Take a peek at the new Contract before retiring?

quad decade guy

Well-Known Member
It would be nice to enjoy a bonus or some other incentive. Even a retirement increase. I do want to qualify for the next years vacations. I haven't decided to be off for 6 weeks and make it official or just take the money. I still won't be 62 but I'm ready.

I'm still concerned about the whole CS thing....
 

burrheadd

KING Of GIFS
It would be nice to enjoy a bonus or some other incentive. Even a retirement increase. I do want to qualify for the next years vacations. I haven't decided to be off for 6 weeks and make it official or just take the money. I still won't be 62 but I'm ready.

I'm still concerned about the whole CS thing....
You should educate yourself
 

Johney

Well-Known Member
It would be nice to enjoy a bonus or some other incentive. Even a retirement increase. I do want to qualify for the next years vacations. I haven't decided to be off for 6 weeks and make it official or just take the money. I still won't be 62 but I'm ready.

I'm still concerned about the whole CS thing....
What does being 62 have to do with your desire to retire? There are plenty here who have stated retiring well before 62, myself included. Please tell me it's to collect your Social Security.
 

badpal

Well-Known Member
What does being 62 have to do with your desire to retire? There are plenty here who have stated retiring well before 62, myself included. Please tell me it's to collect your Social Security.
I turning 62 pretty quick , but going to try to hold off taking SS as long as i can. My dad is over 90 and he says taking it early was the biggest financial mistake he ever made, of course i may croak at 64. It's a crapshoot,
 

Jones

fILE A GRIEVE!
Staff member
What does being 62 have to do with your desire to retire? There are plenty here who have stated retiring well before 62, myself included. Please tell me it's to collect your Social Security.
Believe it or not but there are actually some places where 62 is the retirement age.
 
I turning 62 pretty quick , but going to try to hold off taking SS as long as i can. My dad is over 90 and he says taking it early was the biggest financial mistake he ever made, of course i may croak at 64. It's a crapshoot,
I was just listening to a financial program on that subject.
He advised instead of taking your social security at 62 was to take a little bit of money out of your 401K plan and let your social security grow.
And also your RMD would be smaller down the line
 
I turning 62 pretty quick , but going to try to hold off taking SS as long as i can. My dad is over 90 and he says taking it early was the biggest financial mistake he ever made, of course i may croak at 64. It's a crapshoot,

I was just listening to a financial program on that subject.
He advised instead of taking your social security at 62 was to take a little bit of money out of your 401K plan and let your social security grow.
And also your RMD would be smaller down the line

Was shown something on this topic a couple of years ago. If you don't need it at all, take it at 62, and invest all of it every month. After 5 years when you're 67 you'll essentially have another 401k to draw from. In my case, if I do it this way and I only make 5% I'll have another $145k and growing in the bank. If stop investing it and I draw the difference from that account at 67, as if I had waited, that money will last until 85, at least. But, if you croak earlier you got more money and made money off of it, and have security to leave your spouse.
 
Was shown something on this topic a couple of years ago. If you don't need it at all, take it at 62, and invest all of it every month. After 5 years when you're 67 you'll essentially have another 401k to draw from. In my case, if I do it this way and I only make 5% I'll have another $145k and growing in the bank. If stop investing it and I draw the difference from that account at 67, as if I had waited, that money will last until 85, at least. But, if you croak earlier you got more money and made money off of it, and have security to leave your spouse.
Every year you wait on collecting your social security you get a 8% increase
 

Wally

BrownCafe Innovator & King of Puns
It would be nice to enjoy a bonus or some other incentive. Even a retirement increase. I do want to qualify for the next years vacations. I haven't decided to be off for 6 weeks and make it official or just take the money. I still won't be 62 but I'm ready.

I'm still concerned about the whole CS thing....
Not a bad idea. I would expect a bump in the monthly payout as well by then. We are seeing massive inflation right now, something we haven't had to deal with since Jimmy Carter days. Inflation is pure evil for anyone on a fixed income!

Everyone knows the guy that enjoys life being retired and the guy that's the opposite, he wishes he would have waited longer to leave. Tough call for some.
 

Thebrownblob

Well-Known Member
It would be nice to enjoy a bonus or some other incentive. Even a retirement increase. I do want to qualify for the next years vacations. I haven't decided to be off for 6 weeks and make it official or just take the money. I still won't be 62 but I'm ready.

I'm still concerned about the whole CS thing....
The American rescue plan has given a 30 year reprieve for retirees. If you were worried about CS there’s never been a better time in the last 10 years to retire without worrying about the fund going bankrupt.
 

Jones

fILE A GRIEVE!
Staff member
Sure, but if the goal is to collect and have as much as possible, you have to gamble on your mortality.
Also factor in the break-even points. If your FRA is 67 the break-even point of 62 vs 67 is 78 and that's if you just spend it all. If you start SS at 62 and follow your plan of investing the money and figuring on a 5% return you can push that break-even point into the mid 80's.
 

UnionStrong

Sorry, but I don’t care anymore.
The American rescue plan has given a 30 year reprieve for retirees. If you were worried about CS there’s never been a better time in the last 10 years to retire without worrying about the fund going bankrupt.
That’s why I bailed. My fund can apply for funds next year. Otherwise I’d be in the same boat as the Central.
 
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