500 days until retirement


 
ChuckO said:
Here's a chart that assumes the retired person makes $20K in social security if he/she waits until age 67 compared to retiring at age 62 at 70% of $20K. As you can see, you're golden until age77 at at age 78, that's when you start losing out. I can't attached the excel file, if you want it DM me with an email addy and I'll send it to you

AgeAnnualRunningAnnualRunningDifference
62
14,000​
14,000​
0​
0​
14,000​
63
14,000​
28,000​
0​
0​
28,000​
64
14,000​
42,000​
0​
0​
42,000​
65
14,000​
56,000​
0​
0​
56,000​
66
14,000​
70,000​
0​
0​
70,000​
67
14,000​
84,000​
20,000​
20,000​
64,000​
68
14,000​
98,000​
20,000​
40,000​
58,000​
69
14,000​
112,000​
20,000​
60,000​
52,000​
70
14,000​
126,000​
20,000​
80,000​
46,000​
71
14,000​
140,000​
20,000​
100,000​
40,000​
72
14,000​
154,000​
20,000​
120,000​
34,000​
73
14,000​
168,000​
20,000​
140,000​
28,000​
74
14,000​
182,000​
20,000​
160,000​
22,000​
75
14,000​
196,000​
20,000​
180,000​
16,000​
76
14,000​
210,000​
20,000​
200,000​
10,000​
77
14,000​
224,000​
20,000​
220,000​
4,000​
78
14,000​
238,000​
20,000​
240,000​
(2,000)​
79
14,000​
252,000​
20,000​
260,000​
(8,000)​
80
14,000​
266,000​
20,000​
280,000​
(14,000)​
Click to expand...
Thank you for this... I've been trying to tell people that a bird in hand is worth two in the bush for years. That dollar amount is set in stone once you take it but your health is a variable that you can't control. COVID was and is the great equilizer to decision making and these are all assumptions. Alot of people tell me they don't need the money at 62 but I tell them take it and invest it till you need it. Basic math is $20k X I years equal $100k but you'll have to live approximately another 3-5 years past 67 making you 70ish to make up what you could have had plus return on investment. The majority of people I talk also don't trust investments but they trust SS🤦🏾 so that plays a factor. These may also be the same people who wait for the better piece of steak at BBQs 🤣. Everyone is different and in different situations in life and finance so not trying to offend anyone with my above commenta so seek professional advice before deciding.
 
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Statistically, only about 10% of the claimants make it to age 70 before collecting SS benefits. California is one of the 39 states that does not tax SS benefits.

If I hated my job, I would have gotten out sooner.
 
Fred Smith said:
Thank you for this... I've been trying to tell people that a bird in hand is worth two in the bush for years. That dollar amount is set in stone once you take it but your health is a variable that you can't control. COVID was and is the great equilizer to decision making and these are all assumptions. Alot of people tell me they don't need the money at 62 but I tell them take it and invest it till you need it. Basic math is $20k X I years equal $100k but you'll have to live approximately another 3-5 years past 67 making you 70ish to make up what you could have had plus return on investment. The majority of people I talk also don't trust investments but they trust SS🤦🏾 so that plays a factor. These may also be the same people who wait for the better piece of steak at BBQs 🤣. Everyone is different and in different situations in life and finance so not trying to offend anyone with my above commenta so seek professional advice before deciding.
Click to expand...
note, the $20k is taxable so based on which bracket you're in, if electing to take SS at 62 the $20k erodes in upfront value. and if you're investing the money, you could be creating a second taxable event of any gains (long term or short term).

www.bankrate.com

States That Tax Social Security Benefits | Bankrate

Your Social Security benefits may be subject to federal taxes if your income exceeds certain thresholds. Here’s what to know about states that tax Social Security benefits.
www.bankrate.com

and then this:

www.bankrate.com

13 States That Don’t Tax Your Retirement Income | Bankrate

Taxes are a major factor to consider when deciding where to spend your golden years. Here are the 13 states that don’t tax retirement income at all.
www.bankrate.com

so, yes, do seek professional advice. i am in this field but i do not dispense advice over the internet, because we're not allowed to and it would be malpractice to do so anyways. everybody has a different scenario with different goals and objectives.
 
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Look at what you started here @ChuckO ! 😄😄😄 Clearly many are very intriqued by your great situation.

@Brett-EDH , I would hire you based on just that one comment. Not simply the content but your awareness it reveals. We actually spoke with a number of financial advisors at various times. Some were feduciary, some, regrettably not. Due to the latter and our own interest and willingness to study and research financial issues, we ended up managing our own retirement finances with satisfying success. Perhaps we could have done better but this approah also satisfies our need for independence. But for anyone not willing to invest the time and effort (it's not over-taxing, but it never ends), a feduciary financial advisor is the best alternative.
 
RichPB (richlife) said:
Look at what you started here @ChuckO ! 😄😄😄 Clearly many are very intriqued by your great situation.

@Brett-EDH , I would hire you based on just that one comment. Not simply the content but your awareness it reveals. We actually spoke with a number of financial advisors at various times. Some were feduciary, some, regrettably not. Due to the latter and our own interest and willingness to study and research financial issues, we ended up managing our own retirement finances with satisfying success. Perhaps we could have done better but this approah also satisfies our need for independence. But for anyone not willing to invest the time and effort (it's not over-taxing, but it never ends), a feduciary financial advisor is the best alternative.
Click to expand...
thank you. with full respect to Chris and how he runs this site, i don't shill for business.

i built my agency on old school values; just educate people and show them their options. and treat everyone fairly and reasonably. people buy what they want after becoming educated. so get smart about what you want to learn and explore the products and strategies available to you.

and work with someone you trust and value. i've seen some crazy stuff by registered representatives. stuff that i would never do to a client or products that i'd never offer to a client. the best one is when a RR tells a client that they sell and offer a better product than what the client purchased. not even knowing we discussed the same solutions in the education phase. boy oh boy did that piss the client off. putting down another agent without knowing what was discussed tells you about someone.

you cannot elevate yourself in life by putting someone else down. it just doesn't work.

life is short. live the best life you can. we are all heading to the same place. but we're all on different paths to get there.
 
Great info Chuck, I had read something similarly a long time ago. I’ll take mine at 62 if it still sexists and deal with 78 when and if it comes.
 
So Chuck has Tulum really gone down hill ?
I haven’t been there in about 10 years and I just loved that place.
Them Cenote’s were as fun as all get out.
I was kinda considering going back this upcoming cold season.
 
Andy Kaminski said:
So Chuck has Tulum really gone down hill ?
I haven’t been there in about 10 years and I just loved that place.
Them Cenote’s were as fun as all get out.
I was kinda considering going back this upcoming cold season.
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That whole area is Sargassum Seaweed wasteland. It’s really sad, some of the best beaches are covered in rotting seaweed
 
60 total days left counting weekends, got confirmation from the feds and its a done deal, will work when I want some extra $$ I have skills still and contacts, it's going to take some getting used to being unemployed lol
 
MikeCantell said:
60 total days left counting weekends, got confirmation from the feds and its a done deal, will work when I want some extra $$ I have skills still and contacts, it's going to take some getting used to being unemployed lol
Click to expand...
Nice sounds like your doing it right.
 
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