O/T Social Security changes
Thread Starter
Team Owner
Joined: Aug 2007
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Army
O/T Social Security changes
This is definitely O/T but I would hate to see some forum members miss it:
Only a few days left to execute these strategies if you're eligible:
https://www.fidelity.com/viewpoints/...security-rules
MODERATORS: Please move it if you feel the need.
Only a few days left to execute these strategies if you're eligible:
https://www.fidelity.com/viewpoints/...security-rules
MODERATORS: Please move it if you feel the need.
Race Director
Joined: Jun 2006
Posts: 17,901
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From: Inverness FL
St. Jude Donor '07
Deferral is only wise if you have good genes, and even then, it's a gamble, especially for males.
My genes suggest that I'll live to about age 80, and probably less when you factor in all the smoke I ate as a NYC firefighter, all the cigarettes I smoked, and all the booze I drink and drank over the years.
I calculated my break-even point at 78 years 8 months if I began collecting at age 63. I'm probably being optimistic.
My genes suggest that I'll live to about age 80, and probably less when you factor in all the smoke I ate as a NYC firefighter, all the cigarettes I smoked, and all the booze I drink and drank over the years.
I calculated my break-even point at 78 years 8 months if I began collecting at age 63. I'm probably being optimistic.
I'm now 73 and just had triple bypass surgery... BUT, my mom is 98
I figure to make it to 100, hope springs eternal...
Bill
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Army
I took benefits early at age 62 4 years ago but made enough money on the side to have to pay it all back anyway so I withdrew my application and paid it back. (You can do that within one year of the first benefit check). I'm really retired now so reapplied and got my first check last month and its a good bit more for having waited. Everyone's situation is different.
Melting Slicks
Joined: Apr 2010
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2018 C2 of Year Finalist
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I agree, anyone considering deferring benefits needs to “do the numbers” for their specific case. When I retired at age 62 and 11 months, I considered deferring until the full benefit age of 66 (for me). My break-even point came out at just over 80 and that didn’t take the time value of money into consideration. I’ve got 10 more years to go to my break-even point and hope I out live it.
Bottom line, it’s a roll of the dice, but with life’s uncertainties I lean toward "take the money and run."
Bottom line, it’s a roll of the dice, but with life’s uncertainties I lean toward "take the money and run."
Last edited by Mike67nv; Apr 26, 2016 at 12:32 PM.
Pro
Joined: Sep 2007
Posts: 503
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From: Marathon Florida Breezy Point Minnesota
In my experience, the time to retire is sometimes forced on you because of external circumstances. It would have been nice to have been able to pick and chose. That being said, the strategies being trumpeted over the Internet the last couple of months require some unique circumstances that most people don't fit.
Melting Slicks
Joined: Jun 2012
Posts: 3,115
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From: Wilton Ca.
With Bill, Mike67 and MikeM! Just turned 62 last year (retired at 60) and immediately began drawing my S.S. benefits. 
Gary
Last edited by Gary's '66; Apr 26, 2016 at 01:27 PM.
Safety Car
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From: Park Bench #805 NE Indiana
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Melting Slicks
Joined: Feb 2011
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From: Middletown Ohio
2016 C1 of Year Finalist
PLAN, PLAN, PLAN.
I have been retired for 18 years. Get a pension and SS at 62.
My wife is a few years younger then me and has been on SS "spousal support" since she was 66. The spousal support defers taking SS until 70 1/2 so she is getting paid now and when on her SS it will be the maximum.
Now I have to take my MRD (rmd?) from my 401K and she will a year later. She deferred her SS since all the women in her family have lived beyond 95 years old.
Spousal support applications will stop being accepted in May, I believe.
If you plan well you can live the life style of your choice, within reason.
I have been retired for 18 years. Get a pension and SS at 62.
My wife is a few years younger then me and has been on SS "spousal support" since she was 66. The spousal support defers taking SS until 70 1/2 so she is getting paid now and when on her SS it will be the maximum.
Now I have to take my MRD (rmd?) from my 401K and she will a year later. She deferred her SS since all the women in her family have lived beyond 95 years old.
Spousal support applications will stop being accepted in May, I believe.
If you plan well you can live the life style of your choice, within reason.
Le Mans Master
Joined: Apr 2001
Posts: 5,438
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From: Sarver Pa
2021 C1 of the Year Finalist - Modified
FWIW I took mine at 62 (last yr) and have been fighting cancer for the last 4 mos. It looks like it's going to be o-k, but .... I say take the money and run. It's nice to get some of the money back that I been paying in since I was what 15 ? when I started working at the gas station.
Burning Brakes
Joined: Oct 2010
Posts: 1,142
Likes: 73
From: crown point in
PLAN, PLAN, PLAN.
I have been retired for 18 years. Get a pension and SS at 62.
My wife is a few years younger then me and has been on SS "spousal support" since she was 66. The spousal support defers taking SS until 70 1/2 so she is getting paid now and when on her SS it will be the maximum.
Now I have to take my MRD (rmd?) from my 401K and she will a year later. She deferred her SS since all the women in her family have lived beyond 95 years old.
Spousal support applications will stop being accepted in May, I believe.
If you plan well you can live the life style of your choice, within reason.
I have been retired for 18 years. Get a pension and SS at 62.
My wife is a few years younger then me and has been on SS "spousal support" since she was 66. The spousal support defers taking SS until 70 1/2 so she is getting paid now and when on her SS it will be the maximum.
Now I have to take my MRD (rmd?) from my 401K and she will a year later. She deferred her SS since all the women in her family have lived beyond 95 years old.
Spousal support applications will stop being accepted in May, I believe.
If you plan well you can live the life style of your choice, within reason.
Melting Slicks
Joined: Feb 2011
Posts: 2,892
Likes: 169
From: Middletown Ohio
2016 C1 of Year Finalist
It has worked great for my wife and I.
Like I said, Plan, Plan, Plan.
we have been using a financial planner for years and it has paid very well both financially and with personal life planning.
Bruce B
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Army
I socked away every nickel I made as a consultant barring upgrades to the house I built in Florida I covered using cash. EVERYthing else went into retirement or brokerage accounts -- for 14 years. We lived well below our means on retirement pensions so the 'extra' went towards the future.
Seems many of the younger generation won't defer today's pleasures for tomorrow's benefit... But with our entitlement system and free meals at school they don't get hungry, Mom & Dad house them and run them around or buy them a car, and, as long as they have an Internet connection they're happy. Wife and I never 'rolled' like that.
My only child (daughter) has never held out her hand for a dime but now that I have a few bucks other relatives knock on the door for handouts when they get in jams of their own making. I help them out; I probably shouldn't...they get an earful from me -- they nod and agree with me and sojourn on to the next stupid decision. One individual said I should help him out because I've been 'luckier' than him. Lucky ? LUCKY ?
He's the only one that left empty handed...
Seems many of the younger generation won't defer today's pleasures for tomorrow's benefit... But with our entitlement system and free meals at school they don't get hungry, Mom & Dad house them and run them around or buy them a car, and, as long as they have an Internet connection they're happy. Wife and I never 'rolled' like that.
My only child (daughter) has never held out her hand for a dime but now that I have a few bucks other relatives knock on the door for handouts when they get in jams of their own making. I help them out; I probably shouldn't...they get an earful from me -- they nod and agree with me and sojourn on to the next stupid decision. One individual said I should help him out because I've been 'luckier' than him. Lucky ? LUCKY ?
He's the only one that left empty handed...
Last edited by Frankie the Fink; Apr 26, 2016 at 07:24 PM.
Melting Slicks<br><img src="/forums/images/ranks/3k-4k.gif" border="0">
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From: Colorado Springs Colorado
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Kind of humorous that there is a thread discussing social security at the same time there is another discussing the future of the NCRS with a strong theme of only us older folks owning Vettes.
BTW, I will be making a decision next March on whether to start taking social security at 62 or wait.
BTW, I will be making a decision next March on whether to start taking social security at 62 or wait.
Safety Car
Joined: Jan 2006
Posts: 4,786
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From: Park Bench #805 NE Indiana
Kind of humorous that there is a thread discussing social security at the same time there is another discussing the future of the NCRS with a strong theme of only us older folks owning Vettes.
BTW, I will be making a decision next March on whether to start taking social security at 62 or wait.
BTW, I will be making a decision next March on whether to start taking social security at 62 or wait.
... 
-Bruce
Burning Brakes
Joined: Oct 2010
Posts: 1,142
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From: crown point in
For the last 7 years I have transferring the max amount to a Roth IRA while remaining in the lowest income tax bracket.
It has worked great for my wife and I.
Like I said, Plan, Plan, Plan.
we have been using a financial planner for years and it has paid very well both financially and with personal life planning.
Bruce B
It has worked great for my wife and I.
Like I said, Plan, Plan, Plan.
we have been using a financial planner for years and it has paid very well both financially and with personal life planning.
Bruce B
Drifting
Joined: Nov 2007
Posts: 1,711
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From: Hightstown NJ
I called SSI 3 months before I turned 65 to sign up AT 65 for the extra little a month I'd get. The woman told me that if I signed up right then and now at the lower check, it'd take me 17 years at the higher check payment to make up the 3 months payments I'd receive starting right then. I signed up right then.
Verne
Verne
Le Mans Master
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From: Arlington TX
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I retired at 62 also and took early SS. Been retired 10 years now, best decision I ever made. But then, I wanted to retire after the first day I ever worked. Love it!
Drifting
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From: Avondale Arizona
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St. Jude Donor '19-'20-'21
I'm another one that retired early then took the money at precisely 62 yo. It really helps make retirement much more fun.
On the subject of retirement: it is most definitely as great as everyone told me it would be.
On the subject of retirement: it is most definitely as great as everyone told me it would be.