One Week to Retirement

[493rd]

Originally Posted by Mosbonian

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

Uf you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

Generally speaking, yes. If you need the money or don’t have longevity on your side, no.

[GloryDayz]

Originally Posted by Mosbonian

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

If you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

It very-much is a balance of a number of factors for each individual. Even if you're planning to live to 90 or 95, if your passion is one where 70 or 72 is about as long as you can do it, you might as well add it to your slush fund while you're not sitting around eating pudding. I'm not even 60 yet but I'm very-much thinking about taking what I can get at 62 and letting it fund a trip each month for as long as I can keep doing my thing. After that I'll be one of those people riding a golf cart and waiting to die one organ at a time, prolly starting with the liver.

[BryanBusby]

Originally Posted by Mosbonian

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

If you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

My financial advisor and I talked about this. General gist of it (for men) is to cash out by 67.

Hardly makes sense to wait till 70.

[jerryaldini]

Originally Posted by 493rd

Between 66 and 67 for anyone alive. If you can wait on SS do it; it’s an 8% increase year-over-year until 70.

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

[493rd]

Originally Posted by jerryaldini

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

I’m gonna guess you do business with either Ed Jones or TD Ameritrade (now SCHW). Am I right?

[Mosbonian]

Originally Posted by jerryaldini

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

Yeah....the difference in what you get at FRA vs waiting till age 70 is not so much that in most cases.

[493rd]

15 years left for me God-willing. Seems like forever at this point, but that would put me at 60 which I think is good. Roughly 7 years from SS and 5 from Medicare. Enjoy your retirement and watching our Chiefs win another 3 SBs during!

[493rd]

If I were you I’d go sit down with a CFP professional to build out a financial plan for yourself and wife. I hear Schwab does these at no cost so maybe start there. Then you’ll know exactly how all your pieces come together and when it makes the most sense to take SSI. You’ll also know where your spending threshold lies. As a financial advisor with 18 years experience and a CFP designation that’s what I’d suggest!

[GloryDayz]

Originally Posted by 493rd

If I were you I’d go sit down with a CFP professional to build out a financial plan for yourself and wife. I hear Schwab does these at no cost so maybe start there. Then you’ll know exactly how all your pieces come together and when it makes the most sense to take SSI. You’ll also know where your spending threshold lies. As a financial advisor with 18 years experience and a CFP designation that’s what I’d suggest!

Been there, done that (with multiple CFPs), we're doing just fine with or without SSI, that's why I refer to it as beer money (or "A trip a month" money). As it should be.

[493rd]

Originally Posted by GloryDayz

Been there, done that (with multiple CFPs), we're doing just fine with or without SSI, that's why I refer to it as beer money (or "A trip a month" money). As it should be.

Well that’s great…for you. Sounds like you’re in a good place which is fantastic. Not everyone is so confident with their retirement. That’s why I'm employed

[GloryDayz]

Originally Posted by 493rd

Well that’s great…for you. Sounds like you’re in a good place which is fantastic. Not everyone is so confident with their retirement. That’s why I'm employed

Without a doubt we did very OK, we are blessed.

[crazycoffey]

I retired in may, played a lot more golf this last summer and more trips to the lake of the ozarks. Got through the VA process and getting some things done for me that I’d put off for many many years. Since I’m not good enough to make the senior golf tour, I do have a fed job lined up to be my retirement gig, and use my military time towards a second pension in about 8 years.

Then the wife and I are going to upgrade our boat and do the great loop for a whole year. Take the river to the gulf, around the panhandle, up the eastern coast l then into the Great Lakes and back to the river and down to St. Louis. If you do it right l, you spend winter in Florida and summer in the Great Lakes.

After that probably change to an RV as I get too old to boat. See the world, travel, visit old friends and family.

Whatever you do, have fun. You have earned it!

[Hog's Gone Fishin]

I retired at 54 in 2017 and bought a really nice bass boat and a lake house at Lake Texoma. My wife became really ill on May of 2018 and I've since been having to take care of her, sold my lake house this year. She'll never be to a point where I can get away so , I just enjoy watching Chiefs Superbowl victories.

[493rd]

Originally Posted by Hog's Gone Fishin

I retired at 54 in 2017 and bought a really nice bass boat and a lake house at Lake Texoma. My wife became really ill on May of 2018 and I've since been having to take care of her, sold my lake house this year. She'll never be to a point where I can get away so , I just enjoy watching Chiefs Superbowl victories.

Sorry to hear about your wife, man. Enjoy the Chiefs greatness!