Community Forums

timjet · 06-09-2017, 04:23 PM

Quote:

Originally Posted by rvethereyet

So what have you done? Do you have any regrets.

DW and I are 66 in good health and have not taken SS. I retired at 65 with enough savings to get to 70 and beyond without taking SS. Our plan is to consider taking SS and my pension at 68 but may wait until 70 depending on stock market and US economy. If we wait until 70 our combined SS and pension will closely mirror our income before I retired.

A good friend just turned 82 was in the same career field as me and is healthy and RVing. For those of you who think you'll do nothing but sit in a rocking chair at 80, you may be disappointed, especially if you didn't financially plan on living that long.

VSPA · 06-09-2017, 04:23 PM

Quote:

Originally Posted by rvethereyet

Were you trying for disability? Is that why you went to court? Thanks for sharing.

Yes, original claim disallowed even though going back to work was not realistic then or even now.Type II diabetes, two heart attacks, each followed by bypasses, the 1st a quad and other a single to repair one of the quad grafts and other A/O related problems. Was on VA service related disability of 70%. Used a well know SS law firm and eventually appeared before a SS judge in Houston.

gtsum2 · 06-09-2017, 05:06 PM

Get a financial plan with an advisor that uses Monte Carlo simulation that will show the percent likelihood of your money lasting until the end of plan. This will also be able to model all social security options next to each other and their corresponding affects on your plan. This will also show the breakeven point for each scenario (how long you and spouse need to live for that choice to have been better).

There are many more options than taking early, at FRA, or at 70. Everyone's situation is different

rvethereyet · 06-09-2017, 05:16 PM

Quote:

Originally Posted by macandphyl

Never a regret....... I've been told that the mathematical
break even is 80.
Take it now while healthy.

80. Many dont make it 80. 67% of men do not make it to 80.

rvethereyet · 06-09-2017, 05:23 PM

Quote:

Originally Posted by timjet

DW and I are 66 in good health and have not taken SS. I retired at 65 with enough savings to get to 70 and beyond without taking SS. Our plan is to consider taking SS and my pension at 68 but may wait until 70 depending on stock market and US economy. If we wait until 70 our combined SS and pension will closely mirror our income before I retired.

A good friend just turned 82 was in the same career field as me and is healthy and RVing. For those of you who think you'll do nothing but sit in a rocking chair at 80, you may be disappointed, especially if you didn't financially plan on living that long.

Sounds like you got a plan. And have planned well. From what I have been reading you cannot pass your SS to your children or next of kin. Pension maybe depending on how you got it set up. For sure you can pass savings to kids, wife, charity. So why not live off SS and keep your savings for a latter date. This is a strategy I learned today...but everyone's situation is different. Thanks for sharing

V3600 · 06-09-2017, 05:25 PM

Took mine at 62. No regrets.

rvethereyet · 06-09-2017, 05:26 PM

Quote:

Originally Posted by VSPA

Yes, original claim disallowed even though going back to work was not realistic then or even now.Type II diabetes, two heart attacks, each followed by bypasses, the 1st a quad and other a single to repair one of the quad grafts and other A/O related problems. Was on VA service related disability of 70%. Used a well know SS law firm and eventually appeared before a SS judge in Houston.

Good for you. I guess they were hoping you would pass on before they paid you SS. Thanks for sharing

rvethereyet · 06-09-2017, 05:27 PM

Quote:

Originally Posted by V3600

Took mine at 62. No regrets.

Congrats. Thanks for sharing.

W5CI · 06-09-2017, 05:45 PM

I took mine at 62 was told by SS after asking that if I waited until I was 65 I would have to draw for 18 years to break even, I stated then. the month I turned 62. no regrets. and IMHO anyone who waits past 65 is just giving money away that they will never be able to draw.

texkayaker · 06-09-2017, 06:23 PM

I took mine at 62 and have not regretted it. I am 79 and will be 80 soon. I got back all of my contributions in a few years. Of course the max contributions were much less in most of my working years.

rvethereyet · 06-09-2017, 06:26 PM

Quote:

Originally Posted by gtsum2

Get a financial plan with an advisor that uses Monte Carlo simulation that will show the percent likelihood of your money lasting until the end of plan. This will also be able to model all social security options next to each other and their corresponding affects on your plan. This will also show the breakeven point for each scenario (how long you and spouse need to live for that choice to have been better).

There are many more options than taking early, at FRA, or at 70. Everyone's situation is different

So do you regret taking SS early?

rvethereyet · 06-09-2017, 06:29 PM

Quote:

Originally Posted by danny285

I took mine at 62 was told by SS after asking that if I waited until I was 65 I would have to draw for 18 years to break even, I stated then. the month I turned 62. no regrets. and IMHO anyone who waits past 65 is just giving money away that they will never be able to draw.

THanks for the reply Danny. A lot of folks are thinking just like you.

rvethereyet · 06-09-2017, 06:30 PM

Quote:

Originally Posted by texkayaker

I took mine at 62 and have not regretted it. I am 79 and will be 80 soon. I got back all of my contributions in a few years. Of course the max contributions were much less in most of my working years.

You have or getting ready to hit that breakeven point. Glad you have no regrets. Thanks for sharing

timjet · 06-09-2017, 06:45 PM

Quote:

Originally Posted by rvethereyet

Sounds like you got a plan. And have planned well. From what I have been reading you cannot pass your SS to your children or next of kin. Pension maybe depending on how you got it set up. For sure you can pass savings to kids, wife, charity. So why not live off SS and keep your savings for a latter date. This is a strategy I learned today...but everyone's situation is different. Thanks for sharing

That depends on how much savings you've got and how long you live. With advances in medical technology folks will soon start living well into their 80's and probably into their 90's. Their quality of live may depend on weather they planned conservatively or not.

Quote:

Originally Posted by texkayaker

I took mine at 62 and have not regretted it. I am 79 and will be 80 soon. I got back all of my contributions in a few years. Of course the max contributions were much less in most of my working years.

Many financial advisors are now considering the fact that people are living longer when advising clients about when to take SS.

If your goal is to get everything you're entitled to by making sure you get as much SS as you can then surely you should take SS as soon as you can. However if you're more concerned about you're quality of life if by chance you beat the odds and live longer than your peers then another strategy may be more important to you.