Cog wrote:I've ran those same numbers for myself. I'm only 59. I've concluded that I will take it at 62. That's with knowing that most of the males in my family live into their late 80's. I believe it ends up being a wash no matter which decision you make.
Here is another factor to consider. If you aren't taking the $1000 at age 62, then it means you are getting the money from somewhere else. If that somewhere else is a 401K or IRA account, then you are depleting money that could be earning dividends in the stock market. If you look at it that way, you are better off taking the SS money early.
If you are still working then it makes more sense to wait as you are continuing to build up IRA's or 401K money.
Are you retired from work?
Cog wrote:The health insurance is a very big deal. Unless you need the money to live on by all means invest what you don't need. Assuming of course you are out of debt. If you have debt get it paid off or down. Cutting monthly expenditures is key to retirement on either a fixed income or income from stock dividends. But you probably already know this.
vtsnowedin wrote:As I'm coming up on age 62 in a few months I spent some time today at the social security web site determining when to start drawing mine. It seems like a no brainer to me to start as soon as possible unless you're in excellent health and have a family history of longevity on both sides.
For example (not my personal numbers) someone my age has a full retirement age of 66 and two months. Lets say at that age he will get $1333 per month. If he starts now at age 62 he only gets $1000 a month and it will not increase when he gets to 66+2m. 66+2m is 50 months away so by starting now he will have been paid $50,000. After that a person that waited to draw until 66+2m gains on him by $333 a month and dividing that into $50,000 you get 150 months for the two options to draw even. that would be age 78+8 mos.
78+8 is past my life expectancy especially considering the medications I'm already on and siblings that have past away before me.
Any thoughts or comments?
https://secure.ssa.gov/RIL/SiView.do
Cog wrote: There are only 13 states that tax social security. And of the ones who do they give you an exemption for part of that income from SS.
vtsnowedin wrote:Cog wrote: There are only 13 states that tax social security. And of the ones who do they give you an exemption for part of that income from SS.
And of course Vermont is one of them. It looks like in my case next year with my wife still working 78% of my Social security will be taxable.
We might need to move down near one of the daughters.
Newfie wrote:Everyone's financial and life style situation is different.
I took SS at 65 because we had agreed I would work until then. Our financial advisor suggested my Wife take it at the same time. 63.
Here are some resources that you may find helpful.
http://www.early-retirement.org
A whole forum dedicated to early retirement. Lots of good info here.
http://www.firecalc.com
Simply far and away the BEST retirement financial calculator. At first glance it's a bit simple minded. But look for the spreadsheet tabs at the top of the page. That's where the options and richness of the simulation is. Lots of stuff there to tweak your thought process.
Pops wrote:My wife will probably outlive me by a stretch so I'll work as long as possible in order to max out the rockin chair for her benefit—provided SoSec survives the next few years—if not then I'm mouse wranglin forever.
How financially sound are the trust funds for those systems? And how is overall Australian government debt?Shaved Monkey wrote:Its a different system in Australia.
You have a private superannuation your employer put 9% in and you put what ever you want in at 15% tax in
All that is 0% tax out.
You can start getting it at about 60 depending on when you were born but can draw it earlier if you need it for some reason.(unemployment illness emergency etc.)
Then your government pension kicks in at 65 or upto 67 depending on when you were born.(conservatives want to make it upto 70 but hopefully it wont pass the senate)
You can get both so you never run out of money worst case you will have just the government one
Which my dad is on nearly $400 AUD a week for a single or its $300 a week for each couple.
He saves money on his.
My wifes sister has private and government
She gets about $750 a week and goes on 2 cruises a year.
She was a secretary and had about $180 g in super on retirement
Plus everyone gets free medical and cheap drugs
My wife and I will have both private and government
So much love for socialism its much greater than what Trump is visualising
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