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Retired at 60. Eleven years ago. Started Social Security at 67.
Get a good investment person.
Get a good investment person.
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yup - I did a comparison and I doubt that I would ever reach a break even point. Nobody in my immediate family ever made it out of their 80s, some (my father and my aunt) did not make it to their 80s.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
Yes, a good CPA and investment advisor. We've been converting our 401k's to Roth IRAs. We hope to have it all rolled within 3 years as you have to pay current income tax on it now to roll it so we do a bit every year. We all know due to the national debt tax rates have to go up. I'd rather pay 20% tax now rather than the 40% + that's coming in a few years.Retired at 60. Eleven years ago. Started Social Security at 67.
Get a good investment person.
There is no such thing as a "Good investment person"!Retired at 60. Eleven years ago. Started Social Security at 67.
Get a good investment person.
May I ask why you regret retiring so soon? For financial reasons?I retired 9 years ago at 65. i regret retiring so soon. i didn't think i would live this long. i could have retired at 70 and still kept working with no loss of SS benefits
I disagree. My degree is in financial portfolio management and for 30 years I handled our investments. There came a point where I got too busy doing too many other projects and didn't want to keep up with it anymore. As it turns out the investment adviser I have now found me as he was referred to me by several people he knew in the industry. He called me because he had clients to send to me. After 2 years of building a really good relationship I told him I wanted him to handle my portfolio. I got to see first hand his financial style and how he placed his clients portfolios. I've been extremely happy with the results over the last 4 years and my wife who is a CPA for high end clients refers to him for the same reason. Yes, there are fees involved but if he's getting 22+% return on my portfolio in both down and up years I don't mind paying the small 1<% fee as my return is still net 21+%.There is no such thing as a "Good investment person"!
I have never heard of a degree in "Financial Portfolio Management". It must be an industry insider thing.I disagree. My degree is in financial portfolio management and for 30 years I handled our investments. There came a point where I got too busy doing too many other projects and didn't want to keep up with it anymore. As it turns out the investment adviser I have now found me as he was referred to me by several people he knew in the industry. He called me because he had clients to send to me. After 2 years of building a really good relationship I told him I wanted him to handle my portfolio. I got to see first hand his financial style and how he placed his clients portfolios. I've been extremely happy with the results over the last 4 years and my wife who is a CPA for high end clients refers to him for the same reason. Yes, there are fees involved but if he's getting 22+% return on my portfolio in both down and up years I don't mind paying the small 1<% fee as my return is still net 21+%.
They have some simple charts that show how this works. When Wife was reaching her full age SS of course was holding out that carrot of wait and make more. So she looked up one of the charts showing examples of what happens if you wait by the month, and then how long you would have to live to actually make up the money you were not collecting. It was enough to make her just pull the trigger at the full age. Since she is still working and has no plan to stop it made sense to her. Its of course all a gamble. I too will just pull mine at full. Already set up the online account with SS so it can do it all online. You can start the paperwork up to 4 months early. Wife did not know that and waited till the full. It took them a few months to process it all. No shock there dealing with gov bureaucracy. The first payment she got they did of course back pay her to the day she filed.Speak of the devil, I found my SS benefit flyer.
67 is my age of full retirement. According to the chart, I'll draw $3409 then. If I wait until I'm 79, it bumps up to $4390.
I'm gonna agree with you on all points. We have an exceptional financial advisor, who's built up my wife's (well over) million-dollar portfolio in a few short years, as well as a great CPA who we trust implicitly. There are good people in this business, looking out for their clients' best interest. I don't think we're the exception, but you just have to acknowledge that there is risk involved.I disagree. My degree is in financial portfolio management and for 30 years I handled our investments. There came a point where I got too busy doing too many other projects and didn't want to keep up with it anymore. As it turns out the investment adviser I have now found me as he was referred to me by several people he knew in the industry. He called me because he had clients to send to me. After 2 years of building a really good relationship I told him I wanted him to handle my portfolio. I got to see first hand his financial style and how he placed his clients portfolios. I've been extremely happy with the results over the last 4 years and my wife who is a CPA for high end clients refers to him for the same reason. Yes, there are fees involved but if he's getting 22+% return on my portfolio in both down and up years I don't mind paying the small 1<% fee as my return is still net 21+%.
Actually, a number of business colleges have these programs, also called "Asset and Portfolio Management" or "Investment and Portfolio Management." I only know this because one of my siblings is a graduate of the Tuck School of Business at Dartmouth and has worked in finance and the markets for years.I have never heard of a degree in "Financial Portfolio Management". It must be an industry insider thing.
I had to start doing that a couple of years ago. I didn't touch it for 15 years. I use part of the distributions to prepay Federal income tax. Which I find kind of ironic. Now I wish I'd prepaid taxes on it and it wasn't subject to "rules."I have to start making required mandatory minimum distributions
If you like what you do, that may be the single most important factor in the decision. Unfortunately, a good many people work most of their lives just to get money and have no particular enjoyment of the labor. After I retired from real work, I had a small business that I actually liked doing. I did it for several years, then stopped because I wanted to do other things. But I never really enjoyed working for The Man, as it were. I didn't often hate it, but it wasn't done out of love but necessity.especially because I like what I do?
My future retirement date has already been determined. When my body hits the furnace, I will be officially retired. Between now and then I will always be working at some level. I have no pension, basically no retirement funds worth counting. I'm living in the now and not unhappy about it.Haven't read the thread, haven't voted.
@arakboss , the questions you ask certainly run the gamut, but this one is one that I can't yet answer.
Point 1; Who wouldn't like to retire? Dang, there's a lot that doesn't get done around here because of work, commitments and left over energy that I would love to work on if I was retired.
Point 2; Without digging out paperwork and checking, it seems like I'll "draw" about 3/4 of what I'll get at 72 compared to what I'd get 62. Is that a fair trade? Money for time?
Point 3; I will be 62 this fall and I could retire then, but I just started a new business less than 1.5 years ago and it seems to be going very well. Wouldn't I be stupid to give up the income, especially because I like what I do?
It's one of the biggest decisions I have to make.
I kind of liked what I did - there was a factor, mostly the creativity and puzzle/problem solving of writing software. But the last couple of years I was starting to get burned out. Except for one short temp gig about a year after being laid off, I have not written any code, or thought seriously about writing.If you like what you do, that may be the single most important factor in the decision. Unfortunately, a good many people work most of their lives just to get money and have no particular enjoyment of the labor. After I retired from real work, I had a small business that I actually liked doing. I did it for several years, then stopped because I wanted to do other things. But I never really enjoyed working for The Man, as it were. I didn't often hate it, but it wasn't done out of love but necessity.