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06-09-2017, 03:09 PM
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#71
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Senior Member
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If you take SS early just make darn sure you don't out live your combined savings and SS. Many people do.
__________________
Tim
Leesburg, FL '07 American Tradition 40Z Cummins 400 ISL
Towing a '14 Honda CRV Both sold
2021 Vanleigh Beacon 41LKB 5th wheel
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06-09-2017, 03:28 PM
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#72
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by barmcd
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.
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Guess that depends on which state you live as far as teachers go. Not the case in NC. Wife will get retirement and SS as teachers in NC pay SS tax.
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06-09-2017, 03:32 PM
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#73
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by wnytaxman
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.
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So if I take SS at 62 and have a dependent they can get SS too. That s interesting. How does that work and how much % will they get.
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06-09-2017, 03:33 PM
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#74
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Moderator Emeritus
Nor'easters Club Workhorse Chassis Owner iRV2 No Limits Club
Join Date: Oct 2004
Posts: 30,785
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I retired at 54 , 1988 took a $40 cut in pension a month, took SS at 62 and now 84 do not regret at all.
Took last RV trip with wife in 2010 for her last time she pass away 2016 after many battles with health, I had a operation at 70, almost didn't make it but had a good doctor.
Did have stocks but most of that went to health problems for wife, did own 3 homes bought last one in 2008 to help wife's disabilities, still own the remodeled home and enjoy what I have left.
You never know what life will bring so plan and enjoy to the fullest, safe travels.
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06-09-2017, 03:33 PM
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#75
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Senior Member
Entegra Owners Club
Join Date: Apr 2007
Location: SW FL
Posts: 31,735
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I did the math on mine and my break even point was 76. I took mine at 62, it all goes into my RV Travel account and we have been traveling very comfortably since I was 62. Other investments allowed retirement at 53. No regrets on either one except health insurance is very high until 65.
__________________
Chuck in SW FL
Digital 2021 Cornerstone "B"
A "Digital" 2019 Cornerstone "B" Traded
A "Classic" 2014 Anthem 42 RBQ---Sold
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06-09-2017, 03:37 PM
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#76
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by momdoc
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
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84 is the crossing point. Wow. at 84 who cares?As much as I like to think I will still be running the roads at 84 I will probably be lucky to get the rocker in motion.
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06-09-2017, 03:41 PM
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#77
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by timjet
If you take SS early just make darn sure you don't out live your combined savings and SS. Many people do.
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So what have you done? Do you have any regrets.
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06-09-2017, 03:48 PM
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#78
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by "007"
I retired at 54 , 1988 took a $40 cut in pension a month, took SS at 62 and now 84 do not regret at all.
Took last RV trip with wife in 2010 for her last time she pass away 2016 after many battles with health, I had a operation at 70, almost didn't make it but had a good doctor.
Did have stocks but most of that went to health problems for wife, did own 3 homes bought last one in 2008 to help wife's disabilities, still own the remodeled home and enjoy what I have left.
You never know what life will bring so plan and enjoy to the fullest, safe travels.
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Sorry for the loss of your wife. Life is tough and it gets tougher as we age. Glad you had many years making memories. Thanks for sharing.
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06-09-2017, 03:51 PM
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#79
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Registered User
Join Date: Jun 2016
Posts: 256
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No brainer for me. Retired at 56. Whether I needed it or not, it's mine and I want it now! Could not fathom making any other decision. Let the Feds hold on to it for a few more years? Pooooolease!
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06-09-2017, 04:05 PM
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#80
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Senior Member
Winnebago Owners Club Ford Super Duty Owner
Join Date: Jul 2011
Location: Humble/Atascocita, Texas
Posts: 1,281
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Quote:
Originally Posted by rvethereyet
........How many of you who took SS benefit early regret having done so. Or are you so glad you did.
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No regrets what so ever, I even went to court to fight for the right to take SS early due to health issues.
__________________
Stan, Shirley & 2 Schnauzers (Sandy & Sassy)
RV: 2014 Itasca Sunstar 35F
USAF, Retired, Life Member: DAV, VFW & VVA
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06-09-2017, 04:05 PM
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#81
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by Indy54
No brainer for me. Retired at 56. Whether I needed it or not, it's mine and I want it now! Could not fathom making any other decision. Let the Feds hold on to it for a few more years? Pooooolease!
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I hear you! How long have you been taking SS. Thanks for sharing.
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06-09-2017, 04:10 PM
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#82
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by VSPA
No regrets what so ever, I even went to court to fight for the right to take SS early due to health issues.
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Were you trying for disability? Is that why you went to court? Thanks for sharing.
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06-09-2017, 04:14 PM
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#83
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Senior Member
Join Date: Oct 2016
Posts: 1,454
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Quote:
Originally Posted by brobox
I did the math on mine and my break even point was 76. I took mine at 62, it all goes into my RV Travel account and we have been traveling very comfortably since I was 62. Other investments allowed retirement at 53. No regrets on either one except health insurance is very high until 65.
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So your cross point was 76. That health insurance is costly. Thanks for sharing.
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06-09-2017, 04:23 PM
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#84
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Senior Member
Damon Owners Club
Join Date: Jul 2010
Location: Annapolis,MD
Posts: 1,458
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Never a regret....... I've been told that the mathematical
break even is 80.
Take it now while healthy.
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