How did you take your retirement payout?

[Over70irregs]

There's 500 different answers to this

Do Whats good for YOU

 

[Coldworld]

A van down by the river,,,,,

I’ll probably have to put his ass up in the strike bunker and feed him baby food and trulys…

 

[IVE GOTTA PACKAGE 4U]

Do Whats good for YOU

There are so many variables

But nobody knows how long they're going to live

 

[Over70irregs]

There are so many variables

But nobody knows how long they're going to live

That’s the part I dislike. Making plans to take $ soon. Free $ while 50 to me is better than 60-70.

 

[bottomups]

Do you know at what age you’re going to take SS… I would like to take it at 62 at the reduced rate since I will have the pension and other money coming in but my financial guy is insisting I wait til 70 so when I croak my wife will get the larger payout…any thought on this??

Took mine at 62. Put most of it in CD's now as I really don't need it to live on.
My spouse gets a bigger SS check than I do.

 

[Over70irregs]

Took mine at 62. Put most of it in CD's now as I really don't need it to live on.
My spouse gets a bigger SS check than I do.

62 is my goal. Pension 401k SS. Concentrate on little to 0 debt.

 

[IVE GOTTA PACKAGE 4U]

That’s the part I dislike. Making plans to take $ soon. Free $ while 50 to me is better than 60-70.

I think age 78 is the break even point

 

[bottomups]

62 is my goal. Pension 401k SS. Concentrate on little to 0 debt.

My dad paid in all his life and never collected a dime as he died at 58. Wasn't about to let that happen to me.

 

[Coldworld]

I think age 78 is the break even point

That’s the magic number??

 

[IVE GOTTA PACKAGE 4U]

62 is my goal. Pension 401k SS. Concentrate on little to 0 debt.

I got the no debt solved.
Just trying to add a little bit more to my retirement slush fund

 

[Coldworld]

My dad paid in all his life and never collected a dime as he died at 58. Wasn't about to let that happen to me.

Exactly…you never really know.

 

[Coldworld]

I got the no debt solved.
Just trying to add a little bit more to my retirement slush fund

Wdfd










Good job buddy

 

[bottomups]

I think age 78 is the break even point

Later than that when you invest the proceeds and let it grow.

 

[IVE GOTTA PACKAGE 4U]

Later than that when you invest the proceeds and let it grow.

It also gives your 401k time to grow

 

[Red Headed Stranger]

I'm leaning on taking it early
Go to social security. Gov
You can get your social security estimates from age 62 through 70
There is a big difference in the number

At 62 I'm around 2300 at 70 it's 4000

Mine was not as high as yours; however, with the COLA increases (if inflation continues), it might not be as different as you think. If you consider 5% inflation, at 62 you'll get 2300 per month, then at 63 you'll get 2415 per month, and if you continue forward at 5% inflation, you'll be at right about 3400 a month by age 70. If you collect at 62, with a 5% COLA, by the time you turn 70, you will have collected $263,520. If you wait until 70, and die at 70 years, 1 month, you'll have collected $4,000. Oh, and don't forget that if you don't need the money, you can always invest it and have additional monies besides what you have collected from SS.

 

[Johney]

It also gives your 401k time to grow

 

[IVE GOTTA PACKAGE 4U]

Mine was not as high as yours; however, with the COLA increases (if inflation continues), it might not be as different as you think. If you consider 5% inflation, at 62 you'll get 2300 per month, then at 63 you'll get 2415 per month, and if you continue forward at 5% inflation, you'll be at right about 3400 a month by age 70. If you collect at 62, with a 5% COLA, by the time you turn 70, you will have collected $263,520. If you wait until 70, and die at 70 years, 1 month, you'll have collected $4,000. Oh, and don't forget that if you don't need the money, you can always invest it and have additional monies besides what you have collected from SS.

It goes by your best 35 years of earnings.

I guess that overtime paid off a little bit over the years

 

[Trucker Clock]

I'm leaning on taking it early
Go to social security. Gov
You can get your social security estimates from age 62 through 70
There is a big difference in the number

At 62 I'm around 2300 at 70 it's 4000

You will also collect almost $221,000 in those 8 years if you take it early. That’s a good chunk of change to pass up.

 

[IVE GOTTA PACKAGE 4U]

You will also collect almost $221,000 in those 8 years if you take it early. That’s a good chunk of change to pass up.

Especially if you don't spend it all and you can save a little bit.

 

[Over70irregs]

I got the no debt solved.
Just trying to add a little bit more to my retirement slush fund

Met a guy yesterday hauling commercial dumpsters who retired. Went to work for non union and is getting paid as much as he left. Bought a new truck. If you stay extra 2-5 years you miss out on free $ that you cannot recover.