retiring

[KennyG]

Big 'hit this year was RMD at age 70-1/2 [ IRS rule ].
Take S.S. as soon as possible. Do the math: the catch-up age may be longer than you will live.

There is a lot of good advice all over this thread, but I will throw in a couple of things. For those of us turning 70 in the second half of this year, there is a potential change coming to the RMD rules if Congress gets around to it. It is proposed to increase the age for mandatory starting of IRA/401K payouts to 72. You should keep an eye on this since it will be a last minute December thing if it gets passed. For those that have already started taking RMDs, no change from the old rules.

I strongly believe you should delay starting social security unless you unable to make ends meet without it or you have serious life threatening health issues. Yes, if you die early you will collect less but you probably didn't need it. You can't take it with you. On the other hand if you are fortunate to live for a long time (I think the break even point is early 80s) life will be a lot more comfortable. The hit for early payout is large and the reward for delaying is really great (8% per year for up to 4 years). I will get my first check next month after turning 70 and I will collect about $40,000 per year, cost of living protected. I'm in excellent health and expect to collect for a long, long time.

 

[kenmac]

Even if I were to wait, I doubt I would bring in 40K. I'm sure not letting the government hold my money any longer.
They may decide since I can wait, I probably don't need it anyway, and not allow me to get any.

I think my take at 62 is about $2,200.00 per mo.

It will be a while before I turn 70. I hope they do away with the mandatory withdrawal by the time I get there

 

[bunyip]

Well then our entire government has RORT down to a science :banghead::hissyfit::banghead:

And ours have turned it into an art form

 

[goeduck]

Is art more advanced than science or science more advanced than art? I should not have asked, our government will probably study that :confused3:

 

[bunyip]

I hesitate to ask as I know it will require a multi million $$$$$ feasibility study and a royal commission.
Guy Fawkes had the right idea.

 

[Travelover]

............The hit for early payout is large and the reward for delaying is really great (8% per year for up to 4 years). I will get my first check next month after turning 70 and I will collect about $40,000 per year, cost of living protected. I'm in excellent health and expect to collect for a long, long time.

Additionally, when you die, your surviving spouse gets your SS amount, assuming theirs was smaller. This can be a big deal for a surviving widow as far as having enough to live a comfortable lifestyle.

 

[Wagtail]

Rort = dirty sneaky coniving ways of sucking money and blood from the hapless population that can do little about it.

:yes: ... a succinct, accurate and poignant definition.

 

[TCowner]

For those complaining about the benefits provided by Medicare should really look into what purchasing private health insurance would be at the age of 65. This is the time when our need for medical services are at their highest. Without Medicare as our primary healthcare coverage the monthly cost would be prohibitive for most of us. The cost of purchasing private insurance for a retired couple at age 65, without Medicare as primary, would suck the life out of our monthly retirement income. Most every old geezer, including me, looks forward to the day when we can retire. Eliminate Medicare and watch that date be pushed out about 10 years.

 

[Gem99ultra]

I too, "retired" at age 53. I had a healthy pension, a fat bank book, and paid medical coverage. But it only took me 3 months of building every style of bird houses, manicuring the lawn, and polishing my cars and truck to come to realize that I NEEDed to go back to work. A feeling of feeling useless, and of seeing others doing my old job in a half azz fashion told me that I had a place in the working world, and I needed to be there.

So, I promptly went back to work and enjoyed every single day until I retired again at age 65. Health was still good and finances were still solid. Now for this past 15 years I've actually enjoyed being retired with a self satisfaction that I've earned my remaining time and am thankful that I'm still able to enjoy life. Now my primary daily task is scheduling. My schedule looks like "Things I want to do today, things that I may put off until tomorrow, and things that... hmmm well I may never do!"

Do I feel thankful? You bet! Very much so.

 

[Travelover]

I too, "retired" at age 53. I had a healthy pension, a fat bank book, and paid medical coverage. But it only took me 3 months of building every style of bird houses, manicuring the lawn, and polishing my cars and truck to come to realize that I NEEDed to go back to work. A feeling of feeling useless, and of seeing others doing my old job in a half azz fashion told me that I had a place in the working world, and I needed to be there............

I retired at age 54 and never looked back. It is easier to add years to the front of your retirement, but harder to add them on the back side. These past 12 years of retirement have been the best of my life and I get up every day grateful not to have to be on anyone else's schedule. When my last day comes, I won't be saying, "gee I wished I'd spent more time at work". Each to their own and thanks for paying into Social Security and Medicare all those extra years. I've enjoyed spending the extra cash.