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Retirement SSI? [Reprise]

Discussion in 'Off Topic Threads' started by dmarbell, Aug 8, 2013.

  1. dmarbell

    dmarbell Active Member

    Joined:
    Aug 26, 2006
    Messages:
    1,572
    There is a good discussion started by chipdaddy. See above.

    Beyond numbers and dollars and cents, some of the discussion is about the topic of life expectancy, getting money now vs. later, and quality of life - at least this is my take on the comments.

    Another question is this: for those near or beyond the break-even years of about 77 for age 62 vs. 66 start times, and 81 for 66 vs. 70 start times, how do you feel about your decision regarding when to start your Social Security?

    If you are near 80, and you started at 62, do you wish you had waited? If you are near 80 and started at 66, do you wish you had started earlier? If you started at age 70, how do you now feel about that decision?

    In lots of cases, quality of life degrades for men at ages high 70s to 80. Some are luckier than others.

    You might need the money to enjoy earlier in your life, as far as quality of life goes. But, do you need a raise right now at later ages. To put it bluntly, age 80 seems like a real tough age to be broke.

    Let us know how you feel.

    Danny
     
  2. cunninmp

    cunninmp Member

    Joined:
    Nov 15, 2008
    Messages:
    639
    Danny,
    I'm now 70 and started drawing at 62. I think it's the best decision I ever made. Was diagnosed at 65 with a rare form of blood cancer. My break even point was 78 years and 9 months.
    So far no treatments because it's been very indolent. All the doctors I've talked to say something else will get me first. But the most important thing I've found out is how our odds of getting something increase as we age. Some minor some major.
    I was very lucky and had everything all paid off at 62. Had a 401K which ran out in late 2011. After Medicare is deducted I'm still getting almost $1600 a month and am loving every single minute of it. Shoot Trap almost every week plus center fire, and a lot of black powder.
    I still have some utilities stock I bought in the 80's and haven't even cashed them in yet. Have a 2012 Ford Edge AWD that gets me around in great fashion.
    Paid for my daughters Masters Degree which she finally got a year and a half ago. Other daughter got a BS about five years ago.
    Three years ago got a hydraulic setup for my Spolar because of arthritis in my hands. I probably should have done that years sooner.
    I go into town at least three days a week and see friends and have adult beverages.
    Have an acre and a third up here in the mountains of CA. Have a 1260 sq ft workshop/barn. Had two horses up until four years ago. Still work for the local Sheriff's Dept in an unpaid position. Have my own patrol car and manage the Sub-Station.
    So whats the moral behind my story? First off life is great! I have enough money to make things go smoothly. Health issues aside I've been having a ball for the last ten years. Plan properly and don't let the money you have go to your head.
    Keep shooting or whatever you do for recreation. Don't get addicted to the couch.
    So whether you decide to draw at 62, 65, 67, or 70, I think is a matter of personal preference. I think the most important thing is to have everything paid off by the time you think you'll retire. Also if you're good at it, it's really easy to make up a Excel Spreadsheet and look at your options.
    My Grandfather told me as a young boy that "God gives you a time clock when you're born. When the clock goes off, he calls you home". Live for today, plan for tomorrow.
    I know I've rambled, but this is what life has taught me.
    Shoot well everyone and run 100.
    Mike C.
     
  3. dmarbell

    dmarbell Active Member

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    Aug 26, 2006
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    1,572
    Mike C.,

    Great story. Thanks for sharing.

    Danny
     
  4. Cyrus

    Cyrus Member

    Joined:
    Aug 10, 2010
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    377
    I agree with the gentlemen above. I have been in the medical field for over 40 years. I cannot count the times I put a patient on the table for a Radiologic Procedure and they told me, unless you love your job, get out ASAP. Start collecting your money before someone else does. One gentleman told me he was an avid golfer and three of his foursome retired at 62 and they would tell him about the great time they had that day golfing and having a few afternoon cocktails. Well, the man retired at 66 and told me for 3 months he joined his buddies on the course and at the lounge and said this is what I have been working and waiting for all my life, he was having the best time in his entire life. While waiting on the x-ray table he looked at me with cloudy eyes. He told me that they just informed him the other day that he had Pancreatic Cancer with Metastasis to other organs. He said that's why I am on your table waiting for this procedure. They informed him he may have between 2 weeks or up to a month or so to live. Prior to starting the case, he said to me" young man, you seem to care a lot for your patients" and asked me "can I give you some advise, if you think you can afford it, retire as soon as possible and do what you love to do. I waited that extra 4 years to collect a few bucks more instead of living it up with my friends and family." Once they put in the ground you stay there forever. I took his advise and retired at 57. I do what I love to do, and am spending my money before Obama finds a way to take it. Best of health to all and I hope you get a chance to enjoy it ASAP.
     
  5. ken1okie

    ken1okie Active Member

    Joined:
    Dec 18, 2009
    Messages:
    779
    Location:
    Oklahoma
    cunninmp-Cyrus,

    Words of the wise!!!
     
  6. whiz white

    whiz white Strong Supporter of Trapshooting Banned

    Joined:
    Jan 29, 1998
    Messages:
    4,771
    Location:
    Rapid City SD
    I took an early retirement and a good bonus-buyout at 59. Was going at 55, but two kids in college.

    I thought about taking SSI early, but waited an extra year at 66.

    One night at the computer I ran a spreadsheet with what I'd get at 66 versus what I'd get if I waited. I am a mathematician by trade and should have run the numbers earlier.

    I plotted the two graphs and the POI (point-of-intersection) occurred at 79.9 years of age. That meant that I'd be money ahead (not much) at about 80 years. I figured I wanted and had the ability to play hard now. At 80 I'd probably be either dead or too worn out to play much. I opted the next day to collect early. It really wasn't much difference and is really play money anyway. I figured I'd take it before the politicians took it. Never looked back.

    No wiser words have ever been spoken about retire as early as you possibly can!!!

    Whiz
     
  7. bossbasl

    bossbasl Active Member

    Joined:
    Jan 20, 2013
    Messages:
    801
    Retire as early as possible. If you have taken the time to learn about growing money (it's your responsibility) you should have accumulated enough at 62 or earlier to retire in comfort. If you live long enough and find later you need a bit more money use a small portion of your wealth to generate a much higher rate of return with very little time involvement (30 min./week). Lyle
     
  8. shot410ga

    shot410ga Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    7,755
    I retired at 55. Took my SS at 62. One in the hand is worth two or more in the bush. We never know what fate awaits us tomorrow. As a old schoolmate remarked to me a couple of months ago. We are lucky to be Geezer's. She has lost two husbands.
     
  9. ken1okie

    ken1okie Active Member

    Joined:
    Dec 18, 2009
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    779
    Location:
    Oklahoma
    Lyle,

    You keep alluding to significant gains with little effort.Dare I ask?

    Ken
     
  10. miner1

    miner1 Member

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    Feb 4, 2009
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    Location:
    Depends on time of year
    I went out at 55 w/ 36+ yrs. at the same job I started at age 18. My wife retired at 54 w/ 31 yrs. as an educator (all in same school). We both loved our jobs and strived to be leaders, mentors, and good employees. BUT, as much as we enjoyed our jobs, we always had plans to retire early and so glad we did. Six months before my retirement, I lost my best friend and co-worker at 54 years of age.(cancer) I had already planned to retire, but this just drove home the fact that putting off retirement for a few more bucks just isn't worth it. Answering the question to this thread: We plan to take SS @ 62 and keep playing while young enough to do it. Retirement isn't for everyone because of finances or just not happy or satisfied out of the work place. Now, I just wish there was a trap range closer to my area so I could spend more retirement time at the practice trap!
     
  11. PatMiles

    PatMiles Well-Known Member

    Joined:
    Sep 26, 2011
    Messages:
    2,797
    I woke up one morning and decided that my time was worth more than the good money I was making. Retired at 57, started collecting SS at 62. Living the dream!

    Pat
     
  12. skidrowe7

    skidrowe7 Member

    Joined:
    Jan 29, 1998
    Messages:
    60
    I retired at 60 due to federal law. While I didn't want to leave, I've found out that they did me a favor - to enjoy living life without a schedule. I have a hefty 401k which I haven't touched and three pensions. I'm currently taxed at the 85% rate on the SS because of my pensions so if I would have waited it would have been 85% on a larger figure = more kick back to the gov't. I see these figures everyone runs buy on the thousands more you get if waiting but you're gambling on your health. I'd rather have the money now and be able to travel and have fun than pay that larger sum to a nursing home.. In fact, the best way to run the system is to spend your money down to the last 100k or so and then be admitted to a professional care facility and have them take care of you till death on the states tab.
     
  13. dhwbailey

    dhwbailey Member

    Joined:
    Jan 29, 1998
    Messages:
    294
    I retired at 54. Ontario Teacher pension Plan gives me 62% of my best 5 years. Decided to take Canada Pension right away. Waiting intersects at age 81. Old Age Pension cut in at 65.

    Cost of living increases give me almost 50% more in pension after 16 years of retirement.

    Life is good. Glad they made me salt away 10% of my salary from day one.

    Retire as soon as you can. Like is short. Colleague aged 68 dropped dead 2 weeks ago.

    We have universal medical care in Canada, so don't need to worry about medical bills. Taxes are high, but no surprises. Won't lose my house if either of us gets sick.
     
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