The Down Range Forum
Member Section => Down Range Cafe => Topic started by: billt on June 27, 2015, 07:00:08 AM
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I just thought I would share this with you guys, because it hit me pretty hard when I found out yesterday. Like many "Baby Boomers" I struggled with the decision on when to take my Social Security benefits, and start my retirement. There are good reasons on both sides of the argument.
I chose to start my retirement at 62 instead of the standard 65. My main reason was long life is guaranteed to no one. And also mathematically, the percentage of difference in the smaller payment requires you to live until at least 80 in order to make up the difference if you hold off until 65 instead of taking it at 62.
Now I would like to think I'll live that long, but I know too many over the years who did not. Then yesterday I found out that one of my cousins passed away at just 64 years of age. She died of Cancer. This gal lived about as clean and healthy of a life as anyone possibly could. Yet she's gone without collecting a single cent of her benefits, after working her entire life. When this kind of thing hits that close to home, it really wakes you up. I'm glad I retired at 62. I know with the current ever changing cost of health care, it can make it more financially expensive until you get to 65 and qualify for Medicare. But I always felt it was worth it. Now I think that even more.
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The average life expectancy in the US is 76 for men and 81 for women. So it seems as if odds might be in your favor. Then again, the way things are going social security being solvent in 18 years is probably a big IF.
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Jim Fixx, the famous runner, dropped dead of a heart attack. Euell Gibbons, of Stalking the Wild Asparagus, ditto.
You cannot beat genes, although some modern medicines are helping.
As for retiring at 62, one caution - if you work, even free-lance or part-time, the amount of money you ear will be deducted from your SS check. If you tough it out to 66, you can work and earn $100k a year and you still get your full SS amount.
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We're opting to wait for the 70, which is in 3 years. Several reasons:
We haven't paid of the mortgage off.
The SS payment increase 8% a year until 70.
Miss Kitty is collecting Spousal Benefits which is 3 years of $1,000+/mo.
Longevity runs in our family. My mom, 88 and Dad 91. Kitty's Mom and Dad 95.
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I have to wait till a minimum of 65 myself.
My wife has been disabled for most of her life but managed to have enough credits to qualify for disability. It's a stipend at best but will more than double when she hits 65, I'll be 71 at that point. We need the health care provided by my employer, she's covered by both mine and Medicare and she'll live far longer than I based on our family histories.
Waiting till 70 is not an option! I hate what I do for a living, not so much the work but the customer...my company basically has one client.
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I retired last December 21. I can't believe it's been 6 months already. I'm so glad I did. My legs and feet feel much better from not having to stand for 12-1/2 hours on a cement floor. I feel much more energetic, yet relaxed at the same time. I get up, eat, sleep when ever I feel like. No regiment to follow.
It's amazing how nice all of that is when you get used to it. I would advise anyone to go at 62 if you can possibly afford it. I only worked weekends, yet in spite of that I'm spending over $300.00 a month less on gas. I can always find something to keep my time occupied. I've never been bored a single day. Not to mention I no longer have any concern about work, layoff's, insurance, the economy, or all the other crap associated with it. No stress what so ever. About the only creature who demands my time is my dog. And now I'm able to give the little guy a lot more of it. He never let's me out of his sight.
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Don't forget about the lady with nine foot long legs that sleeps next to you! :)
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Don't forget about the lady with nine foot long legs that sleeps next to you! :)
She retired when we got married. ;D
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How are dealing with healthcare, Bill?
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My Great Grandfather was 66 y/o working at the Portsmouth Naval shipyard when SS became law. He paid in for a few months before retiring then collected for 31 years.
Tim, good luck with that, every place I have worked that went out of business was because they had 1 customer taking all they could produce, then hitting a wall and canceling all their orders.
That was in the computer and tech industries. They seem to go great for 3 - 5 years then die.
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It's GE, Tom... AKA the 9000 lb gorilla.
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Well, the company hangs in there, your job may get shipped to China.
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Yea, maybe...frankly it would not matter to me much.
I'm setting myself up to live on half what I earn now.
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Also started drawing SS at 62.
And I do agree with the benefits of retirement (or not working).
Everything is according to your schedule (well, Dr. appointments not so much..but you still get some say...and the decision to go in the first place is yours)
Sleep is better, stress is eliminated or very minimized.
But what I found that is ironic is that weekends are when friends/family who still work have spare time and often I find weekends hectic and weekdays more relaxing. "This weekend is wearing me down...can't wait till it's Monday"
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.......But what I found that is ironic is that weekends are when friends/family who still work have spare time and often I find weekends hectic and weekdays more relaxing. "This weekend is wearing me down...can't wait till it's Monday"
That is so true. I love the week, and hate the weekend. Stores and roads are crowded. My neighborhood streets are awash with kids. Chaos is everywhere. After 9:00 AM on Monday it's like a ghost town around my place. Nice and quiet. Stores are all but empty. Full of goods, but a customer shortage.
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How are dealing with healthcare, Bill?
I purchased a policy for both of us. It's a much better plan than I had at work, with a far smaller deductible. Arizona offers the state subsidies, which I qualified for. It's still expensive, but affordable. Especially because it covers prescriptions I would otherwise have to pay for out of pocket.
The downside is they've informed us that policy will not be in effect after 12/31/2015. So I'll most likely have to sign up for something else in 6 months or so. This is all the result of the ripple effects of Obama Care, which changes every 15 minutes. The cost will drop off for me in 2 years when I turn 65. Then I'll just carry a high deductible, catastrophic plan for Mel, until she's eligible for Medicare.
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Anyone financially able to get out of the work force and call their time their own is blessed! I left the month I turned 57 and started collecting SS last year at 62 against the advice of my Fidelity Adviser. Just doing the math of no checks until 66 or starting at 62 was enough for me, I also considered what inflation might do to the value of the dollar over the years.