How old were you when you started taking Social Security?

[chipbennett]

Also: forcing me to contribute to Social Security is both theft and forced wealth redistribution, and as such is immoral. I want the option to remove myself from the system. I could use that 12.5% of my income much better than the government ever will.

 

[Ingomike]

Also: forcing me to contribute to Social Security is both theft and forced wealth redistribution, and as such is immoral. I want the option to remove myself from the system. I could use that 12.5% of my income much better than the government ever will.

I am sure we all agree with you but now that so many have had so much taken It is responsibility to one’s family to get the strategy right to get some back…

 

[tim87tr]

Also: forcing me to contribute to Social Security is both theft and forced wealth redistribution, and as such is immoral. I want the option to remove myself from the system. I could use that 12.5% of my income much better than the government ever will.

I worked with people that had a pension option I'm guessing before sometime in the 70s to not pay into SS. They got a larger pension percentage as a result. I don't know the real numbers but people typically retired with around 50% of their salary and this group would get 75%. This always seemed like a good deal to me. Those days are long gone.

 

[chipbennett]

I am sure we all agree with you but now that so many have had so much taken It is responsibility to one’s family to get the strategy right to get some back…

It is still their responsibility, not my responsibility. I don't consider it my responsibility to pay for anyone else's retirement than I consider it my responsibility to pay anyone else's student debt.

Perhaps those people should have paid more attention when the government was spending their retirement money out of the alleged lockbox. Not my fault.

 

[chipbennett]

I worked with people that had a pension option I'm guessing before sometime in the 70s to not pay into SS. They got a larger pension percentage as a result. I don't know the real numbers but people typically retired with around 50% of their salary and this group would get 75%. This always seemed like a good deal to me. Those days are long gone.

I don't want any government option. I want to opt out. I want to keep the money that I have earned, and spend, save, or invest it as I see fit. I willingly take responsibility for my own retirement - which I have to do, anyway, because it is an absolute pipe dream that there will be any of my "Social Security" in 25 years.

 

[Ingomike]

I don't want any government option. I want to opt out. I want to keep the money that I have earned, and spend, save, or invest it as I see fit. I willingly take responsibility for my own retirement - which I have to do, anyway, because it is an absolute pipe dream that there will be any of my "Social Security" in 25 years.

I said exactly that 25 years ago but here we are...

 

[Ingomike]

It is still their responsibility, not my responsibility. I don't consider it my responsibility to pay for anyone else's retirement than I consider it my responsibility to pay anyone else's student debt.

Perhaps those people should have paid more attention when the government was spending their retirement money out of the alleged lockbox. Not my fault.

This is just another example of how government divides us. We all paid in, in my case if I retired at 62 I would have to live 80 years to get my money back and if I retire at 70 it would be 50 years to break even. Most all of us lose on this deal.

To stop the further hijack I am posting a thread to discuss further.

 

[gregkl]

I know I still have to put more away into my retirement fund. I have saved quite a bit over my lifetime, but I'm not quite there yet.

If I keep putting money away at my current rate, I should be okay to retract somewhat from the rat race. I will need at least a "side gig" to provide some income.

I am very handy and could make money doing handyman type work and I am looking at becoming a mediator for a less physical option.

Our next move will put us mortgage free, I'm fixing up a vehicle for me as my "retirement" car and my wife will have the "good" car for traveling. Our plan is to buy that in the next year of so when the market straightens outs a bit.

That should have us going into retirement debt free with one good car.

With the side gig and some luck in the markets, we should be okay. Fortunately for my wife and I we are not big spenders.

 

[Creedmoor]

I was on my wife’s plan thru her work for 30 years. She didn’t retire until 67 ( I was 66 ). I was always self employed so it was much cheaper thru her.

My girl works in management for GM, shes 19 yrs younger. My plan is to jump to her plan in 2 1/2 yrs and ride that into The Sunset until the Pale Horse shows up.

 

[Ingomike]

To stop the further hijack I am posting a thread to discuss further.

Do We As Citizens Owe The Debts Our Government Has Agreed To Pay?

My question for discussion is do we owe the debts our government has obligated our country to? Do we owe those that paid in to Social Security? Government pensions? The money borrowed from China? Do we owe the written promises to other countries? @chipbennett made the statement the he has no...

www.indianagunowners.com

 

[SnoopLoggyDog]

Only debt the wife and I have is one car payment for a truck I bought in 2021. First "new" vehicle that I have bought since 1989. Wanted something new and reliable going into retirement. House is paid off and no other debt.

It is frustrating that we did all the responsible things to ensure we saved enough for the long term. Now we are trying to figure out the tax and medicare rules, which limit how much we can take out before taking a huge tax hit.

 

[Bigdog357]

I gave up the daily grind at 61 and started collecting SS at 62, I take out 12k a year from my IRA to pay my mortgage and pay very little in taxes. No regrets other than the stock market tanking, but it will come back. I moved enough money out of the market into cash in January 22 to cover 20 years worth of Mortgage payments. Living the dream and loving life, don't put off retirement. The pay back for me I would be 78 years old, I'll be lucky to make it that far.

 

[woodsie57]

Curious about the pros and cons of starting Social Security earlier than Full Retirement Age (In my case - age 67). I plan on retiring from my job at age 62. Most of my older friends all started drawing as soon as they could. What are your thoughts?

I'm in the same age group - no regrets starting early, 63 in my case.

 

[gregkl]

What I'm reading is that some of you have done well. Congrats! it is good when it works out well for you.

I am not even at a $1 million saved yet, let alone the 2-3 million "they" say one should have to retire comfortably. And I will be doing good to make it to a half million if I continue to work until age 67 or 70.

I will definitely be looking for side gig money in my retirement years. I see no other way to be able to pay the bills and have a little extra for unplanned expenses.

 

[DragonGunner]

Lost my job last year. Wife said I don’t have to work a stinking low paying factory job again. So I was done. Next year I turn 62 and start SS the numbers show I end up with same amount of $ at 80 if I retired at 67. Not killing myself anymore. I’m healthy, everything paid for and great wife with a good job she likes. Don’t have a lot of $ saved up cause I had fun while I was young and could enjoy and do it. Have no ambition in old age of travel and such. Home life suits me just fine.

 

[blain]

I'm going to make out like a bandit, waiting until 99 to start drawing SS.

 

[Ingomike]

Some good info to add to this thread.

4 Tricks to Maximize Your Social Security Benefits

A family with two high-earners can receive benefits totaling as much as $100,000 a year combined if both defer collecting until age 70. Here's how.

www.barrons.com

 

[gregkl]

Some good info to add to this thread.

4 Tricks to Maximize Your Social Security Benefits

A family with two high-earners can receive benefits totaling as much as $100,000 a year combined if both defer collecting until age 70. Here's how.

www.barrons.com

Interesting. I don't read a lot of articles advising to wait until 70 to earn the maximum benefit.

I know that if I can, I will wait. A friend of mine did well in the stock market over the years and retired while in his 50's. He is now 63 and has it calculated that he can wait until he is 70. I don't really like him that much.

 

[SkullDaddy.45]

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.

 

[GodFearinGunTotin]

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.

What's her phone number?