60+ year old thread.

How's this. If I would get $100 in 2022, I'll get $108 in 2023, just for waiting. But with the COLA estimate I'll get $100 + 18.9%, $118.90.

 

Now figure it retiring today.

 

Dave, be sure you carefully do the math before you make the decision. If you start collecting SS at age 70 it will take you 13 years , age 83 before you reach the total if you would have started at age 65. Using simple numbers let’s say at age 65 you would get $10,000 per year. If you waited until until age 70 and your annual SS amount (increasing by 8% per year until 70) would be $14,692 annually. The total SS collected at age 83 had you started collecting at 65 would be $190,000. Starting SS at 70 the total collected at age 83 would be $191,000. If you die any time before age 83 you have lost a bundle of money.
If heaven forbid you die a month before 70, you get zero, nada, zilch.
If you don’t currently need the money , starting at age 65 you can bank it or invest it and be even further ahead.
In any event anyone who is about to retire should consult with a good financial planner retirement specialist. There are situations where deferring SS benefits makes sense but most of those have to do with tax situations.
Also as Travir said the cost of living adjustment goes up regardless of when you collect SS.

 

Turning 61 in 6 days, just thought I post in here for S & G's.

 

Pull up a chair and join in for some s & g's. Always something going on with the porch folks. You should fit right in with several of the gang with your name @Gearheadesw ...
Enjoy.

 

Evening all:

Welcome Gearheadesw, your turn to fill up the cooler, then pull up a chair on the porch.

Took a break today after doing major string trimming for around 1 1/2 hours a day for the last three days. Not completely done yet, but the hardest part is done!
I need to go down to the pond and straighten out the drainpipe AGAIN, that critter has it good having it's own private pond! !

 

THAT critter???

 

Turned 75 last month and still enjoying life with my wonderful wife. Got two GTO's. Explorer ST and waiting on a Tacoma to come available. I have been blessed.

 

Welcome to the porch! Grab a cold one and a chair!! Oh, new guys have to fill the cooler.


Time for a drink...not that I need an excuse. Completed the Balloon Federation of America's Level 1 Crew Certification.





Also, the contractor is making some progress on our basement bar. Cabinets for the back wall are still weeks out but were getting done what we can. Countertops are not secured - just set for a preview.

 

Welcome to the porch @Cincy Tacoma .
Pull up a chair and enjoy the posts. Great group in here and a few (me included) over 70 folks and a couple over 80. All folks welcome. Enjoy.

 

Looks good Mark. It will be nice to have a place to go when friends come over.
Congratulations on your Crew Certification. Are you considering going for a pilots license?

 

Seems like a bunch of like minded folks in here, excellent. I'm still working until 70, 61 in a few days, kind of have to, and being in construction, it wears on you, but hey, I'm in good shape for an old fart, still out work the kids....
Already live in Florida, so not far to go for retirement, what are the preferred beverages for me to fill the cooler with?

Have a good night all.

 

I'm in the retire (from a Social Security perspective) at age 70 camp here, which is in another 4+ years; my wife on the other hand has more or less stopped working so she might start collecting Social Security when she reaches "full retirement age" a little less than two years from now. I say "might" because there may be negative tax and Roth IRA investment implications when her SS income is added to mine so time will tell.

 

One more CPAP update...

My new ResMed AirSense 10 Card-to-Cloud machine, which will replace my 2007 vintage Respironics REMstarPro M-Series along with a Respironics DreamWear full face mask to replace my 2007 vintage ResMed Mirage Quattro mask arrived today. Honestly, I'm a little nervous, I haven't slept with anything other than the old REMstarPro/Quattro combo for nearly 15 years.

Hmmm, rereading my post above, I got a chuckle to see I'm moving from a Respironics/ResMed combo to a ResMed/Respironics combo; kinda-sorta ironic.

 

Filling that cooler depends on your taste

Our neck of the woods can be /www.lakeridgewinery.com or the good stuff over in Lake Placid https://sugarsanddistillery.com/

Or in my back yard LaBelle Brewing Company - Craft Brewery | LaBelle, FL

Welcome to the 60's

 

Morning all:

Another welcome to the porch Cincy.

Throw a Sarsaparilla or two in there for me!

A PITB bear, I have never seen it in the pond and think it is mostly a night visitor

 

I have a interesting story (at least in my mind) to contribute to taking SS benefits and my personal experiences. Retired Teacher of almost 30 years who was self employed for 10 years as and Insurance Agent and paid my Quarterlies religiously for 40 quarters to qualify for SS benefits. I left teaching for 10 years and then went back again for a total of close to 28+ years so I qualified for a Teachers Pension. Upon submitting for SS I was informed that my SS benefits would be subject to a 40% reduction because I have a Teacher Pension. In my opinion, not fair!

 

Over the top and down the slippery slope! Welcome! I’m pretty new here too!

Welcome! I understand that finding a Tacoma is no easy task these days best of luck!

I’ll have an ice cold Coke please!

 

Question guys. If one retires at age 65 and takes ss can you still work? And does your earnings effect your ss benafit?

 

Not at this point in life, Ken. I had my fixed wing license years ago but it just became too expensive to maintain as a young Army officer with a family. Now, I am content to crew and get to fly from time to time.

I have my military pension - started drawing it when I retired from the Army back in '04 - that has no impact on my Social Security pay.