*****FRIDAY MORNING THREAD*****8/20

[joey12508]

Good morning

 

[deaconblues63]

Good morning.


Sent from my iPhone using Freedom Card Board

 

[dano7]

Good morning! Got my Social Security lined up on line, to start in December....waited to start at 70.

 

[MrMet]

Morning all, start of a long work weekend


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[lonesomeagle1]

Morning all

Good move Danny

Coffee...

 

[bstanwood]

Morning everyone

 

[tramers]

$#@$%#$#% --- trying to sort out my Ebay ---couple stacks got in wrong boxes ---can't find 25/25 card --now to try to do pictures AAAAAAAAHHHHHHHHH

 

[gt2590]

Good morning! Got my Social Security lined up on line, to start in December....waited to start at 70.

Great move!

The difference in pay is staggering…

 

[lonesomeagle1]

Great move!

The difference in pay is staggering…

If I wait it is only $800 more/month
On the fence about electing now but keep working

 

[tramers]

health / BS work / family= retired 65 .

 

[clarkzac]

Morning all. Actually got some rain this morning, which is the first time since our hail/windstorm from July 9th. Not sure how much we actually ended up with, but still, nice to get a little moisture that didn't do any damage lol

 

[Dazed]

Afternoon all! Happy Topps Chrome day! Working today & half day tomorrow. Hopefully we get some rain tonight.

 

[gt2590]

Afternoon all!

Nothing exciting at small mall show and the Chrome prices there and a nearby LCS were insane…

 

[Letch77]

Great move!

The difference in pay is staggering…

If I wait it is only $800 more/month
On the fence about electing now but keep working

I'll probably take it as soon as eligible because I calculate it like this (even though I'm decades away from retiring). If you take SS when you're first eligible at 62 rather than waiting until 70, it's a reduced amount BUT you're drawing it for 8 years from 62-70. As a hypothetical example, for someone who draws early at age 62 for $2,000/mo vs. maxing out at $3,500/mo at age 70:

Total accumulation from 62-70 = $2,000*12*8 = $192,000
Benefit difference of 70 vs 60 = $3,500-$2,000 = $1,500/mo
Years past 70 to break even point = $192,000/$1,500 = 10 years, 8 months

You'd be almost 81 before you start to see any downside ($1,500/mo less than you could have gotten). That's just the baseline; factor in that you may get COLA each year, and that the 8 years of income could grow pretty healthy in an annuity, my money's on taking SS as soon as eligible.

 

[gt2590]

I'll probably take it as soon as eligible because I calculate it like this (even though I'm decades away from retiring). If you take SS when you're first eligible at 62 rather than waiting until 70, it's a reduced amount BUT you're drawing it for 8 years from 62-70. As a hypothetical example, for someone who draws early at age 62 for $2,000/mo vs. maxing out at $3,500/mo at age 70:

Total accumulation from 62-70 = $2,000*12*8 = $192,000
Benefit difference of 70 vs 60 = $3,500-$2,000 = $1,500/mo
Years past 70 to break even point = $192,000/$1,500 = 10 years, 8 months

You'd be almost 81 before you start to see any downside ($1,500/mo less than you could have gotten). That's just the baseline; factor in that you may get COLA each year, and that the 8 years of income could grow pretty healthy in an annuity, my money's on taking SS as soon as eligible.

I’m still 15-20 years away so I haven’t really read up on it.

But don’t they limit your other income from 62-70 but after 70, they don’t care how much you make in addition?

 

[Letch77]

I’m still 15-20 years away so I haven’t really read up on it.

But don’t they limit your other income from 62-70 but after 70, they don’t care how much you make in addition?

I think it's after 67...but, yes, you can earn up to about $19k before they start reducing your benefit. Pensions, annuities, investment income, etc. doesn't count; just net wages.
That's when you just get a job at a golf course as a marshal!