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06-09-2017, 12:01 PM
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#57
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Senior Member
Join Date: Apr 2014
Location: No. Central Texas
Posts: 520
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I had a situation similar to JiminJersey in that recently I was unexpectedly RIFed after 13 years with the same company and wound up too experienced, too well-paid, and too old at 64 for anyone to hire me in a very weak job market. So, weighing the total loss of income, or even the prospect of only temporary income, against a slightly reduced lifetime income, I chose to receive my payments at 64 years old - 2 years early.
I commuted a total of at least 110 miles per day. Factoring in the savings on gasoline and time involved with commuting, in the end my SS payment comes close to matching my actual working income. Also, I did have the advantage of health coverage under my wife's insurance until I qualified for Medicare one year later. My wife just began her full SS payments at 66 years old. She'll stop working full time next year. No regrets for either of us - we earned it!
__________________
Butch and Peggy
2000 Itasca Suncruiser 32V;Workhorse P-32;7.4L Vortec;Complete Banks Pwr Sys/Air Flow;UltraPower ECM;Steer Safe;Springs/Airbags front;Timbren rear Susp.kit;30amp;Onan 5K Emerald
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06-09-2017, 12:10 PM
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#58
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Member
Join Date: Sep 2012
Location: Massachusetts
Posts: 53
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I am taking my social security at age 62. Talked with my financial guy and we did the math. If I wait till 66 it will take 11 years and 2 months to make up for not collecting at 62. By then I will be 77. Do I really need the extra money? Will I be alive to collect it? These are things to consider.
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06-09-2017, 12:13 PM
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#59
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Senior Member
Join Date: Nov 2006
Location: Western NY
Posts: 5,643
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Some folks tiewhen to take SS w when to retire...for many it is 2 different but related questions. I'm alk fir retiring as early as possible NEVER regreted that...
Many folks get bored quickly and wouldn't mind working PT. Doing that when you are younger easier than later if you need more $ later in life...and with the right PT work there's plenty of time to do other things. If RVing might even consider work camping.
__________________
Don & Marge
'13 Newmar Ventana 3433 - '14 CR-V TOAD
'03 Winnebago Adventurer 31Y - SOLD
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06-09-2017, 12:44 PM
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#60
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Senior Member
Join Date: Oct 2016
Posts: 1,429
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Quote:
Originally Posted by Old-Biscuit
I retired 2 months shy of turning 50.....actually I quit one Friday AM and after meeting with my investment guru on Monday i declared myself RETIRED.
Took a monthly draw from my investments for the next 12 yrs and then took SS early at 62 and suspended the investment monthly draw.
I just turned 64.......no regrets/no ah shucks/no second guessing-----VERY happy with BOTH decisions
Retired early, traveled FT in an RV for 7 yrs., still have good investments and am now getting back some of those monies I sent to gov for safe keeping BEFORE they completely mess it up.
And STILL debt free.......which made it much more manageable to begin with.
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Glad to hear everything is good. Thanks for sharing
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06-09-2017, 12:54 PM
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#61
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Senior Member
Join Date: Oct 2016
Posts: 1,429
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Quote:
Originally Posted by peggwn
I had a situation similar to JiminJersey in that recently I was unexpectedly RIFed after 13 years with the same company and wound up too experienced, too well-paid, and too old at 64 for anyone to hire me in a very weak job market. So, weighing the total loss of income, or even the prospect of only temporary income, against a slightly reduced lifetime income, I chose to receive my payments at 64 years old - 2 years early.
I commuted a total of at least 110 miles per day. Factoring in the savings on gasoline and time involved with commuting, in the end my SS payment comes close to matching my actual working income. Also, I did have the advantage of health coverage under my wife's insurance until I qualified for Medicare one year later. My wife just began her full SS payments at 66 years old. She'll stop working full time next year. No regrets for either of us - we earned it!
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NIce. You almost got full. Not much difference. Thanks for sharing
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06-09-2017, 12:54 PM
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#62
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Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Jun 2012
Location: SoCal
Posts: 15,749
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All depends on your money situation. How much in retirement funds and the amounts in qualified vs. non-qualified accounts. And your life length expectation. If married and differences in age and benefit amount.
A clear Crystal Ball would help to decide. (-:
__________________
Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
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06-09-2017, 12:56 PM
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#63
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Senior Member
Join Date: Oct 2016
Posts: 1,429
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Quote:
Originally Posted by brialin
I am taking my social security at age 62. Talked with my financial guy and we did the math. If I wait till 66 it will take 11 years and 2 months to make up for not collecting at 62. By then I will be 77. Do I really need the extra money? Will I be alive to collect it? These are things to consider.
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Good points. Hope to live past 77. No guarantees though. One thing is for sure, at 77 I will be doing less than at 62. Thanks for sharing
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06-09-2017, 01:03 PM
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#64
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Senior Member
Join Date: Oct 2016
Posts: 1,429
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Quote:
Originally Posted by Winemaker2
Some folks tiewhen to take SS w when to retire...for many it is 2 different but related questions. I'm alk fir retiring as early as possible NEVER regreted that...
Many folks get bored quickly and wouldn't mind working PT. Doing that when you are younger easier than later if you need more $ later in life...and with the right PT work there's plenty of time to do other things. If RVing might even consider work camping.
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I dont know why folks get bored with so many things to see and do. I dont see me getting bored in retirement. Thanks for sharing.
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06-09-2017, 01:04 PM
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#65
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Senior Member
Join Date: Oct 2016
Posts: 1,429
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Quote:
Originally Posted by vsheetz
A clear Crystal Ball would help to decide. (-:
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Can I get one of those at Amazon?
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06-09-2017, 01:24 PM
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#66
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Senior Member
Newmar Owners Club
Join Date: Jul 2016
Location: Somewhere out west
Posts: 467
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Quote:
Originally Posted by davismills
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Great tip, thank you! I'm checking it out right now.
__________________
Mark, Peggy and Samson on the road full time
2016 Newmar Ventana 3709 and a 2016 Subaru Crosstrek
Real Life in the Cloud
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06-09-2017, 01:26 PM
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#67
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Senior Member
Join Date: Apr 2015
Posts: 1,442
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Great reading. I am targeting 62 if all works out
__________________
2014 Raptor 300MP, 2014 Cowboy Cadillac - Ram 3500 Crew Cab Long Bed Longhorn 6.7 Cummins Turbo Diesel DRW 4.10 Rear End, 5588 Payload, Firestone Airbags, Curt Q20, TST507 
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06-09-2017, 02:22 PM
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#68
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Senior Member
Join Date: Apr 2010
Location: Western NY
Posts: 3,803
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There is one other factor that no one has mentioned. Do you have dependent children under the age of 18? If someone does have kids that are still in high school, the kids can draw SS also. With May - December marriages being more common we see a number of families with an older parent and kids still in school. That can also be a huge factor in the question of should I draw?
Something else that I don't think got mentioned is the limit on earnings if one starts to take SS before full retirement age. If you start to draw before full retirement age, your "earned" income is limited to $16,920 or you will have your SS benefits reduced.
__________________
2018.5 Entegra Aspire 44R-Sold, 2019 Chevy Blazer-Sold. 2022 Genesis GV-80.
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06-09-2017, 02:29 PM
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#69
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Moderator Emeritus
Monaco Owners Club Texas Boomers Club
Join Date: Nov 2015
Location: Central Texas
Posts: 13,428
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Quote:
Originally Posted by rvethereyet
Wow you are talking about some things I never heard of. Fireman? Police? Still going to wait til 70? What is this suspended payment?
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It's pretty much anyone who has a job you get a pension from, that you didn't pay into social security while you were earning the pension. Most teaching jobs are like this.
__________________
Dennis and Katherine
2000 Monaco Dynasty
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06-09-2017, 02:36 PM
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#70
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Senior Member
Tiffin Owners Club
Join Date: Jul 2016
Location: Where we park it!
Posts: 13,146
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I took mine starting at 62. My accountant ran the numbers for me and if I made it to 84 then I will have lost money by not waiting and even more important if I make it to 108 I will get back every dime I put in but at 0 interest. That is if SS does not go broke before hand (a pretty good bet it will) Pretty sad comment on how our government took care of SS
momdoc
__________________
momdoc
2018 Tiffin Allegro RED 37PA
2020 JEEP Trailhawk
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