Replies: 15
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All-In [47768]
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Follow up to Carlsbad's retirement ? - Social Security....
Oct 16, 2020, 9:36 AM
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Start drawing at 62, 65 or 70? Or do you have another strategy?
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All-In [40657]
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SS isn't going to be around when I am that age
Oct 16, 2020, 9:40 AM
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So if I were you, id pull what you can as soon as you can before it drains.
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CU Medallion [64837]
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Greenr, I also suggest you follow this advice.
Oct 16, 2020, 9:59 AM
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to keep from having any more kids.
So if I were you, id pull what you can as soon as you can before it drains.
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Oculus Spirit [83135]
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All-In [40941]
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they can also raise the cap
Oct 16, 2020, 12:32 PM
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And not the benefits or just raise the tax on everyone.
Covid is definitely helping SS
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Oculus Spirit [75739]
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I doubt it will still be around but I figure I'll
Oct 16, 2020, 9:58 AM
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wait until 70 if I can. Probably can't retire until 67 anyway if I'm being honest.
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All-In [48078]
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Re: I doubt it will still be around but I figure I'll
Oct 16, 2020, 10:12 AM
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67 is pretty young too. You probably will live until 90.
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Oculus Spirit [75739]
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God I hope not.***
Oct 16, 2020, 10:13 AM
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All-In [48078]
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Re: God I hope not.***
Oct 16, 2020, 10:16 AM
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92. Sorry. You're locked in.
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Oculus Spirit [75739]
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Will we have those mechsuits to walk around in by then?***
Oct 16, 2020, 10:16 AM
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Oculus Spirit [81078]
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All-In [49189]
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Mine's higher, so I'll wait till 70
Oct 16, 2020, 10:12 AM
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Mrs No will prolly live longer than me, and the 8% increase each year from 66 6 mo to 70 might come in handy for her. Will prolly take hers at her full age.
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All-In [40941]
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thats me wife is 8 yrs younger
Oct 16, 2020, 12:34 PM
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I retire at 70 she retires at 62 or younger but I start collecting at 70 and she starts at 62 if we need it.
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Lot o points [163012]
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I am still ciphering on it but leaning towards the full
Oct 16, 2020, 11:14 AM
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retirement age for me, 66 2 mos iirc.
BUT, wife is younger, so when I die, she will benefit for me waiting longer. As I compute it, around age 81 I will "break even" on the total $$$ received (not taking into taxes and any present value calculation.). I totally expect more taxes on this income - right now iirc 85% is taxed for LDRs.
I will do a more intense calculation soon, because I love numbers.
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Hall of Famer [24481]
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I started at 65, wish I had started earlier, for one simple
Oct 16, 2020, 4:12 PM
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reason: when the future income is a function of those idiots in DC, money in the bank is always better than a promise.
If you bank all the money you receive while drawing from age 62, then at at 66 you retire and start drawing enough out of that slush fund to make up the difference (so that the total available to you monthly is what you would have received had you waited to age 66) your slush fund doesn't run out until way on out there. I forget what it was in my calculation, but 90-something. About life expectancy age. In the meantime, that money is yours.
Obviously taxes will affect this. Drawing at age 62, you're probably making enough so that the SS benefit is taxed. In my calculation, I still wish I had started at age 62. But 65 has been fine. For me to wait to 66 and 7 months, I would have had to draw from investments to wait to get the higher amount at that age. How stupid does that sound, to spend my own money to get a promise of a little money from the govt later?
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All-In [25721]
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Re: BREAKING NEWS! Just got my first social security check
Oct 16, 2020, 8:24 PM
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At 62.
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Replies: 15
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