible at age 62 (and I just happen to turn 66 and 10 months the same month she turns 62). My benefit will be reduced by her being only 62 and by claiming as a spouse. When I turn 70 I will claim MY benefit and my wife will receive 50% of what my benefit would have been had I claimed at age 66 and 10 months (which is full retirement age for me). My benefit will be about 24% higher at 70 than if I had claimed at full retirement age.

 

[dmccarty]

One other comment on SS. A lot of people and advisors recommend waiting so that you get more each year. But consider that you are getting your benefits over a shorter period. And while some people love their work, there are a lot of stressful jobs that make working past 60 a health hazard.

When I taught Business Math I used my SS projections to make a problem for the class. If I remember correctly, I would have to be around 76 before the total benefits received from retiring at 67 would surpass the total benefits of retiring at 62. Seeing how no male in my immediate family has lived past 64....

Will

I hope/plan to retire no later than 62 and plan on getting my SS payments at 62. The retirement conversations we have had on TBN over the years always have a topic of maximizing SS payments as some sort of Holy Grail. For some people it may be a valid approach. For others, not so much. Looking at my family history, gustimating my future health, family responsibilities and what we want to do in retirement has me retiring as soon as I can, but balanced with retirement savings and family dynamics. Social Security, thankfully, is not really part of the decision to retire but we will take it at 62 if things go as planned.

One really has to look at not only how long will one live, but more importantly to me, how many HEALTHY years does one have left. We have things we want to do before we either die, or worse, have our health go. A reasonable guess is that by age 72-75, sometimes later, health issues really start to kick in our families. Flip side is that I am in much better health than my parents and grandparents were at my age so I MIGHT have more healthy years than them. Maybe. To some extent it is a die roll. I know people doing what we want to do, who are in their late 70's and early 80's, but I am afraid they are outliers. Great if your die rolls go that way but one should plan for a more realistic outcome but hope for the best.

Life is short and I don't want to be working any longer than I have too.

Later,
Dan

 

[Jstpssng]

I forgot to add that I did set my state retirement benefits up where I get about $300 less a month, but my wife will continue to get the same amount if/when I kick off. Of course she will get my SS when I am gone as hers is considerable less than mine. Least I could do after her "Putting" up with me for 41 years....lol.

I told her quite a while back that it was my honor to serve and protect her all the days of my life...right up to the end.

PS...she still likes to ride in my '66 mustang. Pretty red head and a mustang...what more could a fellow ask for.

Not too bad for an old woman at 62....(and an old car at 52...)

No disrespect meant, but I thought that must be a picture of your daughter standing next to your car.

 

[Will_C]

As Dan mentioned, my thought is that $1400 a month at 62 is more valuable to me than $1900 at 70. I plan on some bucket list activities-some hunting trips, etc. With any luck, I'll be healthy enough to do those at 62, 63, and maybe up to my early 70s-I'll take my SS and use it to help do those things.

Will

 

[TractorGuy]

So, please, if one retires from a wages job at 62 and does not start collecting SS until 66 would the intervening years of no wages into SS penalize them?

The only reason to delay taking SS is if you have to wait for Medicare age to stop working. If you are going to stop working at 62 and you won't have an income that exceeds the maximum you might as well apply for SS.

I needed to work to Medicare age so I waited to 65 to retire and apply. My wife retired at 58. When she turned 62 I did the math on her projected SS payments at 62 or 66. If she waited to 66 it would take 18 years for her to recover the money she would have earned from 62 to 66.

 

[two_bit_score]

The only reason to delay taking SS is if you have to wait for Medicare age to stop working. If you are going to stop working at 62 and you won't have an income that exceeds the maximum you might as well apply for SS.

I needed to work to Medicare age so I waited to 65 to retire and apply. My wife retired at 58. When she turned 62 I did the math on her projected SS payments at 62 or 66. If she waited to 66 it would take 18 years for her to recover the money she would have earned from 62 to 66.

That’s kinda what I was thinking. Thanks for confirming.


TBS

 

[gwstang]

"No disrespect meant, but I thought that must be a picture of your daughter standing next to your car."

She's the real deal. Red heads just don't age like other hair colors seem too. Probably the lack of gray hair. We are both 62. She sure complains about aches and pains though.