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Social Security 62 or 66

Old 05-08-2010, 08:12 PM
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If you want to see a revolt of epic proportion... just try and screw around with Social Security. The sheepeople will, generally, let most get away with anything -- but mess with Social Security and all hell will break loose. Don't take the "I have to get it before it is gone" mentality -- try to quantify the REAL risk. How long will live -- more importantly, how long can you live well!

In the case of the OP -- it seems, due to some predispositions, that you may want to take the money early...
Old 05-09-2010, 05:26 AM
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Originally Posted by LI Sound Grunt View Post
My parents never smoked or drank, worked hard and lead an extremely clean healthy lifestyle and both lived to be 86. I smoked drank and have been exposed to a variety of chemicals at work, am overweight, look about 10 years older than I am, and for most of my life rode the old desk - so I am thinking 72, 76 tops. I'm going for it now.

So in other words your already a used up SOB.. Just kiddin, I hope you live a long long life... Statistics show working in a career of LE, that it takes 10 years off your life due to all the stress, lets hope not, my dad passed at 72, I maybe screwed..
Old 05-09-2010, 06:15 AM
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You might get some extra money but you'll never get those four years back
Old 05-09-2010, 06:47 AM
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for me it is 62 or 67, and thats if they don't change it agin before i get that old. i did the math a few years ago, if i wait the 5 years to collect i think it takes like 15 years to make the money up for the 5 i did not collect. so i will be going for it as soon as i can.
Old 05-09-2010, 07:04 AM
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I grabbed mine as soon as I came of age. Do it now. Had a hard time, too. Seems like they're cracking down on people signing up under conditions they deem improper. As in, are you REALLY retired? Prove it!
Old 05-09-2010, 07:25 AM
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Originally Posted by LI Sound Grunt View Post
If I wait 'til age 66 I get 25% more. I am thinking to go for it now. Any thoughts?
It's all an actuarial calculation based on basic inflation and minimum returns.

Get it now while it is there.
Old 05-09-2010, 04:35 PM
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Originally Posted by Schmaltz~Herring View Post
I'm 62 in November, max I can earn is about 14K before SS gets taxed heavily.
It depends all on your regular tax rate - the SS benefits get reduced dollar of dollar after a certian limit BUT only until age 65!! Note the LAST Bullet. You are always better off working.

While you are working, your earnings will reduce your benefit amount only until you reach your full retirement age. After you reach full retirement age we recalculate your benefit amount to leave out the months when we reduced or withheld benefits due to your excess earnings.
We use a formula to determine how much your benefit must be reduced:
  • If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
    For 2010, that limit is $14,160.
  • In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
    If you will reach full retirement age in 2010, the limit on your earnings for the months before full retirement age is $37,680.
    (If you were born in 1944 or 1945, your full retirement age is 66 years.)
  • Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
Old 05-09-2010, 04:52 PM
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Originally Posted by OldPete View Post
If you want to see a revolt of epic proportion... just try and screw around with Social Security. !

...
Yes this is true and unfortunate. I see their point of view but this part D is really killing the system. IF our economy is really this bad off we seniors should to give up something (it would be good if the bankers energy and finance and insurance and mega farm, drug and oil and military contractors and other special interests gave up something too) - and I say give up some medicare and all that drug crap - most of it is for lifestyle choices - we are as a group inactive and overweight. I think thats OK but why should others have to pay for my poor lifestyle choices. And this crap of spending like 70% of all $$ in the ast year of life is ridiculous. The need some arbitrary age limit - I say after 70 or 80: if you want extraordinary measures - you pay, and after 90 you pay totally for ANY operation. Sorry...,.... but we get old we die - that is no reason to leave our kids with a bill so high it may lessen their standard of living. Something has to give.
Old 05-09-2010, 07:33 PM
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If at 50 years of age you do not consider a 20 year window of life (healthy) conservative then wait.

If you think it is realistic take the money at 62. I am cashing in 12 years from now @ 62... if I make it.

In my way of thinking "life is too short - eat desert 1st" as the saying goes.

Waaay to short.
Old 05-09-2010, 07:53 PM
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Good topic, 57 now and thinking hard about retiring at 62, work really gets in the way of fishing time. Problem is wife is only 51 and will retire when I do so we can do things together. Sounds like that may really be a bad choice from the standpoint of her future after I die. That is assumming social security survives the current bunch of bozos we have in congress and the White House. We may all be broke soon!

Hal
Old 05-10-2010, 08:14 AM
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59 now... 14 years ago I sold my business and its 19 employees, to me, that's when I retired. I don't see me fully retiring, what would I do with myself all day? I like to buy and sell stuff, and don't see it changing.. What I really do want to check out thoroughly over the next 2-1/2 years is the reverse mortgages..
Old 05-10-2010, 08:26 AM
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I turn 62 this month. I signed up in March. When I reach my max payroll I can put my wife on the payroll. That will help her benefits in the future. I won't wait a second before getting MY money back. I don't trust the rock star to try to change the age to 80 before being eledgible. For people not on someone else's payroll there are ways around the max. I'm going to enjoy every bit of it that I can.
Mike
Old 05-10-2010, 10:06 AM
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Originally Posted by Afishinado View Post
59 now... 14 years ago I sold my business and its 19 employees, to me, that's when I retired. I don't see me fully retiring, what would I do with myself all day? I like to buy and sell stuff, and don't see it changing.. What I really do want to check out thoroughly over the next 2-1/2 years is the reverse mortgages..
You have to stay busy!!!! I got real depressed especially the first 2 years. I ran out of the projects I wanted to do and do not travel. I also wrecked my back so I cannot golf. I am now working pretty much full time again (alhtough at about 1/5 my former pay ) during the school year at the local high school and love it and feel much better about myself.

I think you are on the right path - do not fully retire - I would have gone back to work but signed an agreement that basically disallowed me to take any similiar job in order to retirement early (at age 54) and get some extra retirement perks. At least keep a foot in the door somehow.
Old 05-10-2010, 01:23 PM
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They have all ready bent you over might as well enjoy it as soon as you can.
Old 05-10-2010, 02:11 PM
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Originally Posted by Cracker View Post
I would get the money while you can..... Beat out all the illegals in line to use it up first....
I do believe that illegal aliens who work under a phony ss# contribute to the fund, but never have a chance to collect from it.
Old 05-10-2010, 02:13 PM
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Here is a link to an article I saw today on Yahoo about the 62/66 debate.

http://finance.yahoo.com/retirement/...etire-planning
Old 05-10-2010, 02:21 PM
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Break even is at about age 83, so if you live past 83, then 65 would have maximized your overall payment.

That said, when my father was facing this same question, I convinced him to retire at 62. Seeing as how he smoked, drank, had his first heart attack at 50, and only had one lung, he agreed with me. In an ironic twist of fate, none of that had any affect on his longevity. He took it at 62 and never regretted it. By age 66 he definitely would have regretted waiting until 65.
Old 05-10-2010, 02:40 PM
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Do any of these analysises take intio account the time value of money? I doubt it, so their conclusions may be erroneus.
Old 05-10-2010, 03:28 PM
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I recently retired at 62 after forty years with the same company. It all depends on how much you like working and if you can live on the income plus any retirement plan or funds you have. I assume you have great military or other retirement benefits ( insurance etc). If not forget retiring early retirements. If you can buy health insurance it may cost an arm and leg and if you have any health issues forget any chances of purchasing health insurance. I love fishing more than anyone however I miss the great income. Many good sides to retirement, but personnaly I would rather be working and fish in my spare time.

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