Investing megathread extravaganza

[DaFace]

A place to talk about investing stuff.

[Rain Man]

Originally Posted by rydogg58

It varies based on your earnings history. Generally, you shouldn't think about drawing SS if you are still working or planning on working past 62 as there's an earnings limit. Last year it was a little over 17k. It's been a few years since I've worked there, but trust me...I can't tell you HOW many people ****ed it alllll up. Overpayments are a total bitch to pay back if you are living on a fixed income. If you are working, it WILL get found out, and if you are over the limit, you WILL be paying that money back.

I'm taking it as early as I can. Simply because I"m not sure how long past 70 I'm going to live. Another reason is when you factor in how long it will take you to make up the lost money from age 62-70, it's just not worth it to me to break even at 77.

You can go to the Social Security website and review your earnings history and you can even get an estimate as to how much you can draw at what age. It's really good information to have, especially if you are within a few years of retirement.

You worked at the Social Security Administration? Let me ask you a question I haven't figured out yet.

There's a maximum social security payment that a person can get. But does that maximum go up if you take a delayed payout? In other words, if I'm eligible for the maximum amount at age 67, is the amount still going to be higher if I wait until 70? Or is the cap always the cap?

[rydogg58]

Good post by Rain Man. He must have been a Claims Rep in another life.

[Rain Man]

Originally Posted by Buehler445

Yeah, That's all good and well unless you die at 71.

Yeah, taking SS and working as late as possible is typically the best approach.

However, getting on Medicare ASAP, even if you have to pay out of pocket, typically also pays.

Yeah, the goal is to not die at 71, because then you've left money on the table. I've built that into my plan.

[eDave]

Burst.

[Rain Man]

Originally Posted by rydogg58

I'm taking it as early as I can. Simply because I"m not sure how long past 70 I'm going to live. Another reason is when you factor in how long it will take you to make up the lost money from age 62-70, it's just not worth it to me to break even at 77.

Yeah, I guess you want to take into account your own genetics. If you don't think your odds are good of living a long life, then take it early. But I think there's a risk in that that may not offset the reward for most people.

My family tends to be long-lived, and barring some bad luck I've saved enough to live well until age 70. So for me, taking a delayed social security minimizes my chances of being evicted penniless from a flophouse at age 97.

[Buehler445]

Originally Posted by MagicHef

That's a really good way to look at it. I don't know much about SS, how does it affect the amount you get if you stop working at 62 and live off savings from 62 to 70 versus working until 70?

If you quit working at 62 you’re epically boned. I can’t remember the percentages but it’s prorated. It’s the same percentage lower for early as it is higher for late.

Big deal is you can’t take Medicare until 65 so you’re either buying health coverage on a prorated social security check or flying naked for 3 years.

Don’t do it. My recommendation is always work as long as you can and don’t take anything RMD Or SS until they make you.

[ChiTown]

Originally Posted by Buehler445

If you quit working at 62 you’re epically boned. I can’t remember the percentages but it’s prorated. It’s the same percentage lower for early as it is higher for late.

Big deal is you can’t take Medicare until 65 so you’re either buying health coverage on a prorated social security check or flying naked for 3 years.

Don’t do it. My recommendation is always work as long as you can and don’t take anything RMD Or SS until they make you.

Well, I’m working 5 more years, and will be retiring at 58. Social security be damned

[rydogg58]

Originally Posted by Rain Man

You worked at the Social Security Administration? Let me ask you a question I haven't figure out yet.

There's a maximum social security payment that a person can get. But does that maximum go up if you take a delayed payout? In other words, if I'm eligible for the maximum amount at age 67, is the amount still going to be higher if I wait until 70? Or is the cap always the cap?

I worked there for a little over 6 years. It has the most convoluted, obscure, ridiculously obtuse rules. The manual, called POMS, would take you a year to read every single entry, and they add or remove shit to a line or paragraph all the time. I'm much happier not working there. It didn't matter what you did, you never ever ever ever caught up on your work. If someone wants a challenging, never-ending mountain of thankless work, by all means work for SSA.

Delayed retirement is a separate beast itself. If I remember right, I think you can earn a MAXIMUM of 8% per year AFTER your FRA (Full Retirement Age). The benefits accrue each month after you reach FRA, and terminate at age 70. You can't earn anymore past 70. So, you can up your age 70 benefits. Again, this would be wise if you are making a decent living and working/have enough saved to wait.

[Buehler445]

Originally Posted by ChiTown

Well, I’m working 5 more years, and will be retiring at 58. Social security be damned

Congrats man.

Hope it all goes well for you. I’m looking at retiring in...

Pokes calculator....


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Furiously pokes calculator....


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Approximately 95 years at age 131.

[ChiTown]

Originally Posted by Buehler445

Congrats man.

Hope it all goes well for you. I’m looking at retiring in...

Pokes calculator....


...

Furiously pokes calculator....


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Approximately 95 years at age 131.

Men in my Family don’t live very long. Got to enjoy while you can

[rydogg58]

Originally Posted by Buehler445

If you quit working at 62 you’re epically boned. I can’t remember the percentages but it’s prorated. It’s the same percentage lower for early as it is higher for late.

Big deal is you can’t take Medicare until 65 so you’re either buying health coverage on a prorated social security check or flying naked for 3 years.

Don’t do it. My recommendation is always work as long as you can and don’t take anything RMD Or SS until they make you.

This is true. Medicare does not come with SS benefits at 62. Again...if you are able to work past 62 and keep that insurance by all means, keep that job. If you are planning on living off of just SS benefits at age 62, you aren't going to make it that long. People were constantly dismayed at what their benefits are when they take early retirement at 62. It's just not enough, and it won't ever be.

[Hog's Gone Fishin]

Originally Posted by ChiTown

Well, I’m working 5 more years, and will be retiring at 58. Social security be damned

Yeah, **** it! I retired at 54 according to the Social security but I have rental income to live on. I wonder how much I screwed myself not paying in since 54?

Guess I'll find out in about 7 years.

[Buehler445]

If anyone has an inclination to buy Bayer, I’d stick that one on hold.

[Munson]

Today is gonna be brutal.

Dow futures is down nearly 800 points.

[Hog's Gone Fishin]

Originally Posted by Munson

Today is gonna be brutal.

Dow futures is down nearly 800 points.

Just another buying opportunity. Just stupid people panicking over a few Coronas. Inovia pharmaceuticals is working on a vaccine. Soon as its available the rally will resume.