Poll: Poll Thread: Did You Or Are You Going To Start Collecting Social Security Retirement Income At 62, Full Retirement Age or 70.

[Jay Walk]

SS check and a tent, carefree living.

 

[Stomper]

Ha....my daughter is 28...but I do remember those days....
Andy

Me and the wife have six kids (we each had three from prior marriages)… three boys three girls, the boys smelled and did stupid sheite, the girls were moody, snarky and did stupid sheite…. LOL


The oldest is nearly 31, and my youngest is 26…. all six are good people (one is a bit of a "water-head"), but three are now married (one of those has produced two grandkids so far), and three have college degrees (not the "water-head"), LOL!

 

[kmk1012]

Me and the wife have six kids (we each had three from prior marriages)… three boys three girls, the boys smelled and did stupid sheite, the girls were moody, snarky and did stupid sheite…. LOL


The oldest is nearly 31, and my youngest is 26…. all six are good people (one is a bit of a "water-head"), but three are now married (one of those has produced two grandkids so far), and three have college degrees (not the "water-head"), LOL!

Mr Brady!!! Can I call you the OG Tom Brady?

 

[JRuby]

I plan to work til I am 70 - I have a good job that pays well with great medical benefits. Even after I retire I plan to work - closer to home and part time. Plans are funny things in that few times do they go exactly as planned.

 

[Stomper]

Mr Brady!!! Can I call you the OG Tom Brady?

No, but it's possible you may be able to call me, "dad" though…. where did your mom go to high-school?

 

[FATAL125]

... social security... retirement...

Assuming I make it to the either of the proposed ages, there won't be any SS to be had. In the off chance there was, it definitely won't be enough to live on.

My expectation is to work 'till I die. Not my hope, but...

The whole concept is a farse anyhow. They convinced everyone that 50 is "middle age" and therefore set the president that on average people are going to live to 100. That said, if you retire between 65 and 70 you've got a lot of life left to live free of work.

The reality is, the average man in America is lucky to see 75 years. Middle age is somewhere between 35 and 40 for most. So best case scenario you retire at 65 and get 10 years before its lights out. That best case scenario is also assuming your last ten years are spent in decent health.

Once again, they distorted the facts and got everyone to buy into it so they can get us all to work 90% of our lives. Retirement is a rich man's game... and a rich man I'm not.

Best of luck to you all.

 

[JRuby]

I will take my chances that is all life really is. A little luck, .a little planning but no guarantees. I personally like it that way..

 

[Old Dog]

I took my Social Security as soon as I turned 65, had to enroll in Medicare anyway, but since I have two pensions (military at 65%, last job I retired from two weeks after I turned 65, and also have my VA disability pay (80% disabled according to DVA), I'm quite comfortable.

Frankly I didn't care about an extra $160 a month for waiting another year and a half (66.5 full retirement age for my birth year) or whatever rate I'd get if I'd waited until I was 70. I'd rather invest the 2K a month (the wife has been madly successful in the stock market the past year).

Even if I wasn't nearly as well off, it's all about quality of life for us now.

Zero stress in retirement -- you just don't know how much stress you absorb even if you like your job, until you're not working anymore.

I'd rather not work and eat rice and beans every day, not be a slave to an alarm clock, than driving a luxury SUV to and from work every day, sitting in traffic, putting up with daily stupidity from the incompetent and lazy millennials and Gen-Xers that worked for me... Plus, it's nice to be able to just stay in sweats and flip-flops at home every day if I so choose, or indulge in a hobby (like shooting) whenever I want... and not having to take vacation leave to go to Gunsite and Thunder Ranch.

 

[kmk1012]

No, but it's possible you may be able to call me, "dad" though…. where did your mom go to high-school?

Back when "she" was a trans?

 

[WAYNO]

There might have been another useful choice... Drawing full Social Security at any age because of a disability.

I was working, and planning to continue, while I was 61. I ended up with a knee replacement, and the Daktari would never release me to full duty afterward. At 62, I applied for Social Security. The person at the interview told me to apply for Social Security Disability, meaning i would receive the same benefits I would have received by retiring at 70. I applied for disability, was approved in just a couple weeks, and received 600-bucks more a month than if I had gone out with regular Social Security.

 

[Mark W.]

Full 66.5 end of March
House paid off
Cars all paid off
Union health coverage after part B
Decent sized 401K
Wife has small pension and small 401k
Almost no debt It will be gone this month
First SSI posted today
Working until November when I will cash out my vacation paid time off get a Christmas bonus and first of December and driver's bonus this coming May for this year and a profit share probably also in May

 

[Capn Jack]

I retired at 62 1/2, when my other incomes equaled my salary after taxes.

That was in 2004, or 05. So far I'm beating hell out of the government life expectances.

 

[The Heretic]

I started at FRA (66 for me) in 2020.

I had planned to start that year and keep working too, for another year or two. But I was laid off March/April.

I've never totally enjoyed working - even when I was young and working as a kid on the farm. I am by nature lazy. Not that I did not work hard and give 100% to my employers, but if I had the $ to not work, and yet support my family, I would have chosen to not work.

My last 15-20 years of working my income rose by 50%, and the last 10 years it peaked at six figures, so I am pretty sure that made a big difference in how much SS benes I get now - that and the difference between 62 and FRA. Had I not had that income, and not worked to FRA, I would not getting near what I get, which is just almost enough to pay my living expenses, including my mortgage.

Also, the last 15 years of working, I maxed out my 401K, and my IRA contributions. I should have started doing that sooner, way sooner. But I was not wise or diligent. Had I done so, I would probably have twice what I have now, and I consider what I have now to be the bare minimum amount for my goals, if that.

I do think that Congress will find a plan to keep SS full funded for the next 25-50 years. It isn't that hard to do - it just takes the political will, and pretty soon the populace will be demanding they do something.

 

[Old Dog]

I was working, and planning to continue, while I was 61. I ended up with a knee replacement, and the Daktari would never release me to full duty afterward.

That was a great decision on your part. In hindsight, I should have gotten my knee replacement done when I was still working too; could've done it the last year on the job but regrettably, I wasn't as well-informed as you were...

 

[Alexx1401]

I started at FRA (66 for me) in 2020.

I had planned to start that year and keep working too, for another year or two. But I was laid off March/April.

I've never totally enjoyed working - even when I was young and working as a kid on the farm. I am by nature lazy. Not that I did not work hard and give 100% to my employers, but if I had the $ to not work, and yet support my family, I would have chosen to not work.

My last 15-20 years of working my income rose by 50%, and the last 10 years it peaked at six figures, so I am pretty sure that made a big difference in how much SS benes I get now - that and the difference between 62 and FRA. Had I not had that income, and not worked to FRA, I would not getting near what I get, which is just almost enough to pay my living expenses, including my mortgage.

Also, the last 15 years of working, I maxed out my 401K, and my IRA contributions. I should have started doing that sooner, way sooner. But I was not wise or diligent. Had I done so, I would probably have twice what I have now, and I consider what I have now to be the bare minimum amount for my goals, if that.

I do think that Congress will find a plan to keep SS full funded for the next 25-50 years. It isn't that hard to do - it just takes the political will, and pretty soon the populace will be demanding they do something.

Will soon be putting in the paper for my SS. Assuming I can still keep up with the job will keep working. Health benefits are SUPER. As for the sky is falling that SS will stop, BS. Those saying that must NEVER watch what happens. NO law maker who wants to stay in office touches it. The entire place would have to crash first. Now that may well happen and if it does everyone will be paying. Wife put her paper in and keeps working. Loves it for now. Like getting a nice raise.

 

[CO136]

Retired at 61, a squeak over 4 years ago. Have cash, paid the house off. Don't owe anyone anything. Got a pension, wife & I draw Social Security. Without question, inflation truly dorks with our fun money. It is what it is. Perhaps one year from now...

 

[dangerranger60]

I took an early medical retirement at age 59. In about 2.5 years I took SS at age 62. It was a nice $2500 a month raise. And I took Medicare as soon as I qualified. My insurance rate dropped from $900 a month to under $30 a month. [ another nice raise].
I added it all up, and taking the lessor early amount at 62, I will be 82 before the lower amount for more years brakes even if I had taken the higher amount for less years. With the health problems I have the likelihood of me living past 82 is really long odds. So, I'm getting mine now!
I have heard all my life SS would not be there when I got there. this is another reason why taking it early was a good choice for us. DR

 

[Stinkerbelle]

My wife and I retired at 58. She has a PERS pension which helped a lot. She's taking SS this year at 64 1/2. She doesn't think she'll live a long time and just wants to start getting paid.

Since we're debt free and financially comfortable, I intend to hold off until 68 to 70. Two reasons: A lot of longevity in my family (my father and his two sisters are all 90 or older and still kicking...) and the survivor benefit. Since the surviving spouse gets to keep the larger of the two benefits, it makes sense to me to maximize my benefit, as it's larger than my wife's.

 

[Nosrac]

I tried to retire last year at 58. My wife decided I needed a bunch of new projects so she bought a slumlord house and said, " honey, you can remodel it in your free time". I've had no free time as I also manage our rentals and one of my tenants moved out after 11 years and that house needs full remodel as well. Ugh. But, since my wife is still earning a living and everything is paid for we'll both take SS when we're 70. She will out live me, but I'm going to spend everything I can before I go so she doesn't hook up with some loser after I die and give him everything.

 

[MikeInOr]

I'd rather invest the 2K a month (the wife has been madly successful in the stock market the past year).

It is pretty easy to be madly successful in the stock market when the stock market is going crazy! But the quicker it comes the quicker it goes when the economy hits a bump. On my best day I made a bit over $11,000 on my IRA's (one conventional one ROTH) in a single day. I have been here before though and know it can and will vanish just as quick. In the past I have also pulled out (moved from stocks to bonds) anticipating a crash that didn't come.

When ever you leave a job where you have a 401K the very first thing you should do is roll your 401k over to an IRA. The mutual funds available in 401K's are complete crap! High overheads and tons of hidden fees all meticulously designed to make money for the 401K investment firms... NOT YOU! If the 401K rep tells you there are no hidden fees they are lying to your face! The Wallstreet term for 401k mutual fund money is "Stupid Money".

Three years ago I moved jobs and rolled my 401K over to my IRA (TD Ameritrade which is now Schwab). If I had just put that money in the Vanguard 500 (I put 1/3 of it in the Vanguard 500 and 1/3 into a NASDAQ index fund) I would be doing great. I decided to gamble and put the remaining 1/3 of it in stocks with a fair amount of the stocks being Microsoft and NVidia. They are so overhyped now it is ridiculous. I am just waiting for them to crash. If I was smart I would diversify some of the money in those two stocks but I am addicted to seeing the days of multi thousand dollars jumps in my account.