social security

Mark_the_Knife

Senior Member
Joined
Dec 21, 2010
Messages
394
Reaction score
103
Who knows what tomorrow can bring, but today the stock market took a big hit, -3.5% on the S&P 500. That's a full year's distribution assuming you take the Required Minimum Distribution (RMD). Therefore, the longer you delay retirement, the more time you have to re-balance your 401K and IRAs.

This is the plan I would go for: retire at 70 instead of 62. It can mean collecting up to $3790/mo vs. $2265/mo. That is a big chunk of change.

 

SteveC

Village Elder
V.I.P. Member
Joined
Apr 7, 2012
Messages
13,939
Reaction score
33,615
Yea... today was a 6-figure rectal exam for me, but that's how it goes. It'll come back. I don't sell those assets anyway. They all pay me dividends that I use to live.

Delaying your retirement from 62 to 70, takes eight years off of your retirement. Arguably, the BEST 8 years. I plan on enjoying those years, even at the reduced rate. It will take me until I'm deep in my 80's before the beak even point of that decision makes any difference in SS income.

By then, I'll be sitting in the recliner all day, drooling down the front of my shirt.... who needs money then??? LOL

Get out now and enjoy life!!! :rofl:
 

redcoats1976

Senior Member
Joined
Feb 1, 2009
Messages
10,872
Reaction score
8,122
had a woman get ran over by a forklift at work yesterday,last week one of the office workers got the covid.im not waiting until im 70 years old to collect my SS.there is no guarantee i will make 67.a liitle now is better than a big slice of nothing if you decease before you collect anything
 

fett

Senior Member
Joined
Jan 21, 2012
Messages
9,223
Reaction score
9,385
My SS income would cover my living expenses if I didn't have my stupid Summer Home. It's been about a year since I had my arm issue. I had never used my Medicare and I was certain that the cost would bankrupt me. I kept getting reassured by my family that it wouldn't. My dau-in-law's mom had been going through treatment for cancer that lasted quite awhile. They had seen the charges and how much was covered. I was still not convinced. I did get the breakdown when all was chopped and done. I was shocked. I was charged around 3K. I got great care and service. They made sure that every cost was approved and covered by Medicare A-B-D. You young pups need not worry. There is no way they are going to mess too much with these programs. Taxes will have to be raised and the retirement age will prolly go higher.
 

Tiboy

Senior Member
Joined
Jun 28, 2011
Messages
702
Reaction score
794
My wife and I are the same age and retired on the same day in 2011. She loves it; me not so much. I chalk it up to inertia. She retired and kept moving. I stopped and stayed stopped. I always espoused having a plan then disregarded my own advice and retired without a plan. Look in the mirror and ask yourself if you truly have interests that will motivate you into action. Sleeping in is great for a couple of weeks. But you need to wake up excited about doing something everyday. By way of appropriate example, when I was working every minute of guitar time was precious. Now it’s easier to say, I’ll do it later or I’ll learn that new song tomorrow.

i should note that we retired considerably younger than you will be. That may impact my views.
 

redcoats1976

Senior Member
Joined
Feb 1, 2009
Messages
10,872
Reaction score
8,122
i have car shows,multiple chores/plans for around the house,beach time,an 84 year old mom that lives alone 60 miles away,and grandkids.even if i just goof off for a week or two until i get sick of it i should be o.k.i do think i will miss my buddies at work and doing my job,but theres a lot of physical labor and i dont think i could do it until full retirement age,nor do i want to switch departments because it is pretty much my own little fiefdom.27 years,its been a good run but i want to retire while im still on top.
 

Pop1655

Silver Supporting Member
Gold Supporting Member
Joined
Aug 24, 2014
Messages
13,266
Reaction score
37,892
The "youngers" have been getting some great advice in here. My "plan" was all real estate centered and 08 was a big hit that took a long time to recover from. The result is I'm back to OK, but not as prepared as I like. Great advice on starting early and sticking with it.

I would like to mention though, I had a LOT of fun in my 40's and 50's. Big time fun. It cost me, but I wouldn't trade it. I've seen so many put so much into preparation, only to have things go south when it was time to enjoy it. Take getting ready seriously, but ENJOY THE RIDE! There are no promises on how long it will last.
 

Bluesky

Senior Member
Joined
Dec 12, 2008
Messages
13,499
Reaction score
15,788
Who knows what tomorrow can bring, but today the stock market took a big hit, -3.5% on the S&P 500. That's a full year's distribution assuming you take the Required Minimum Distribution (RMD). Therefore, the longer you delay retirement, the more time you have to re-balance your 401K and IRAs.

This is the plan I would go for: retire at 70 instead of 62. It can mean collecting up to $3790/mo vs. $2265/mo. That is a big chunk of change.

8 yrs of your life is worth more then that IMO. But everyone has to do whats best for them.
 

Bluesky

Senior Member
Joined
Dec 12, 2008
Messages
13,499
Reaction score
15,788
i have car shows,multiple chores/plans for around the house,beach time,an 84 year old mom that lives alone 60 miles away,and grandkids.even if i just goof off for a week or two until i get sick of it i should be o.k.i do think i will miss my buddies at work and doing my job,but theres a lot of physical labor and i dont think i could do it until full retirement age,nor do i want to switch departments because it is pretty much my own little fiefdom.27 years,its been a good run but i want to retire while im still on top.
3 weeks off........im missing work, the camaraderie. I have about 5-6 yrs left to get over it or I'm going to have a hard time retiring.
 

SteveC

Village Elder
V.I.P. Member
Joined
Apr 7, 2012
Messages
13,939
Reaction score
33,615
I would like to mention though, I had a LOT of fun in my 40's and 50's. Big time fun. It cost me, but I wouldn't trade it. I've seen so many put so much into preparation, only to have things go south when it was time to enjoy it. Take getting ready seriously, but ENJOY THE RIDE! There are no promises on how long it will last.

There's a real gem in this post... Enjoy the ride, it's just as good - if not better than - the destination.

we've all heard the stories of people who scrimped & saved every dime, eating Ramn noodles and using both sides of the TP when they wiped their ass. Then, they retired and croaked 2 years later.

Plan? Abso-fucking-lutely. Save? Yes - more than you think. But, along the way, take Pop's advice and enjoy the ride. Embrace life, enjoy time with your kids, grandkids, wife, friends. Play hard and share everything with the ones you love... build great memories along the way!

And, when you do get out, remember... that's as good it's going to get; you are in decline every day. That's why I say, get out as early as you can, and enjoy the fuck out of those years before 70!!!
 

Pop1655

Silver Supporting Member
Gold Supporting Member
Joined
Aug 24, 2014
Messages
13,266
Reaction score
37,892
My main running buddy and I tell ourselves often “if we knew how much fun we were having back then, we would have enjoyed it more”.
 

KSG_Standard

Senior Member
Joined
Jan 5, 2009
Messages
28,749
Reaction score
39,418
I like to work, I like doing something and getting paid for it is a bonus. I've reached a point where I can make really good money and not have to kill myself to do it. So, I'm going to work a couple of more years before I retire...I'm 60 now and though my health isn't all that good, I'm still mobile and vertical and I have some valuable skills and my mind is still sharp. I don't know what I'll do when I'm retired...I'll have to have something to do or I'll go crazy and probably drive my wife crazier.

I'll probably take my SS at 62, just because I can and I want to get some of my money back before I die or the system goes tits up. There will have to be changes made to the system in order to keep it viable. I'm not sure what changes will be made, but the problems with the system have to do with demographics and things out of our control. When SS was first implemented, the average person didn't live very long after eligibility began and there were several workers paying into the system for each retiree. Today, with birthrates so low and the changing age demographics, there are only a couple of workers paying for each recipient and people are living 20-30 years beyond retirement age. Simply raising the caps on payors won't fix the problem. The retirement age will have to rise and the benefits will have to be reduced...it's simple math.
 

Bluesky

Senior Member
Joined
Dec 12, 2008
Messages
13,499
Reaction score
15,788
The "youngers" have been getting some great advice in here. My "plan" was all real estate centered and 08 was a big hit that took a long time to recover from. The result is I'm back to OK, but not as prepared as I like. Great advice on starting early and sticking with it.

I would like to mention though, I had a LOT of fun in my 40's and 50's. Big time fun. It cost me, but I wouldn't trade it. I've seen so many put so much into preparation, only to have things go south when it was time to enjoy it. Take getting ready seriously, but ENJOY THE RIDE! There are no promises on how long it will last.
I'm realizing this alot these past few weeks.
Too much overtime. Need to cut back.
Saw a commercial for South Dakota recently........as soon as we can Im planning a trip.
 
Last edited:

Midnight Blues

Gold Supporting Member
Joined
Feb 21, 2011
Messages
13,989
Reaction score
9,287
Pretty diversified.....

55 Water Street is a good one.... among countless other huge buildings, entire RTJ Golf Trail Resorts down south, media outlets.... aerospace....pharma.... All kinds of stuff....

View attachment 486483
Very cool!

Normally, many companies invest the pension plans in ultra safe investments. Not that that's a bad thing mind you, but for those that do have those types of plans, it can be better to find "a guy/gal" that you trust, who can make your investments work better/smarter for you.


:cheers2:
 
  • Like
Reactions: ehb


Latest Threads



Top