How old were you when you started taking Social Security?

[rhamersley]

I retired at 53. Took a lump sum instead of a pension. I turn 62 in February. I'm planning on drawing my SS then. We're pretty lucky that we planned this out in our 20s. Between my buyout and my wife's 401k we'll have close to $4million saved up by the time my wife retires. Unfortunately she's got another 7 yrs left before that time. So I'll either spend my last few golden yrs really well off or..... I just set husband #2 up like he hit the lottery.

Just wondering…what’s her name? Also, do you have any allergies?

 

[Patched]

The optimal solution is going to depend on individual circumstances. The biggest factor is if you have a spouse. Assuming yes, then their lifetime income, and age relative to yours becomes an issue.

To keep a lifetime income stream, which rises each year to almost keep up with the cost of inflation, one strategy is for the lower income spouse to take SS as early as possible and for the higher-income spouse to defer withdrawing benefits until 70, if family finances allow. That way, the surviving spouse gets the benefit of the higher SS payment for the remainder of their life.

The goal is to not outlive your income.

 

[Ingomike]

The optimal solution is going to depend on individual circumstances. The biggest factor is if you have a spouse. Assuming yes, then their lifetime income, and age relative to yours becomes an issue.

To keep a lifetime income stream, which rises each year to almost keep up with the cost of inflation, one strategy is for the lower income spouse to take SS as early as possible and for the higher-income spouse to defer withdrawing benefits until 70, if family finances allow. That way, the surviving spouse gets the benefit of the higher SS payment for the remainder of their life.

The goal is to not outlive your income.

Good post. My point in posting is that several here seem to think drawing the minute one is eligible is the only way. I want others to know this is far from a one size fits all…

 

[gregkl]

The goal is to not outlive your income.

This happened to my mom. Five years ago at 89 she was out. Fortunately, we were able to find a place near us that provided a Medicaid waiver to reduce the cost of her assisted living facility. She now has enough money to pay her bills and some left over to not feel financially stressed as she enters her twilight years.

 

[Patched]

That totally sucks. But she isn't alone. In this country, we have a significant proportion of seniors who are outliving the buying power of their income. Taking SS early means you are locking in a lower benefit level. As Ingomike has posted earlier, it is not a one-size solution.It would be nice folks to truly enjoy their retirement years without the stress of limited resources.

 

[gregkl]

That totally sucks. But she isn't alone. In this country, we have a significant proportion of seniors who are outliving the buying power of their income. Taking SS early means you are locking in a lower benefit level. As Ingomike has posted earlier, it is not a one-size solution.It would be nice folks to truly enjoy their retirement years without the stress of limited resources.

Yeah, but she is taking it in stride. As a girl who grew up in war torn Germany during WWII, not much phases her. She and Dad emigrated here from Germany to set about creating a better life for them and more opportunities for their children.

She and dad did both well in those respects.

They did the best the could financially, but that generation wasn't known for putting away much, if any, money for retirement.

Having a mother live through the carpet bombing of her home town and a dad who was shot and taken as a POW for over 5 years put things in perspective.

 

[SkullDaddy.45]

What's her phone number?

Come to my funeral. I hear she'll be taking applications afterwards.

 

[SkullDaddy.45]

The optimal solution is going to depend on individual circumstances. The biggest factor is if you have a spouse. Assuming yes, then their lifetime income, and age relative to yours becomes an issue.

To keep a lifetime income stream, which rises each year to almost keep up with the cost of inflation, one strategy is for the lower income spouse to take SS as early as possible and for the higher-income spouse to defer withdrawing benefits until 70, if family finances allow. That way, the surviving spouse gets the benefit of the higher SS payment for the remainder of their life.

The goal is to not outlive your income.

Also as important is income going out. Doesn't matter how much you saved if your bills are 3× what you bring in. Pay off your stuff!!!!
I've seen guys work well into their mid to late 70s because wifey wanted a new house at 55 or hubby just had to buy that new Ford Raptor when he retired. Do not acquire any new huge debt after 55. Pay off the house, cars, boat, plane or what ever you have. Income is very important....but so is your debt.

 

[Frosty]

Do not acquire any new huge debt after 55

I’m not worried about it, my future fiancé will be pretty well off…

 

[Leadeye]

66, still working part time.

 

[Creedmoor]

66, still working part time.

Me to, but full time. Gonna double dip for another 2 years.
Then 100% SS and get into my annuity and 401 if needed. Like most others our age I have no mortgages or car payments.
Seems like a long time to get here.

 

[Leadeye]

Me to, but full time. Gonna double dip for another 2 years.
Then 100% SS and get into my annuity and 401 if needed. Like most others our age I have no mortgages or car payments.
Seems like a long time to get here.

I'll probably keep working, still doing the same thing I've done all my life in industrial chemistry. There are fewer people involved every year, so I'm curious to see who will be left when I finally give it up.

 

[Ingomike]

Like most others our age I have no mortgages or car payments.

When I read that it made me want to look it up, most is correct but not by much. It us dad folks are not getting things paid off before retirement…

“The survey, "Retirement and Mortgages," by national mortgage banker American Financing, found 44 percent of Americans between the ages of 60 and 70 have a mortgage when they retire, and as many as 17 percent of those surveyed say they may never pay it off. The survey also found that 32 percent predict they will be paying their mortgage for at least eight more years.”

Less Common For Retirees to Pay off Mortgages

Traditionally homeowners looked forward to paying off their mortgage before retirement, but that scenario is becoming less common.

www.aarp.org

 

[DoggyDaddy]

Seems like a long time to get here.

"Such a long, long time to be gone
and a short time to be here." -- Jerry Garcia

 

[Creedmoor]

I'll probably keep working, still doing the same thing I've done all my life in industrial chemistry. There are fewer people involved every year, so I'm curious to see who will be left when I finally give it up.

I enjoy doing control work ie Allen Bradley and Siemens mostly. The factory i took anjob with a few months back will be up and running in a few months. I then will be board and tend to move on.

 

[Expat]

I toyed with the idea of retiring this year. I turn 62 this month. But the inflation thing has scared me off for now. I expect my pay to jump some as I think the company is going to have to at least try to make the appearance they are trying to keep up with inflation this year and next. But we will see. Then since my pension is based on the average of the last five year, how long do I work? I really have no desire to work much past 65. Of course my SS age is 67. Dad made it to 74. I hate to think I will have less than 10 years of enjoyment post retirement.

 

[91FXRS]

For those of you that have paid in for so many years.... Get what you can while you can. JMO

 

[Ziggidy]

Retired at 65 and did nothing for a year, nothing. Bored, went back to work part time, I'm full time now and my next birthday will put an end to the sixes in my age. I'm actually contemplating cutting back, possibly completely. When thinking about cutting back, I forgot how much I was depending on that little income.
I'm (we're) doing ok, made way too many mistakes and bad decisions in my early and middle years. My wife will start collecting this year and if we control our bad habits, we'll be fine.

When it comes to finances, do as I say and not as I do; and you'll live good. I've always been good with budgets other than my own! ;[)

As others have stated - no big purchases and get it while you can.

 

[DeadeyeChrista'sdad]

This thread made me realize that the longer I work the more my exs SS check will be when she retires.


Kicks rocks.

Uckfay at they.

 

[SkullDaddy.45]

I remember working at the 1 bop shop in US Steel and seeing this older gentleman running one of the engines that take the ladles between shops. I told my buddy " man that guy looks rough, what is he like 80 yrs old.?" Turned out he was 87. Mr. Washington was working on his 68th year at US Steel. Few yrs. later i retired.....Mr Washington was still there. Could you imagine? I believe he put 72 yrs in and was tied with a secretary for having the longest career at US Steel.