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gliddenralston

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#43
I don't think anybody grabbing SS at 62 is investing it, they need it to survive...If you just want it to invest and don't need it, you get about 8% increase per year, there's no safe investments making 8%. That's my plan, between 66/68, there's long life genes in our families, my dad passed at 86, moms still with us in her 90's, Wife parents both lived to 90's.
 

Fatrat

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#44
If I don't take this money now, you know they will give it to some person or country that doesn't deserve it. I was talking with another co-worker who was leaving at 62, he said it was time to start his own business and if things didn't work out, he would retire anyway.
 

Someone_else

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#45
I was talking with another co-worker who was leaving at 62, he said it was time to start his own business and if things didn't work out, he would retire anyway.
He will probably lose money, but I applaud his enthusiasm. Just hope he is not "buying a business". You are NOT buying a business, you are buying a job. If you build your own business, that's great. But someone else's business is worth EXACTLY the asset value, NO MORE. Say "horseshit" to goodwill.
 

Fatrat

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#47
if 62's your number go for it, just make sure you got health insurance figured out, it's 3 yrs and 4 or 5 months to Medicare and hoping to stay healthy ain't a plan... good luck
If health insurance was necessary why don't most people have it? If they are willing to sell insurance to you, you don't need it most likely.
 

the_shootist

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#48
If health insurance was necessary why don't most people have it? If they are willing to sell insurance to you, you don't need it most likely.
I think he's talking about retiring @ 62, taking SS and giving up any employer provided healthcare coverage....but I could be wrong!
Given that context, I agree with him 100%
 

Fatrat

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#50
I think he's talking about retiring @ 62, taking SS and giving up any employer provided healthcare coverage....but I could be wrong!
Given that context, I agree with him 100%
There are risks, but if you are healthy...About 44 million people in this country have no health insurance, and another 38 million have inadequate health insurance. This means that nearly one-third of Americans face each day without the security of knowing that, if and when they need it, medical care is available to them and their families.
 

gliddenralston

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#51
If health insurance was necessary why don't most people have it? If they are willing to sell insurance to you, you don't need it most likely.
Nobody needs insurance, until you need it...@35 it's way less risky than 62 you willing to gamble everything thing you got?
 

the_shootist

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#52
There are risks, but if you are healthy...About 44 million people in this country have no health insurance, and another 38 million have inadequate health insurance. This means that nearly one-third of Americans face each day without the security of knowing that, if and when they need it, medical care is available to them and their families.
you're only as healthy as you are right now so being 'healthy' isn't the entire picture. As we get older some of us become more susceptible to injury and new allergies which an aging body develops. You'd be surprised how fast things age between 60-65!

I understand where you're coming from but remember, to thine own self be true. Some people need the thought of having the insurance safety net beneath them. I'm one of those people but it's NOT worth the cost nor viewed at that risk level by everyone.
 
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spinalcracker

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#53
you old farts wear me the hell out............

I've fallen and I can't get up,
my back hurts,
don't take my welfare away,

I need air,
I need food,
I need a place to bed down,
I need teeth,
I need a bath (that is fo' sho)



Good gosh man it never ends,

Constantly extracting from the productive like me :0)

Why ya'll so scared to go on your way and be judged proper?

You forgot about needing our diapers changed....




 

spinalcracker

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#54
I waited till 66, full retirement bennies and I get all cola increases. My understanding is if you take it before full retirement age...66/67, that is what you will get and no more.
That doesn’t sound right.

I went the 62 route and if I’m not mistaken , I’ve gotten a couple of raises over the years.

Enough to buy a roast and 2 lbs of hamburger.....

If someone is hanging their retirement on social security alone , that is a problem.
 

EO 11110

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#56
I don't think anybody grabbing SS at 62 is investing it, they need it to survive...If you just want it to invest and don't need it, you get about 8% increase per year, there's no safe investments making 8%. That's my plan, between 66/68, there's long life genes in our families, my dad passed at 86, moms still with us in her 90's, Wife parents both lived to 90's.
somebody has to win against the odds

it's probably you
 
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GOLDBRIX

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#57
Nobody needs insurance, until you need it...@35 it's way less risky than 62 you willing to gamble everything thing you got?
EXACTLY, Sorta like needing a lawyer, ya don't need one UNTIL you need one.
My issues last year with the stuck Kidney stone/ obliteration, BP, told I'm diabetic, and then the Kidney cancer all in within a 73 day window from July to September 11 (when the cancerous kidney was removed) a bunch of monstrous bills from various Doctors, Hospitals, CT & MRI Scans and tons of blood work that BILLED OUT at almost 100 thousand dollars.
Even with what most people call "GOOD Government Medical Insurance" that I pay for monthly to keep. I was hit with about $5K+ worth of billings not covered by the "Good Government Insurance".
NO MEDICAL INSURANCE ? I would probably had to filed for bankruptcy.

As we get older our odds of needing/ using Medical Insurance increases exponentially.
 

Goldhedge

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#58
I think he's talking about retiring @ 62, taking SS and giving up any employer provided healthcare coverage
Might want to check see if having no insurance before 66 will cause a problem 'getting' insurance at 66...?
 

EO 11110

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#59
if 62's your number go for it, just make sure you got health insurance figured out, it's 3 yrs and 4 or 5 months to Medicare and hoping to stay healthy ain't a plan... good luck
there are more choices than those two. many employers offer retiree medical, some with a bump in cost, some for free. also there is the antiquated option of buying your own, without the yoke of being an employee
 

mayhem

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#60
EXACTLY, Sorta like needing a lawyer, ya don't need one UNTIL you need one.
My issues last year with the stuck Kidney stone/ obliteration, BP, told I'm diabetic, and then the Kidney cancer all in within a 73 day window from July to September 11 (when the cancerous kidney was removed) a bunch of monstrous bills from various Doctors, Hospitals, CT & MRI Scans and tons of blood work that BILLED OUT at almost 100 thousand dollars.
Even with what most people call "GOOD Government Medical Insurance" that I pay for monthly to keep. I was hit with about $5K+ worth of billings not covered by the "Good Government Insurance".
NO MEDICAL INSURANCE ? I would probably had to filed for bankruptcy.

As we get older our odds of needing/ using Medical Insurance increases exponentially.
I tell this to everyone I know so I tell ya'all now. When you are filling out the paperwork before seeing any Dr. or before entering any hospital you must do the following.
1 Cross out the paragraph that makes you financially responsible and write in the margins that you will not pay for any charges incurred that are not covered by your insurance unless you agree to them before they are performed.
2 Also, those charges are not to exceed the amount approved by Medicare. (even if you are not covered by Medicare)

That is your out from those unnecessary charges if and when push comes to shove. I had 22k worth of them after my go with the lung cancer 2 years ago, and won every time because they did not get my permission first
Might want to check see if having no insurance before 66 will cause a problem 'getting' insurance at 66...?
You will be automatically be enrolled into Medicare Part 'A' at the age of 65 even though you did not yet reach your retirement age. If you have private insurance you will be given the option to select coverage similar to Medicare Part 'B' at that time.
 

gliddenralston

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#61
somebody has to win against the odds

it's probably you
The odds aren't against me, 2 of my older siblings filed @ 62, one 68, one 70 now, both kicking themselves now for not waiting until 66 or longer. Another reason I'm waiting is my wife's benefit is much smaller than mine, so she can claim half of mine at 66 and over double her benefit and if I pass before her she gets to claim my benefit for life which is double what she gets while I'm alive. We spent our entire lives planning for retirement and ss wasn't a part of it, so this is all gravy when that day arrives, most people don't plan that far ahead.
 

Hystckndle

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#62
Nobody needs insurance, until you need it...@35 it's way less risky than 62 you willing to gamble everything thing you got?
Exactly.
Everything you have.
And...as tangent to the TomD auto PIP / personal injury protection discussion...
Whaddaya gonna do when the 10 thousand dollar limit in an unfortunate case of an auto accident and you are hurt runs through ? It is you at 10001.
Health insurance = asset protection depending how you look at it.
Regards Glid
 

EO 11110

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#63
The odds aren't against me, 2 of my older siblings filed @ 62, one 68, one 70 now, both kicking themselves now for not waiting until 66 or longer. Another reason I'm waiting is my wife's benefit is much smaller than mine, so she can claim half of mine at 66 and over double her benefit and if I pass before her she gets to claim my benefit for life which is double what she gets while I'm alive. We spent our entire lives planning for retirement and ss wasn't a part of it, so this is all gravy when that day arrives, most people don't plan that far ahead.
you've made an aggressive (ie, risky) bet that you'll live long enough to recoup the losses.

the conservative play is to take it asap. i'm more conservative than risky, so i'll be making the opposite bet (if i live that long!)
 

keef

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#64
you old farts wear me the hell out............

Constantly extracting from the productive like me :0)

Why ya'll so scared to go on your way and be judged proper?

Sorry bro. We had no idea this was a big PONZI SCHEME and u and haystack would eventially become bag holders.
So of course we will be using this leisure time to REPENT. :zombie:

Now, pls go back to work and do your part so I can start collecting benefits, as I qualify next month :popcorn:

You guys are gonna have to come up with ur own ponzi, or go back to the basics and turn all these new immigrants into slaves again.

Start this whole thing over from scratch. Use ur head, not ur back and it wouldn't hurt so much. just sayin...:winks2:
 

Hystckndle

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#65
you've made an aggressive (ie, risky) bet that you'll live long enough to recoup the losses.
the conservative play is to take it asap. i'm more conservative than risky, so i'll be making the opposite bet (if i live that long!)
Can you explain to me how you view that as conservative ?
Not trying to be prying or adversarial or difficult, just asking.
Age 58 and 1/2 here and thinking 5 to 10 years out and all of this stuff on this thread.
 

Varmint Hunter

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#66
If you have filed for SS early and later regret it, there is an option available where you can pay back all benefits received, and then refile for the higher benefit.
 

keef

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#67
Scorp Buddy, a little confession here just to clear up the air.

When we was young some of us may have been ingesting large quantities of illicit substances and watching this type of thing on a device called MTV:

Things did get out of control.

Sorry about that little F$%K up, we won't do it again. :Proud:

And the last thing we did was elect Donald J. Trump so things will be peachy keen again any day soon.

Trust the plan, man!
 

gliddenralston

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#68
you've made an aggressive (ie, risky) bet that you'll live long enough to recoup the losses.

the conservative play is to take it asap. i'm more conservative than risky, so i'll be making the opposite bet (if i live that long!)
I made my decision based on my health & financial situations, I don't consider it a big risk. you should do the same and whatever you decide will have no effect on me, nor mine on you, so good luck to us both.
 

gliddenralston

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#69
If you have filed for SS early and later regret it, there is an option available where you can pay back all benefits received, and then refile for the higher benefit.
That's within the first 12 months, after that it's final.
 

EO 11110

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#70
Can you explain to me how you view that as conservative ?
Not trying to be prying or adversarial or difficult, just asking.
Age 58 and 1/2 here and thinking 5 to 10 years out and all of this stuff on this thread.
i'll create a scenario to demonstrate

case 1 -- take ss at 62....begin receiving 1,000 month at that age

case 2 -- wait to take ss at 66.....begin receiving 1300 month at that age
-----------------------------------------------------------------------------------------------

for apples to apples, must assume that no money is spent in either case

case 1 at 66 years old -- have 48,000 (plus interest and/or cap gains) in the bank

case 2 at 66 years old -- have zero in the bank

-------------------------------------------------------------------------------

each month case 2 eats into the 48,000 deficit at something less than 300/month (the 48,000 is earning money, offsetting some of the difference in 1300 versus 1000 monthly check).

let's say that case 2 is gaining by 200/month on the case 1 and its 48,000 and 1k per month.

48,000 lead divided by 200 gain/month = 20 years for case 2 to catch up to case 1.

so the case 2 bet is hyper aggressive -- die at 66, get zero....and bet that you'll live to 86 just to break even with case 1. everything before 86 case 1 wins (including many years of destroying case 2)

painting with a broad brush....but that's the scoop
 

gliddenralston

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#72
i'll create a scenario to demonstrate

case 1 -- take ss at 62....begin receiving 1,000 month at that age

case 2 -- wait to take ss at 66.....begin receiving 1300 month at that age
-----------------------------------------------------------------------------------------------

for apples to apples, must assume that no money is spent in either case

case 1 at 66 years old -- have 48,000 (plus interest and/or cap gains) in the bank

case 2 at 66 years old -- have zero in the bank

-------------------------------------------------------------------------------

each month case 2 eats into the 48,000 deficit at something less than 300/month (the 48,000 is earning money, offsetting some of the difference in 1300 versus 1000 monthly check).

let's say that case 2 is gaining by 200/month on the case 1 and its 48,000 and 1k per month.

48,000 lead divided by 200 gain/month = 20 years for case 2 to catch up to case 1.

so the case 2 bet is hyper aggressive -- die at 66, get zero....and bet that you'll live to 86 just to break even with case 1. everything before 86 case 1 wins (including many years of destroying case 2)

painting with a broad brush....but that's the scoop
I understand why you would claim at 62 with the math you use...without really getting into it, one flaw that jumps out like a sore thumb, you assume your earning 100 month but your using the 4 yr total of 48,000 from the first month, it takes 48 months to get to 48,000 not one,
so to keep it simple you would need a 10% return ..impossible for a non risk taker. Nobody drawing at 62 is investing so at the end of 4 yrs that 48,000 is gone. also if you file at 62 you can only earn 15,480 a year any thing over you get $1 penalty for every 2 you earn

The other flaw is case 2 would be getting 1,360.60 a month by compounding the 8% that's added each yr and would break even 8 yrs sooner than your math.

In my case personally with compounded 8% for 4 yrs, and my wife's 50% spousal benefit will have all of it made up in 7 yrs...not so risky after all!. unless your in poor health and poor financial shape your plan is the super risky one.
 
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the_shootist

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#73
1 more year for me than I'm stealing back as much cash as I can from you taxpayers....keep working you tax slaves so I can keep collecting my SS checks!!!


Bwaaaaaahahahaha!
 

gliddenralston

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#74
1 more year for me than I'm stealing back as much cash as I can from you taxpayers....keep working you tax slaves so I can keep collecting my SS checks!!!


Bwaaaaaahahahaha!
Same here, but I quit working 2 yrs ago been living the easy life, 6 Saturdays and a Sunday to rest up. Keep working gen x, gen y, gen z us baby boomers are going to sponge the cash!
 

EO 11110

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#75
I understand why you would claim at 62 with the math you use...without really getting into it, one flaw that jumps out like a sore thumb, you assume your earning 100 month but your using the 4 yr total of 48,000 from the first month, it takes 48 months to get to 48,000 not one,
so to keep it simple you would need a 10% return ..impossible for a non risk taker. Nobody drawing at 62 is investing so at the end of 4 yrs that 48,000 is gone. also if you file at 62 you can only earn 15,480 a year any thing over you get $1 penalty for every 2 you earn

The other flaw is case 2 would be getting 1,360.60 a month by compounding the 8% that's added each yr and would break even 8 yrs sooner than your math.

In my case personally with compounded 8% for 4 yrs, and my wife's 50% spousal benefit will have all of it made up in 7 yrs...not so risky after all!. unless your in poor health and poor financial shape your plan is the super risky one.
apples to apples comparison requires that the money NOT be spent, but saved. moving the goal posts to claim that the 62 taker's money is being spent eliminates accurate analysis

another thing -- the 66's guy's dollars do not compare to the 62 guy's dollars. 66's dollars have been devalued by double digits through the never-ending inflation. so the 1360 claim goes poof (if comparing to the 1,000). this narrows the spread even further.
 
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Hystckndle

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#76
Yes, understand the " straight " math.
My problem with it....is it is not straight.
Because of your post 75.
It is a moving target.
And none of it for our benefit really.
Not spending it, using the straight math,
requires spending of something else.
Unless you have zero outgoing.
Who has that ? No living expenses ?
Guess it depends on if you need it to live on ,
Supplement only ,
Or you havd ample cash flow to invest it all.
Working....puts you in the penalty box b4 full out age.
And, if at 62 , medical until 65 neexs to be accounted for
or perhaps one is going no medical.
The guys at work go on and on about the straight math.
For me....I see the early out as riskier.
And at 58.5. Still have a few years of thinking to do,
And do not want any zeros on my average they use.
Thanks for the posts EO.
And eone else.
Good thread.
Regards to all.
 

gliddenralston

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#77
apples to apples comparison requires that the money NOT be spent, but saved. moving the goal posts to claim that the 62 taker's money is being spent eliminates accurate analysis

another thing -- the 66's guy's dollars do not compare to the 62 guy's dollars. 66's dollars have been devalued by double digits through the never-ending inflation. so the 1360 claim goes poof (if comparing to the 1,000). this narrows the spread even further.
Wow dude, you say your taking ss to invest conservatively, risk free, correct?... your only getting 1000 a month so your choices are cd's paying 1.8%-2.5% depending on amount and time, treasuries paying 2.13% and less, CPI for June 2019 is 2.1%, plus every time a cd or treasury matures you got tax liabilities. Your money is losing value so fast its ridiculous... Now on the other hand by not claiming your getting 8% compounded annually so your beating the cpi by 5.9%, with no tax liabilities...plus if you die before your spouse they get the larger checks for the rest of their life. so once again unless your in poor health or bad financial shape your plan makes no sense...there is no where you can 8% without substantial risk to capital... you need to get an appointment with a financial planner and run your ss investment plan by them and see what they say, there's a lot more to this decision than just your break even date!!
 
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the_shootist

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#78
apples to apples comparison requires that the money NOT be spent, but saved. moving the goal posts to claim that the 62 taker's money is being spent eliminates accurate analysis

another thing -- the 66's guy's dollars do not compare to the 62 guy's dollars. 66's dollars have been devalued by double digits through the never-ending inflation. so the 1360 claim goes poof (if comparing to the 1,000). this narrows the spread even further.
Buy bullion and preserve your wealth. Investing in low interest CDs and the stock market are two very poor choices IMHO!
Note: I chose not to take SS early because I simply didn't need the money!
 

gliddenralston

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#79
Buy bullion and preserve your wealth. Investing in low interest CDs and the stock market are two very poor choices IMHO!
Note: I chose not to take SS early because I simply didn't need the money!
If I were in his mind set that's what I would do, get the cash by au, ag with no paper trail and bury it... but even that has its share of risk, and he wants risk free...the only other option is to spend it as fast as ya get it, other wise its its down the toilet with its purchasing power!
 

the_shootist

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#80
If I were in his mind set that's what I would do, get the cash by au, ag with no paper trail and bury it... but even that has its share of risk, and he wants risk free
Risk free=no such thing!

Everything carries risk!

...the only other option is to spend it as fast as ya get it, other wise its its down the toilet with its purchasing power!
Spend it on what?