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Thread: Made being old official today

  1. #1
    Join Date
    Jan 2007
    Location
    Schertz
    Posts
    691

    Default Made being old official today

    I applied for early social security benefits today. Guess I need to move a rocker in by the desk top now. Applied for the early benefits because I calculated that I could collect quite a sum between now and my official full retirement age of 66 years and 2 months and that I'd have to live to my mid seventies to collect the difference back if I waited (and didn't die in the meantime).
    J.R.Rhoades

  2. #2
    Join Date
    Apr 2013
    Posts
    262

    Default

    Congrats.

    Leave some money in SS for me - I'm about 2 yrs behind you.

  3. #3

    Default

    Congratulations J.R.! My wife and I are about 15 years behind you. Although I am sure SS will be around for us then, we took some pretty good advice many years ago and began investing heavily in our retirement. I wish more people from my generation would understand, but it is quite true that 'slow and steady wins the race'. Time is something you will never get back, and compounding interest over 35 years adds up quickly.

    And you are not old.
    - Garon Foster

    DBSA Family Member since 1999
    2009 XT250
    2004 CRF250R
    2004 CRF150
    2003 XR80

  4. #4
    Join Date
    Jan 2007
    Location
    Schertz
    Posts
    691

    Default

    I played basketball for a couple of hours at the gym yesterday. My brain says I'm still young but the body says something else today.

    I hope everyone gets to reach retirement with good health and enough funds to live happily. So far, so good.
    J.R.Rhoades

  5. #5
    Join Date
    Jan 2007
    Location
    SAn Antonio
    Posts
    67

    Default

    I'm already there, however my financial adviser convinced me to wait (2yrs) for 24% increase.

  6. #6
    Join Date
    Apr 2013
    Posts
    262

    Default

    My plan as of today is...

    Start collecting SS at 62.

    From 62 to 65 work part time at my current job. I can work 1-2 months a year and make up the difference that waiting until my full SS retirement age of 66.5 yrs would provide. Although I'll probably work 2-3 months just to stay busy, pocket some more money, etc.

    I think this year the max I would be able to earn without affecting SS is around $16K. And if something great falls into my lap I'll work more and just take the SS hit. I think this year you lose 1 dollar for every 2 dollars you go over the yearly max.

    When I hit 65 then I'll start collecting the retirement from my current work. It would take a huge reduction (approx. 38%) if I started collecting it at 62.

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