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Just what not why

R

rrlund

Well-known Member
I just found a calculator on the Social Security website that you can use to calculate how much more you can make by delaying retirement. You can figure it right down to the decimal based on the month and year you want to retire. It's surprising just how much difference it makes by just delaying a few months.
Social Security
 
did not matter to me. wanted to retire at 62 and i did. you never know which day may be your last on planet earth. get it while you can. 68 now.
 
I have been told that it takes 17 years to make up the difference between retireing at 62,vrs 65.I am going to take it at 62,in 10 1/2 months. I could really use the added income.It would help a lot!I know there is a limit on how much you can make. But that has never been an issue. I doubt there will be one after 62 either.
 
It's best to sit down with your statement and see what works for you and go with that instead of listening to what works for somebody else. I was thinking of taking it at 62,but I just make too darned much money to take it now. When I calculated out my own SS potential earnings,I break even at age 77 if I wait until full retirement age of 66y 2m. If I wait until 70,I break even at 78. I'm an optimist,what can I say.
My wife can't get hers until I'm 69,so I searched and found this calculator to run several different scenarios. It's enlightening.
I was talking to the veterinarian a few months ago about all of it. He's 66 now. He said he's gonna wait until he's 70. He said he doesn't plan to quit and doesn't need the income. He was thinking the same way that I was,that the larger your monthly payment,the more your widow will make when she gets half after she outlives you. lol
 
I have heard of several people who went on at 62 and are now 80 and doing fine except they can't hardly afford to stay in their house anymore.
 
retiring is a personal decision best made by the person and spouse who best knows their finances, health issues and potential future needs the best. As for me, retired at age 63 1/2 because I was ready to retire, good thing also; 11 months later I had a bad stroke that altered my retirement drastically.
 
I'm 63 talking to a retirement planner so I can retire no later than 66 and people really do need to do their homework when it comes to deciding to take social security. There is more money to get if you wait but the real unknown in any retirement is how long will you live to get it. One thing I think is totally wrong is deciding when to take it based an breaking even with what has been contributed. You should make the decision based one how long you expect to live, what you think you need for retirement money and what do you have for other retirement income. You are locked into what ever the amount is at the time of retirement and if you retire at less than your retirement age you are limited on what other income you can earn without paying back some or all of the social security money until you are at retirement age. Retirement is probably one of the biggest decisions of your life and its not easy as you have no way to know all the variables.
 
I retired at 56 took SS at 62 and do not regret doing it that way. I had just about 39 years with the same company and pretty good retirement and good 401K every one is different. Randy
 
Thanks randy, are you thinking about doing in early and getting the supplement and keep on working ?? .1 yr from now i can get 74.7 %,. in 4 yrs I Would Give up a Whole Yr in Benifits . thats a hit My Sara says she dont like ,, and no medicare for 3 yrs ,. i n my situation ,i could get licensed to drive a school bus //// or ,what mite change that is getting elected another 4 yrs on a county board again ,,. sign up begins next week,.. and then i have to campaign ,.. Oh Boy ,..what fun ,, NOT !! ,.. being in office is easy ,, just treat everyone with respect , and follow the Golden Rule...And WATCH THOSE Expenses and additionals from the deptments ...
 
Ya,I'm not talking about breaking even with what I've paid in,I'm talking about breaking even with what I'm getting back. The total amount that I can get if I wait until full retirement catches up with the total if I start at 62 when I reach the age of 77. After that,it's all gravy. You can add 2/3s of a percent per month for every month you wait beyond full retirement age,or 8% per year.

The whole reason I looked for the calculator was that I wondered if,since my full retirement is 66y 2m,I would gain the full 8% buy just waiting 10 months until I was 67. The answer is no. It's something like 6.67% for that 10 months. Then it's 8% per year if I go a full calendar year and wait until age 68,69 or 70.

Everybody who just blindly says "take it now",I have to ask,where can you draw that kind of interest,and would you invest it instead of spending it? If you're an optimist like I am,leaving it there for a while is a pretty darned good investment.
 
I'm pretty sure I'm good until full retirement age of 66 and 2. Beyond that just depends on the weather and the price of cattle. I'm loosing a rented place next year that I've worked for 43 years,so I'll have to cut back a few cows next fall. I reach full retirement age in 2021. Next years calf crop will be finished and go out of here in 2020. Those bred cows are here now and will calve in the spring,so I should be set there. If I cull back next fall,my 2019 calf crop will be a little smaller,but those calves won't be finished until 2021 when I can get my full SS anyway,so I should be good. If the price holds,the cows all breed,the weather cooperates and I don't loose a bunch of calves,who knows,I might be able to go another year,or two,or three before I need to take it.
It's just nice to have a calculator to run some actual numbers off my statement.
 
Thanks that is helpful. I'm thinking about retiring at 62 but probably wait till 66+3mo (full retirement). On one hand, I have longevity in my family on the other I've not been kind to my body over the years and starting to tell it, so longevity not a sure thing for me. Like to retire while I still can be active compared to watching my folks sit in a care center for the last couple years doesn't look very good. But the company I work for treats me well and so long as they want to pay me for being the ATOG (ask the old guy) consultant I'll probably hang around. There is so many variables at some point I guess you just have to decide and go with faith that whatever works out.
 
With family history and my less than perfect lifestyle, I don't plan on being around past 75. I will probably start at 62. Bird in the hand.
 
I've got longevity on my side. The men generally have lived in to their mid 80s on Dad's side,the women 90 or better. My mother is 91. Her grand dad lived to be 102. I'm not planning to go any time soon.
 
I started mine at 62 and I get a raise every couple years over the normal amount. I am almost up to where I would have been if I would have waited until 65. I didn't see in any rules but didn't look real deep. It has something to do with the fact I still have to pay into it every year.
 
DR, my grandpa figured up that he would have to live to be 75 before he started to "lose" money. He died the evening before his 75th birthday. I'm sure that had nothing to do with his death, but then again, he was really thrifty,,,,,,,,, gm ;-)
 
If you wait you loose all the money you would have gotten from signing up earlier. For me it would have taken till I was 81 to regain that. It's not that much money anyhow. It almost always cost you money out of pocket for hospital stays and doctors. Even with drug coverage it cost me several thousand dollars a year for insulin, the insurance only pays for the cheap stuff.
 
That's Medicare though. You want to take that at 65 for sure,whether you retire or not.

As far as the SS,I can get a pretty good chunk of change and it multiplies quick when you start adding 2/3s of a percent a month.
A lot of farmers and their tax preparers played the tax game so they didn't have to pay much. I didn't. It hurt like the devil when I was paying it,but it's sure looking good now.
 
I don't start calving until late April. They'll wean in late fall,then start going out of here late the next fall,but the bulk will go out over the winter,January through March or April. Not how I thought it was gonna go when I started this,but that's the reality of it.
 
I took mine at 62 for several reasons, but it makes a difference how much money you are currently making, how much you need. There are a lot of variables and everyone needs to figure it on their own terms. That said, most of you probably know that in a couple or so years, early retirement will no longer be 62, but moves up to 65, with full being 68, and some in the current administration want to push full to 70.
 
Go to the SSI web site and see how much you paid in thru the years. Do the math and see how long it's gonna take to recover that amount.

I started paying in 1974. Maxed out a few years ,but pretty much average the rest of the time. If I take mine at 62 it's gone at 76.Then I draw from what the working class pays till I cash in.

If your bankin on longevity don't invest to heavy. That isn't always the case. Take what you can when you can. The only guarantee abut tomorrow is that it's Monday.
 
Ya,if you have a good pension or retirement account so you don't really need it,sure,take it when you want to. Waiting can sure make a difference to those of us who don't,and plan to keep on working anyway. You loose close to 30% taking it at 62 vs full retirement,then you can add 30.67% by waiting until 70 vs 66y 2m. That's pretty darned close to double when you start running actual numbers.

If I wait until the same month that my wife can start getting hers,we can get over $3000 a month between us. If I wait another 10 months beyond that and take it at 70,it's considerably better then that even. That's so much better than I could get right now,it's ridiculous. If I signed up for it next Tuesday,it has already increased by $72 a month over what it would have been if I had taken it just this past June when I turned 62.

These are numbers people really need to be looking in to before they just automatically take it at 62 just because somebody told them they should. Popular opinion isn't always right.
 
"The only guarantee about tomorrow is that it's Monday."

If I thought like that I'd have a hard time getting out of bed in the morning,much less planting a crop in the spring. I'm not afraid to buy green bananas yet.
 
I hear you. . I know a retired farmer that farmed and owned most of 6,000 acres. His SS Payment is around $800 per month, now that he?s retired and over 80 years old.
 
rrlund Its not how much more you would get its how much you will lose at 62 I will get 1710.00 a month if I waited say just till 65 that is 36 x 1710.00 =61,650.00 dollars I have lost just in 3 years now to make that up at the increase of say 2100.00 a month which is a 400.00 dollar a month increase it would take 14 years just to break even just my 2 cents good luck 👀
 
If it was a one size fits all proposition,the government would just say "here it is,take it at this age,no options".
 
Grain. Corn silage,ground ear corn and hay after they're weaned. Some are genetically superior enough to go at 16 months or so,but on average,18-20-22 months. Late born calves that are weaned at 350-400 pounds so they aren't getting milk and grass can take longer than that. No problem,it just gives me fats to sell year around.
 
actually the gov wants you to delay it because they know the average life expectancy is 75 years old so if a person waits till say 72 they would only pull on it for 3 years the gov keeps the rest its your money do whats best for you good luck 👀
 
I'd think it'd be the other way around. They'd want you to take it early so you collect less in a lifetime. Don't forget,spouses can still collect half after you're gone and half of less is still less. Don't they usually tell you to take it early if you talk to somebody at SS? I doubt those folks are everybody's new best friend and they're telling you something under the table that's for your ears only. Kinda think maybe they're told by somebody to steer you in that direction.
 
While there may be exceptions, a surviving widow at full retirement age gets full benefits. I know it used to be half, not sure when it changed. Check it out.
 
Either way,they can collect. I've got a cousin who's the same age I am,62. He lost his wife to cancer in the fall of 2016. We were talking about it this past spring. He said he could get half of hers,so I don't know. Maybe he was just assuming and hadn't verified it for sure.
 
My financial adviser showed me a graph, that shows that if I start drawing SS at 62, that I would need to make it to age 79 before I would have been better off to wait until 67. I also have enough money saved, that if I draw SS at 62 and draw enough from my retirement funds to have an annual income of over 40K, I will not run out of money. I think 62 will be a good time to retire for me.
 
The first time I ran the numbers from a statement they sent to me,I din't come out ahead until age 81. The newest statement had me there at 77.
 
Ya,I had a neighbor who got cancer at around 60. He tried to get SS disability and found out the "smart lawyer" who'd always done his taxes had never paid in for him.
 
But my point is......guess he was not reporting much income on his 6,000 acres....poor guy was just barely gettin by!!!
 
There's ways of playing the depreciation and income averaging game that can make it look like you're not making much too. It's fun while you're doing it,but it can catch up with you in the end.
 
your wrong why would the gov want to pay out more then have to that doesn't make a lick of sense hey its your life screw it up any you see fit good luck 😎
 
Smart man I also retired at 55 and s.s. at 62 live your life while you are still young I have seen to many people at 75 or older that there health goes to hell now what are you going to do but have regret 😎
 
Hello rrlund,

From what I have seen, the surviving spouse chooses which of the SS check is more,

Guido
 
On death of spouse survivor gets largest benefits of the two if both were collecting. When I retired, the wife was able to collect 75 percent of 50 percent of what I would have got at full retirement age which was 65 at that time. She worked but did not have full amount of quarters to collect on her own. I was not full retirement age but that is how her benefit was determined.

Got a raise this year. Benefit went up 26 bucks and medicare went up 25 so at least I gained a buck in the bank. They can't lower your benefit so wife's medicare didn't raise as much as mine.
 
I think I am right about this but look it up. About 20 odd years ago the social security age was raised by congress with the age limits affected not but a few years behind me [ I am 62 now ] so if you are right now around 55 you cannot begin receiving your payout until you are 65.
 
My wife will most likely take hers at 62. I'm guessing she'll be able to get about what I could at 62,but if I wait until she can get hers,mine will be almost double what hers is,so it's something to consider. She hasn't gotten a statement lately,but when she does,I'll have to do some figuring.

That could be what my cousin was talking about. His wife always worked and it's possible that he might be able to get more if he takes what he can of hers instead of taking his own. I know he was grumbling that he didn't have much coming on his own.
 
I was incorrect in an earlier statement. Apparently anyone born in 1960 or later can still receive benefits at 62 but they are cut to 70% instead of the 80% that I got. I think that is right, and that change was enacted in 1983, I am sure there is more that I don't know about it.
 
Spouse draws 100% of YOURS when you are gone...she loses hers...this is assuming hers was less than yours to begin with. She draws which ever one is highest when you are gone.
 
Thanks for clearing that up. It's in her best interest then if I let it build up as long as I can stand to.
For a minute there I was ready to sign up this coming Tuesday,even though they'd take back half of it for the next three and a half years because I make too much,just to keep from getting shafted by the government. LOL
 
Right in that neighborhood,yes. It's a little less than a 30% reduction if you can get the full benefits before age 67,but if you're of the age where your full retirement age is 67,then yes,it's 30% less at 62 than at 67.
 
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