Take a peek at the new Contract before retiring?

quad decade guy

Well-Known Member
There is no right or wrong answer....it depends entirely on your circumstances and longevity. If you will only have Social Security to retire on, you will need to wait until your full retirement age. In my case, my Mom never made it to 60 and my Dad died at 72 (began drawing at 62). You do take a hit by drawing at 62, but you also get COLA that will help. If you retire at 62 and draw $1500 per month, you'll have well over $90,000 by the time you're 67. If you wait till 67 to draw and die six months later, you lose. This is without even calculating the time value of money (a dollar today is worth more than a dollar five years from now)
Well, we are all set. My financial guy has said I'm too young to retire right now....in my strongest earning years. It is true, if you look at our(wife/Me) steady wage growth. We have a wild card in my wife's health......no man has lived past 72 in my family. My Dad died at 57. Most women on my Mom's side live well into their 90's if they didn't smoke. Most of the people in my family that die early, lived hard lives and bad choices.

BTW, I looked the other day.....$2000+ for SSI for me so far.

Insurance is holding me here for now. A chemo treatment is $13k per pop.
 

BrownFlush

Woke Racist Reigning Ban King
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,
Your break even age if you take it at 62 versus 67 is 78.
Average age of death for a man is 76.
It wasn't hard for me to figure.
 

BrownFlush

Woke Racist Reigning Ban King
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
If you take the SS at 62, take the money and invest it and grow how you choose if you don't want to spend it.
You're in control. A blind squirrel can make more money with money than the government.
401K? Whatever!
 

Johney

Pineapple King
Lol… what age is he telling you it’s ok to retire?
My guess is 67? If he takes that advice he'll have 5 whole years of retirement. According to his family tree. SMH. Strongest earning years??? If he stays working that will never go away.
There is no hope for this guy.
Sigh.
 

UnionStrong

Sorry, but I don’t care anymore.
My guess is 67? If he takes that advice he'll have 5 whole years of retirement. According to his family tree. SMH. Strongest earning years??? If he stays working that will never go away.
There is no hope for this guy.
Sigh.
He doesn’t make any sense. He’s full of :censored2:.
 

Jones

fILE A GRIEVE!
Staff member
The only reason for a financial advisor to tell a 60-year-old truck driver that he needs to keep working is that he literally can't afford to retire. Probably tried to sugarcoat the hard truth with that line about "strongest earning years".
 

oldngray

nowhere special
The only reason for a financial advisor to tell a 60-year-old truck driver that he needs to keep working is that he literally can't afford to retire. Probably tried to sugarcoat the hard truth with that line about "strongest earning years".
or the advisor is trying to generate some churn to pad his commissions
 
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