Retirees going back to work

[Moonglow]

I do not know how these people live to be honest.

One thing you do is live modestly.

 

[DGS49]

I don't need money, but I have taken a few P/T jobs just to get out of the house. I was fortunate to be in a two-income home for virtually my entire married life, so saving "enough" for retirement was not a problem. I am sympathetic to people who have to continue working after 65. Retirement is great.

 

[Magnus]

I am not reading it from anywhere, I am doing my own math.

If I start taking my SS at 65 when I 72 I will have gotten 219,072 total from SS. If I wait till I am 67 I will have gotten 196,704 total from SS.

If I start taking my SS at 65 when I 75 I will have gotten 301224 total from SS. If I wait till I am 67 I will have gotten 290056 total from SS.

If I start taking my SS at 65 when I 77 I will have gotten 355992 total from SS. If I wait till I am 67 I will have gotten 360624 total from SS.

So, it is not till I hit 77 that I would have made more money by waiting.

There is no promise of reaching 77, thus I will not wait.

Doing this also allows us to, with any luck, not touch our 401k till we are at least 70, and the money it will make in those years on interest alone is more than what I could get from SS by waiting to take it.

We both have a very good income and benefits, but both of us are ready to be done working and enjoy the rest of our life. The only thing holding us back is we waited way to long to really start saving for retirement, but we are quickly making up for that.

Each to his own.

 

[Harpy Eagle]

Each to his own.

100%.

if you live to be 85 or more you might come out ahead by waiting.

 

[Magnus]

Not necessarily. If you wait until 70 and must withdraw from your IRA for living expenses until then, you lose out on all that tax deferred income. I’d rather start SS at 65 (which I did) and allow my IRA to continue to build up until I’m required to withdraw beginning at 73.

And you don’t have to stop working at 62 if you are drawing SS.

Not in my case. I make a good income and I don't have to hit IRA. So, will wait till I turn 70 to start withdrawing my SS.

I love what I do (IT) and so will continue to work as long as someone is willing to give me a paycheck. Or, till I get bored of working. Whichever comes first.

 

[Harpy Eagle]

I love what I do (IT) and so will continue to work as long as someone is willing to give me a paycheck. Or, till I get bored of working. Whichever comes first.

And this seems to be where we differ the most. I enjoy what I do but would stop tomorrow if I could. Right now the plan is 6 years and that seems so far away

 

[Lisa558]

100%.

if you live to be 85 or more you might come out ahead by waiting.

I could figure out exactly when the best time to start SS is if I knew:

1) The interest on my investments over the time I delay, and
2) The date I leave this Earth.

Since I don’t know, I split the difference and started at 65. But it’s important to realize that the objective is NOT to get as much money out of SS as possible - it’s to make sure you don’t outlive your money.

 

[Harpy Eagle]

I could figure out exactly when the best time to start SS is if I knew:

1) The interest on my investments over the time I delay, and
2) The date I leave this Earth.

Since I don’t know, I split the difference and started at 65. But it’s important to realize that the objective is NOT to get as much money out of SS as possible - it’s to make sure you don’t outlive your money.

To me figuring out SS was easier. If I start at 65 it takes till I am 77 to make more money over all. My wife will start at 62 and it will take her till she is 75 to make more money overall. I can see no reason to wait at all.

Our 401ks are a bit harder since we cannot ever know how the markets will do, but I did the math on them once we stop putting in money figuring out the compound interest for 4% and 6%. Anything higher than that is just bonus money.

We can never run out of money as I will get a Marine Corps retirement till the day I die and my wife will have a small retirement from the VA till she is no longer around. Those two alone would be enough to live on, especially if our plan to retire to Panama come to fruition, even if SS stopped, which I do not think it will in my lifetime.

Using the proceeds from selling our house when we leave the country plus a lot of stuff, we should not need to touch our 401ks till the Govt makes us

 

[Magnus]

One thing you do is live modestly.

Fuck that.

 

[Bonzi]

What that means is that because young, able-bodied workers are content to live off welfare and thus refuse to take a job, opportunities have opened for senior citizens.

When I tried to get a new job at age 55, nobody would even consider me for an interview. Now, more than 10 years later, I could get a job tomorrow if I needed one.

Agree. And I think people hiring are dumbfounded at how hard working this group is. Definitely a reversal

 

[Moonglow]

Agree. And I think people hiring are dumbfounded at how hard working this group is. Definitely a reversal

I sit on my ass at work

 

[initforme]

I sit on my ass at work

Good to hear. There are some crazies out there wanting you to give good effort no matter your wage. It's anti Christian.

 

[Moonglow]

Good to hear. There are some crazies out there wanting you to give good effort no matter your wage. It's anti Christian.

The better the pay the better I work.

 

[Moonglow]

Fuck that.

I prefer to die young and leave a pretty corpse.

 

[Moonglow]

I could figure out exactly when the best time to start SS is if I knew:

1) The interest on my investments over the time I delay, and
2) The date I leave this Earth.

Since I don’t know, I split the difference and started at 65. But it’s important to realize that the objective is NOT to get as much money out of SS as possible - it’s to make sure you don’t outlive your money.

Just earn more.