The AARP Thread

Discussion in 'Politics, Religion, Social Issues' started by Huntn, Mar 2, 2015.

  1. Huntn macrumors G5

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #1
    When do you, guys and gals in the range to be thinking about it, plan on taking Social Security? After analyzing payouts at 62 versus 65 or 70, I've decided that 62 is the way to go. Fortunately I was able to retire at 60. It I was not set to retire, I most likely would have worked to 65 before taking it. 70'was never under consideration although I acknowledge that some citizens have no choice, but to work till 70.
     
  2. Happybunny macrumors 68000

    Joined:
    Sep 9, 2010
    #2
    I retired when I was 57 years old, I could leave my employment with 100% final salary pension, so I thought why not.

    I work to live, not live to WORK.

    That was nearly 13 years ago, it was one of the best decisions I've ever made.
     
  3. jkcerda macrumors 6502

    jkcerda

    Joined:
    Jun 10, 2013
    Location:
    Criminal Mexi Midget
    #3
    SS will not be there by the time I am able to retire. it needs an overhaul. state should stop stealing from me if it will not be available to me when the time comes.
     
  4. rdowns macrumors Penryn

    rdowns

    Joined:
    Jul 11, 2003
    #4
    My retirement savings/investments were planned for me to retire at 60. We didn't use SS as part of the formulas. I plan on taking it at 62. I see no reason to wait. ****, I might be dead.
     
  5. Huntn thread starter macrumors G5

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #5
    The biggest single problem with the social Security System is that since its inception, it's been undermined by our elected officials, robbing it to cover the general budget. So much for 'your' savings account for 'your' retirement.
     
  6. citizenzen macrumors 65816

    Joined:
    Mar 22, 2010
    #6
    62 at the earliest (Seven years away).

    More likely ... 65 or 70, but only if I have no other choice.

    I will stop working as soon as it's economically feasible.
     
  7. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #7
  8. Dmunjal macrumors 65816

    Joined:
    Jun 20, 2010
    #8
    Speaking of retirement, how much are people budgeting? I don't think I can depend on SS being around in 20 years when I retire.
     
  9. rdowns macrumors Penryn

    rdowns

    Joined:
    Jul 11, 2003
    #9

    I hired a financial advisor when I was 37. We set a goal of $1.5 million by age 60 so I can live my current lifestyle although I don't see me spending the kind of money I do today in retirement. We didn't include SS in the plan or I should say, I insisted he didn't include it.

    2008 put me a little behind the curve but my goal of retiring (or really, doing whatever the hell I want to do) at 60 is still within reach.

    I'm still with him as I've seen how well he handled the plan for my mother and step-father and aunt and uncle.
     
  10. Dmunjal macrumors 65816

    Joined:
    Jun 20, 2010
    #10
    Thanks for this. It helps me budget properly.

    Does this assume your house is paid off by then, too?
     
  11. mgguy macrumors 6502

    mgguy

    Joined:
    Dec 26, 2006
    #11
    Investment advisers generally recommend waiting longer to file for SS benefits (unless that is not feasible) to increase your payout amount.
     
  12. giantfan1224 macrumors 6502a

    giantfan1224

    Joined:
    Mar 9, 2012
    #12
    Whatever you do, having your house paid off by the time of retirement should be a top priority IMHO. If you'll have trouble getting it paid off by the time you want to retire then consider downsizing once retirement hits as a possibility.
     
  13. rdowns macrumors Penryn

    rdowns

    Joined:
    Jul 11, 2003
    #13

    Yes. When we began the plan, I only owed about $25,000 on my condo. I've since sold it and bought a townhouse but only took a $65,000 15 year mortgage on the place. Th mortgage should be paid off by the end of year 9.
     
  14. jnpy!$4g3cwk macrumors 65816

    jnpy!$4g3cwk

    Joined:
    Feb 11, 2010
    #14
    I could retire now, but, I'm not in any hurry. I'm curious what assumptions you made that led you to 62. My analysis led me to postpone taking SS until 70.

    I look at SS like the opposite of a life insurance policy. SS is my insurance for if I/we live a long time. If I don't collect because I don't live a long time, I will have life insurance still in effect, as well as 401(k). The numbers tell me that it is a better deal to spend the 401(k) at first, and wait to collect SS until 70.

    A self-fulfilling prophecy inspired directly by the Koch brothers. (I have posted on this before.) The SS trust fund is at or near an all-time high.** The only thing that could cause SS to disappear is if voters elect politicians who make it disappear.

    As I said above-- SS is an insurance policy for if you live a long time. By waiting until age 70, it will be twice what it would be otherwise. If I live to age 90, I will need it and will appreciate it being 2X. I don't need it now.

    **

    How much to save/invest depends a lot on what you want to do. Do you want to leave something to your heirs, or, follow the bumper sticker that says "I'm spending my children's inheritance!"

    Yes, they do. Until I looked at it, I didn't understand the reasoning, but, as I explained above, I do now.

    ** SS Trust Fund

    [​IMG]
     
  15. lowendlinux Contributor

    lowendlinux

    Joined:
    Sep 24, 2014
    Location:
    North Country (way upstate NY)
    #15
    I read an article in Kiplingers about when to take SS my take away was the when is highly dependent on the individual there is no rule of thumb.
     
  16. macquariumguy macrumors 6502a

    Joined:
    Jan 7, 2002
    Location:
    Sarasota FL
    #16
    I'm 58 now, planning to work until 65 because health insurance. If I'm still reasonably healthy at 65, I will live off savings for a couple years and delay collecting SS until 67.

    We paid off our house last year, so that's out of the way. :)
     
  17. VulchR macrumors 68020

    VulchR

    Joined:
    Jun 8, 2009
    Location:
    Scotland
    #17
    Retirement would be the death of me. I will probably switch from full-time to part-time work when I get into my middle sixties or so, but I seriously doubt that my investments and pension will ever support me.
     
  18. Huntn thread starter macrumors G5

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #18
    It has to do with being able to afford taking it now with a smaller payout, the value of today's dollar, inflation, the amount of time it takes to break if you wait until 65 or even 70, and the possibility of degradation in the system and you might croak sooner than you think. The break even point comes in the mid 80s and after that it's arguable that whatever your doing at that point will involve less expense then what you'll do in your 60s.
     
  19. Macky-Mac macrumors 68030

    Macky-Mac

    Joined:
    May 18, 2004
    #19
    what a bunch of old farts macrumors has become! :p
     
  20. Huntn thread starter macrumors G5

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #20
    Are you that far behind us? ;)
     
  21. Macky-Mac macrumors 68030

    Macky-Mac

    Joined:
    May 18, 2004
    #21
    I'm already too old to start SS at 62 :p
     
  22. bobr1952 macrumors 68020

    bobr1952

    Joined:
    Jan 21, 2008
    Location:
    Melbourne, FL
    #22
    I've been retired for awhile and so it was the logical thing for me to take it now at 62 rather than wait. The payout is not all that much more to wait--and it makes sense if you are already retired.
     
  23. CalWizrd Suspended

    CalWizrd

    Joined:
    Jun 21, 2011
    Location:
    NYC/Raleigh, NC
    #23
    I opted to take it at 66 (past that now) and continued working anyway. Rough calculation said if I waited until 70 (not there yet), I would have to live to something past 88 or so to start to get positive for waiting.

    The irony is that last July I was diagnosed with stage IV pancreatic cancer, so the odds say I certainly made the correct decision. Who knows though, the odds are made to be broken (someone has to be at the far right of the bell shaped curve!).

    P.S. Not an AARP member. Never will be. They are far too anti-firearm for my taste.
     
  24. Huntn thread starter macrumors G5

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #24
    I'm very sorry to hear that... :(
     
  25. CalWizrd, Mar 3, 2015
    Last edited: Mar 3, 2015

    CalWizrd Suspended

    CalWizrd

    Joined:
    Jun 21, 2011
    Location:
    NYC/Raleigh, NC
    #25
    /s Sorry about the cancer thing or sorry about the anti-AARP thing? /s

    Thanks. I appreciate the sentiment.
     

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