60+ year old thread.

@Pablo8

Hey Guys,

Once again, just a guy on the internet, not financial expert. I actually work part time for Toyota. Retired but was asked to return part time and did so.

I had a request to update the Soc Sec early claim impact file I uploaded yesterday with other birth year capability. I had just thrown that together for myself and forgot that others will have different benefit reduction rates depending on their year of birth.

I made those updates and have attached. A little more involved to make it that way, so originally I had just made it for my year of birth. I went back and deleted the original file from my other post. I'd suggest you delete it if you downloaded it. I took a look at the impact of some of the rounding and it was more than I had thought it would be. This one is more accurate.

I made it so anyone with a birth year from 1940 on can use it. The years and percentages are what the SSA had on their website as of today. I copied that on the second worksheet in the file as FYI.

So, if you select your birthyear in the drop down, then enter your estimated Soc Sec monthly income IF YOU WAIT UNTIL FULL RETIREMENT (get that from SSA website estimate), then everything will adjust for you. Basically, just complete the two bright yellow boxes.



Also, I did password protect the sheets, but only to keep people from screwing up any formulas by accident. You can still format/highlight cells and other modifications, you just can't type over what's already there.

Feel free to unprotect if you like. Go to "Review" on your ribbon, select "Unpro..." and password is "SSA Calc".



Let me know if you find any problems and I'll try to fix them.

See Post #29677 for the updated file

 

OK I am just starting to cook dinner now - but I am more than grateful. Wowed! The dollar amounts don't match perfectly, maybe off by $20-$30 or so, but no worries, it works great!!

 

I went hunting today, only saw 7 doe all day. Any way, myself (62) and Steve (66) were the "old guys".
The youngins', 1 teenager and the others were in their late 20's and early 30's.
Steve and I were very politely given the posts that weren't that far in the woods while the younger guys took the farther posts and did the drives.
My god...you would swear that Steve and I were 100+.
We, Steve and I understood their good intentions. As we both remembered doing the same thing when we were younger .

 

Hahaha yeah I'm 62 and I can get on my mountain bike............all by myself!!

7 does? Buck was just watching that whole affair.

 

There are a couple typos in the formulas in column G rows 52 etc, just left the 5 off 52, 53, 54 etc

 

OK. Fixed it.

 

Too funny, because your excellent spreadsheet my wife is FINALLY running her numbers. She had never even logged into SS before (foolish I know). She is 61. Yes 40 credits.

 

That’s why I’m out ASAP.
Going to have to cobra the wife but that’s ok.
I have to get out.
Don’t care what money I get or don’t.

I’ll do something else a few days a week.

 

Welcome!! Grab a cold one and pull up a chair!! Oh, new guys have to fill the cooler. Sounds like you've got a busy weekend ahead.

Stay safe, everyone. Life is good!

 

Good morning everyone. Rain moved out last night and its gonna be sunny today. Wife and i enjoy watching the deer getting ready for mating season. The big bucks finally come out of hiding.

 

There needs to be a Love It button in addition to the like button.

 

Go online to your SS account. You can find the breakdown of your benefits there including additional Medicare coverage and prescription plan cost.

 

Good to hear it motivated her. It is fun to look at.

Speaking of wives, ... I might go ahead and add $$$ impact to a surviving spouse in the event of account holders death, when I get a little time for it. I am sure there may be interest in that when someone is trying to make the decision on collecting early. If you look at the chart I copied from SSA website (lower right on 2nd worksheet) there is a column or two about impact on survivor following primary acct holder death. Reduction percentages are different.

But then again, that could start some family feuds when the wives (or husbands) see the impact on them if we die.

 

Like I said before Mike, you will know when it is time to retire. For me it was....

 

I’d like to do it right now but I got to wait a wee bit more

 

Same for me. I was in upper management for a Fortune 500 company. A job I once liked. The stress, pressure and anxiety just got to be overwhelming. The 60 and 70+ hour weeks wore me out. I retired 6.5 years ago. Best thing I ever did. I left the office on a Friday about noon, flew to the east coast and boarded a cruise ship for an east coast and Canada cruise. It was like a heavy weight as lifted from my shoulders. I felt better mentally and physically. About a month after retirement my wife said to me that I was like a different person - happier, care free, I was fun again. I worked my a$$ off for 40 plus years, I feel I earned the good life I’m living. When you think the time is right and your finances are in order, go for it, retire.

 

Lol My finances will never be in order but I’m leaving anyway. I never thought I would live this long. I could end up like the guy that retired and went to a retirement party and got killed on the way home.

 

The stress of having employees depend on you for sound decisions is never easy and it does take its toll.

 

When i left work for the last time , i was in shock on the inside. But after being gone for a few years , my life has completely changed. All the stress and worry are gone. Between SS and my pension , im making more than when i worked. We've never had to make health insurance premiums , but eventually we will have to move to Medicare.

 

I started working for people other than my parents when I was 12. Got pretty serious about it at 14 with a steady part time job after school. I've been working ever since; didn't do daytime college, went at night after work. I'm 67 now so, let's see, that's 53 years I've been working. I'm pretty sure most of it was SS wages so those go back a lloooOOOONNNNnnngg way!