One Week to Retirement

[Mosbonian]

Originally Posted by 493rd

Between 66 and 67 for anyone alive. If you can wait on SS do it; it’s an 8% increase year-over-year until 70.

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

If you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

[493rd]

Originally Posted by Mosbonian

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

Uf you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

Generally speaking, yes. If you need the money or don’t have longevity on your side, no.

[GloryDayz]

Originally Posted by Mosbonian

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

If you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

It very-much is a balance of a number of factors for each individual. Even if you're planning to live to 90 or 95, if your passion is one where 70 or 72 is about as long as you can do it, you might as well add it to your slush fund while you're not sitting around eating pudding. I'm not even 60 yet but I'm very-much thinking about taking what I can get at 62 and letting it fund a trip each month for as long as I can keep doing my thing. After that I'll be one of those people riding a golf cart and waiting to die one organ at a time, prolly starting with the liver.

[BryanBusby]

Originally Posted by Mosbonian

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

If you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

My financial advisor and I talked about this. General gist of it (for men) is to cash out by 67.

Hardly makes sense to wait till 70.

[Mosbonian]

Originally Posted by BryanBusby

My financial advisor and I talked about this. General gist of it (for men) is to cash out by 67.

Hardly makes sense to wait till 70.

Yep...I sometimes chuckle at the people who push to get people to wait to 70.

[BryanBusby]

Originally Posted by Mosbonian

Yep...I sometimes chuckle at the people who push to get people to wait to 70.

It's nuts. At some point in your life, money just isn't the most important thing anymore.

I just hope to retire some day and hope this emerging mindset on how we should enjoy working and should work until we die is not a thing that becomes popular.

I've got about 30 years to go so yeah I am pretty nervous about it.

[Mosbonian]

Originally Posted by BryanBusby

It's nuts. At some point in your life, money just isn't the most important thing anymore.

I just hope to retire some day and hope this emerging mindset on how we should enjoy working and should work until we die is not a thing that becomes popular.

I've got about 30 years to go so yeah I am pretty nervous about it.

I used to be of the mindset to work till I couldn't anymore. But watching some of my friends and peers not even make it to 62 before dying changed my perspective.

You should always give your best effort at work...but working till it kills you is never an option.

[Buehler445]

Congrats my man. That is the goal.

I don't have any great advice, other than take care of yourself. That's a holistic statement. Mentally, physically, emotionally, financially.

Both of my grandpas worried about money shitload after they retired because they both said after a certain point they can't go earn any more.

Both of them ended up in the rest home and needed a fair bit to sustain them.

Interestingly, my paternal grandpa was in and died in 08 (pre-Obamacare) and the cost was like 2500 a month. My maternal grandpa is in now and it's 10K a month. NO financial professional expected that back in 08. So make sure you are prepared for some unexpected shit. If you're 65 (ish) now there is a pretty good probability either you or your wife has 30 years yet, so it is important to have quite a bit more than you need right now.

My advice is to educate yourself. I have no problem seeking the advice of a professional, but double check everything and look up as much information as possible.

I'd also recommend not putting off any procedures any longer than necessary. My dad has had several procedures (mostly orthopedic related) and I've noticed he doesn't bounce back as quick as he used to. Life comes at you fast.

Enjoy it. Your position now is why I do what I do.

Originally Posted by notorious

I'd go crazy if I retired.

We will see in 10 years if I feel the same way.

Enjoy it, man. My father retired years ago and he's handling it great. Has a lot of hobbies, keeps occupied. My mother, not so much.

**** your stupid face. I'd retire today if I could ensure financial security. I'd pay real money to take a step away from the grindstone.

[jerryaldini]

Originally Posted by 493rd

Between 66 and 67 for anyone alive. If you can wait on SS do it; it’s an 8% increase year-over-year until 70.

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

[493rd]

Originally Posted by jerryaldini

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

I’m gonna guess you do business with either Ed Jones or TD Ameritrade (now SCHW). Am I right?

[Mosbonian]

Originally Posted by jerryaldini

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

Yeah....the difference in what you get at FRA vs waiting till age 70 is not so much that in most cases.